Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare assets management market was valued at US$ 14.74 billion in 2022 and is expected to register a revenue CAGR of 27.80% to reach US$ 35.34 billion by 2031.
Healthcare Assets Management Market Fundamentals
Healthcare assets management is the methodical approach to managing the material and intangible resources used in healthcare systems to ensure they are used effectively and efficiently to provide high-quality patient care. It entails monitoring and administrating the facilities, IT systems, medical equipment, and supplies used in hospitals, clinics, and other healthcare institutions. Healthcare assets management is deployed to maximize resource usage, decrease waste, save expenses, and make sure that healthcare organizations have the instruments and resources they need to give patients the best treatment possible.
Due to the increased demand for healthcare services, rising healthcare expenditures, and the need to increase operational effectiveness in healthcare organizations, the market for healthcare asset management is expanding quickly. Healthcare providers may choose from various products and services on the market, such as asset tracking software, real-time location systems (RTLS), and radio-frequency identification (RFID) technologies, to manage their assets more efficiently.
The market revenue is expected to grow over the next few years because of factors like the growing adoption of IoT (Internet of Things) technology, the need for healthcare organizations to manage their inventory more effectively, and the rising demand for effective and affordable healthcare services. Businesses are actively investing in research and development to create new and inventive solutions to fulfill the changing demands of healthcare organizations. They are concentrating on creating technologies like RTLS, RFID, and barcode systems that may assist healthcare providers in more effectively and efficiently tracking their assets.
Healthcare Assets Management Market Dynamics
The increasing demand for efficient healthcare assets management reflects an increased awareness that effective management is essential to offer high-quality treatment while controlling costs and improving patient outcomes. This is due to the growing population and the need for high-quality healthcare services. Additionally, technological advancements have led to an increased requirement for healthcare management assets that can streamline processes and improve patient outcomes. Healthcare organizations are gathering massive volumes of data, and there is a growing demand for tools and technology to help them make sense of this data and use it to drive improved decision-making. The recent surge in implementing artificial intelligence (AI) and machine learning (ML) technologies in healthcare assets can swiftly analyze enormous datasets and uncover patterns that human analysts may overlook. Healthcare businesses can acquire significant insights into patient outcomes, therapeutic efficacy, and operational efficiency by utilizing these tools.
Effective healthcare assets management can contribute to greater staff productivity by ensuring that equipment and supplies are easily available, reducing time spent searching for them, and minimizing downtime due to equipment failure or maintenance. Additionally, monitoring asset usage and maintenance schedules can aid in identifying areas where workflow and resource allocation need to be improved. By implementing a comprehensive healthcare assets management system, healthcare facilities can reduce costs associated with equipment repairs and replacements and minimize the risk of medical errors caused by faulty equipment. Ultimately, this can lead to better patient outcomes and increased satisfaction.
Drug counterfeiting is a significant global problem that can risk public health. Drug counterfeiting can be significantly reduced using healthcare asset management solutions like cutting-edge tracking and tracing systems, regulatory frameworks, and public awareness programs. These systems can help identify and remove counterfeit drugs from the market and prevent their entry in the first place. Moreover, healthcare asset management can help detect and prevent drug counterfeiting by implementing supply chain management systems, conducting regular audits, and ensuring proper labeling and packaging of drugs. Additionally, these solutions can improve patient safety by providing accurate information about the authenticity and quality of drugs.
The major factor restraining the healthcare assets management market is the high cost of implementation and maintenance of asset management solutions. Additionally, data privacy and security concerns may also limit the adoption of these solutions in the healthcare industry.
Healthcare Assets Management Market Ecosystem
The global healthcare assets management market is analyzed from three perspectives: product, application, and region.
Healthcare Assets Management Market by Product
Based on products, the global healthcare assets management market is segmented into radiofrequency identification (RFID) devices and real-time location systems (RTLS).
The radiofrequency identification (RFID) devices segment dominates the global healthcare assets management market, with the majority of the market revenue share in 2022. RFID technology, which employs wireless communication to identify and monitor people and equipment, has recently been widely used in healthcare. It can verify sanitation, manage dementia in elderly patients, track infants, and record temperatures. It can also save money for hospitals by allowing personnel to work more productively and efficiently. Workflow coordination, staff, and patient tracking, and the ability to follow events like surgical procedures provide the most attractive return on investments. Radiofrequency identification devices are segmented into hardware, tags, software, and services. The tags segment is further sub-segmented into passive and active tags.
