Healthcare Asset Management Market

Market Synopsis:

The Global Healthcare Asset Management Market is valued at USD 27.24 Billion in the year 2022 and is expected to reach a value of USD 150.38 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 23.80% over the forecast period.

Healthcare Asset Management entails the management and upkeep of a facility's critical assets, such as machinery, equipment, workers, medications, and patients. They help the healthcare institution run smoothly by preventing delays, equipment shortages, and human shortages, as well as lowering costs. Real-time location systems (RTLS) and radio frequency identification devices are two important instruments for Healthcare Asset Management (RFID). The market is being driven by a growth in demand for efficiency gains and the growing integration of cloud computing, electronic health records, and other digital systems in hospitals. However, the Healthcare Asset Management Industry has significant challenges due to a lack of awareness and innovation in this industry in low and middle-income nations.

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The market will develop significantly over the forecast period due to the increased demand for asset management solutions in medical institutions as a result of rapid technology improvements. Previously, an organization's asset management procedure used pen and paper, but with the arrival of healthcare IT, asset management in medical institutions has seen a rapid shift toward modernization of conventional procedures. One of the primary aspects driving market growth is the inclusion of wireless connection in Healthcare Asset Management solutions. Healthcare institutions can use wireless Healthcare Asset Management to keep track of not just patients and medical professionals, but also their physical assets in real time.

Market Segmentation:

The Healthcare Asset Management Market- by Product, and Application. On the basis of Product, the market is segmented into Radiofrequency Identification (RFID) Devices, and Real-time location systems (RTLS). On the basis of Application, the market is segmented into Hospital Asset Management, and Pharmaceutical Asset Management.

Based on Product-

The market is divided into two types of products: radio frequency identification (RFID) and real-time location systems (RTLS). During the analysis period, the RFID segment is expected to take the lead. Due to the rising deployment of RFID tags in recent years, the category is expected to rise at a significant rate. Due to the price reduction, RFID tag adoption is at an all-time high. As radiofrequency identification-based technologies have become more affordable over time, numerous healthcare institutions have begun to implement RFID technology in their facilities. These products include electronic identifying technology that use small, low-cost passive tags. As a result, the aforementioned elements will bolster segmental growth.

Over the projection period, the Real-time location systems (RTLS) segment is expected to rise at a profitable compound yearly growth rate. It is utilized in a medical facility to automatically identify and track the whereabouts of people or assets in real time. Due to the continuous technological improvements in RTLS solutions, the segment is expected to increase positively. One of the most notable technology advancements in such asset management solutions is the wireless RTLS tags that may be affixed or worn by patients for effective data tracking via infrared, ultrasound, and radiofrequency devices. As a result, rising adoption rates along with technological developments in these solutions will drive up product demand over the projection period.

Based on Application-

Due to the growing usage of asset management solutions in medical settings, the hospital asset management category is expected to hold the largest share. Since hospitals and doctors' offices have a lot of equipment that needs to be looked after and maintained over time. These asset management solutions enable physicians to maintain a regular track on their equipment, allowing them to better care for patients in need. Another important element driving the growth of the Healthcare Asset Management Market is the government's increased attempts to incorporate asset management in practically every hospital setting. According to the World Health Organization (WHO), even hospitals with simple operational requirements and only a few complex assets require competent healthcare asset management.

North America Region Acquires the Largest Market Share of the Global Healthcare Asset Management Market

North America acquired the largest market share during the year 2021 with a share of 39.50%. In terms of market share and revenue, North America dominates the Healthcare Asset Management Market and will continue to do so during the projection period. This is owing to the region's availability of high-quality clinical and laboratory research infrastructure. Furthermore, the growing use of low-cost medical systems in clinical diagnostic laboratories will boost the market's growth rate in this area. The market is expanding as a result of the region's well-developed healthcare infrastructure, increased commercial and public Research and Development (R&D) investments, high healthcare spending, and rising hospitalization rates. Furthermore, the presence of major industrial companies in the region, like IBM Corporation, GE Healthcare, Tyco International, and Infor, assures reduced costs and more options for clients.