Healthcare Asset Management Market to Reach Valuation of USD 85,789.1 Million by 2028 - Increasing Adoption of Healthcare Asset Management Solutions Drive the Market

In terms of revenue, the Global Healthcare Asset Management Market is expected to reach USD 85,789.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 29.90% from 2022 to 2028. Increasing pressure to handle their existing workforce has forced healthcare institutions throughout the world to adopt adequate Healthcare Asset Management solutions and technologies.

Key Findings:

• The RFID sub-segment is anticipated to dominate the market growth at a substantial Compound Annual Growth Rate (CAGR). The radiofrequency identification-based solutions are sold comparatively at a very low price, thus various healthcare organizations adopted the usage of RFID solutions in their settings.
• The hospital asset management sub-segment held a maximum market share in 2021. This is due to the rising in the number of hospitals & physicians and a huge number of equipment to be taken care & maintained.
• North America is the largest regional segment. This surge is attributed to the rising demand for healthcare systems and the pharmaceutical industry in developing regions such as China & India.

Some of key players in Healthcare Asset Management Market includes - Aeroscout Industrial, Ekahau., Awarepoint Corporation, Elpas Ltd., Radianse, Versus Technology, Inc., Vizbee RFID Solutions, Zebra Technologies Corp., Thingmagic, Sonitor Technologies., IBM, Siemens, General Electric Company,.

The increased demand for enhanced asset management in medical institutions to deliver adequate patient supervision will greatly propel the market growth. Pharmaceuticals, laboratory microscopes, and MRI devices that can influence the method in which a physician and a nurse can provide treatment are organized with the aid of asset management tools. There is a great need for more efficient hospital asset management practices to keep a daily track of physical support as well as patient requirements. Hence, with growing technological improvements, different organizations are creating several asset tracking tools that are integrated with barcode scanning software & can be accessed with a tablet. Such solutions allow medical establishments to plan for necessary tools to be evaluated, decreasing equipment downtime and delivering that the device is available for use whenever required.

Increasing investments in healthcare IT will propel market growth. In addition, increasing investments and budgets to help in growing the healthcare information technology industry is one of the primary factors that enable market expansion. Growing demand for healthcare IT throughout the globe has affected various government as well as private institutions to invest in the evolution of novel healthcare IT solutions. For instance, in March 2019, innovative digital technology, a healthcare IT project that manages key challenges in health care have received a USD 9 million funding boost through the administration’s Digital Health Technology Catalyst. Such enterprises assist in advancing digital health across the globe and thereby expanding the market growth. Also, increasing cognition among the people about multiple benefits of the asset management program is another influential factor that boosts the product demand and thus drives the Healthcare Asset Management Market.

North America is expected to record the highest CAGR. This is due to the increasing demand in countries, such as the U.S., Canada, and Mexico, and the improving quality of infrastructure for clinical & laboratory examination. Also, the rising acceptance of low-cost medical procedures in clinical diagnostic laboratories will boost the expansion of the Healthcare Asset Management Market in the region during the forecast time.

COVID-19 Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lock down measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Healthcare Asset Management Market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.