The real-time location system (RTLS) is expected to grow in the forecast years. The real-time location system (RTLS) segment is classified into hardware, software, and services; the hardware segment is sub-segmented into tags/badges and readers/interrogators. RTLS enables medical professionals to track the location of personnel, patients, and medical equipment in real-time. As a result, patient safety, wait times, and management efficiency can all improve. RTLS technology utilizes a combination of sensors, Wi-Fi, and RFID to provide accurate location data. With this system, hospitals can optimize their workflow and reduce the risk of errors or delays in patient care.
Healthcare Assets Management Market by Application
Based on application, the global healthcare assets management market is segmented into hospital assets management and pharmaceutical assets management.
The hospital's segment accounts for most global healthcare assets management market revenue share. The hospital asset management segment is sub-segmented into equipment tracking and management, patient management, temperature, and humidity control, staff management, infection control, and hand hygiene compliance. Healthcare assets management in hospitals entails tracking and maintaining medical equipment, supplies, and facilities to guarantee efficient and successful patient care. This procedure must be carried out with specialized software and skilled staff to manage inventory, plan maintenance, and keep track of consumption patterns. Healthcare assets management software has become increasingly popular in recent years, allowing hospitals to streamline operations and reduce costs. Hospitals can free up staff time for more vital patient care by automating many duties in managing medical equipment and supplies.
Healthcare Assets Management Market by Region
Based on the region, the global healthcare assets management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for most of the healthcare assets management market revenue share. Due to the increased demand for effective inventory management systems and the rising use of cutting-edge technologies like RFID and IoT, North America's healthcare assets management market is expected to expand rapidly. Also, the region's established healthcare infrastructure and increasing attention to patient safety are fueling the expansion of this industry. Additionally, it is anticipated that adopting cloud-based solutions and incorporating AI and machine learning algorithms will accelerate the growth of the North American healthcare assets management market. These developments will aid healthcare institutions in streamlining their processes, lowering costs, and enhancing patient outcomes.
The healthcare assets management market in Europe is characterized by increased healthcare services demand, rising healthcare costs, and improvements in medical technology. The European healthcare assets management market is anticipated to expand stably over the forecast years. In addition, new business models and the adoption of digital health solutions are anticipated to fuel the global healthcare assets management market expansion. Moreover, the healthcare asset management market is anticipated to expand due to the aging population in Europe. This demographic trend is projected to increase the need for healthcare facilities and services, necessitating effective management and asset optimization.
The Asia Pacific healthcare assets management market revenue share is expected to grow significantly during the forecast period due to rising demand for healthcare services, rising healthcare expenditure, and the integration of new technology in the healthcare assets management market. Furthermore, the expanding number of hospitals and healthcare facilities in countries such as China and India will likely boost market expansion in the region. Furthermore, the growing senior population and rising prevalence of chronic diseases will likely increase demand for healthcare asset management solutions such as medical equipment and facilities management in future years. This provides a lucrative opportunity for industry participants to broaden their applications and enhance market revenue share.
Competitive Landscape of Healthcare Assets Management Market
Due to the expansion of existing companies and the entry of new ones, the healthcare assets management market is becoming increasingly competitive. Companies invest in cutting-edge technologies and business alliances to stay competitive and offer creative solutions that enhance patient outcomes and lower costs.
The prominent players operating in the global healthcare assets management market are:
Strategic Developments in Healthcare Assets Management Market
The radiofrequency identification (RFID) devices segment accounts for the largest global healthcare assets management market revenue share.
The global healthcare assets management market is expected to grow at a revenue CAGR of 27.80% during the forecast period.
CenTrak Inc., AiRISTA Flow Inc., GE Healthcare Inc., INFOR INC. are a few key players in the global healthcare assets management market.
North America dominated the global healthcare assets management market with the largest revenue share.
The healthcare assets management market in the Middle East and Africa is limited due to the high cost of implementation and maintenance of asset management solutions.
*Insights on financial performance are subject to the availability of information in the public domain