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Healthcare asset management encompasses the management and optimization of equipment, inventory, staff, supplies, and other assets involved in healthcare delivery and facilities operations. It aims to enhance workflow productivity and efficiency while reducing costs. Key product categories include fixed and movable medical equipment, diagnostic systems, tools & instruments, furniture, computers, and other IT assets. Healthcare facilities leverage asset management systems to track equipment by location, condition, maintenance schedules and costs. This helps in streamlining acquisitions, allocation and replacement plans.
The global healthcare asset management market is estimated to be valued at US$ 44.16 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of asset management systems is expected to drive the market growth during the forecast period. These systems enable healthcare providers to reduce operational costs through efficient equipment utilization, timely maintenance and repair, and elimination of non-moving assets. They help track asset lifespan, warranty periods, parts inventory, service records and associated costs. This improves return on investment in medical equipment and facilities infrastructure. Furthermore, asset management solutions integrated with modern technologies like IoT and cloud computing provide real-time data insights. This allows healthcare managers to make timely procurement and allocation decisions based on current and projected needs. Such advantages of enhanced visibility, decision support and cost optimization are boosting the demand for specialized healthcare asset management platforms.
Segment Analysis
The healthcare asset management market is dominated by the asset management software segment. The asset management software tracks the location and usage of medical equipment, optimizes utilization, schedules maintenance and repairs, and analyzes asset performance. It helps healthcare organizations maximize the return on their medical equipment investment while maintaining safety and compliance. Software solutions enable better management of the entire asset lifecycle from procurement to disposal.
PEST Analysis
Political: Governments across the world are focusing on digitizing healthcare systems to improve efficiency and reduce costs. This is driving increased adoption of healthcare asset management solutions. Strict regulations around maintenance and safety of medical devices are also prompting more hospitals and clinics to adopt professional asset management.
Economic: Rising healthcare costs are a key concern globally. Healthcare asset management solutions help optimize equipment usage and minimize unnecessary capital expenses. They help improve return on existing medical assets.
Social: Growing elderly population and chronic diseases are increasing demand for quality healthcare. This is enhancing the need for advanced management of medical assets to ensure safe, effective and sustainable delivery of care.
Technological: Emerging technologies like IoT, analytics and cloud computing are augmenting healthcare asset management capabilities. They are enabling real-time location tracking, predictive maintenance, and data-driven decision making for assets.
Key Takeaways
The global healthcare asset management market is expected to witness high growth over the forecast period of 2023 to 2030. The global healthcare asset management market is estimated to be valued at US$ 44.16 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030.
North America currently dominates the market due to developed healthcare infrastructure and early adoption of new technologies. However, Asia Pacific is poised to emerge as the fastest growing regional market with increasing healthcare spending and investment in digital transformations across countries like China and India.
Key players analysis comprises
Key players operating in the healthcare asset management market are Stanley Black & Decker, Inc., AiRISTA Flow, Inc., Elpas, Inc., GE Healthcare (General Electric Company), IBM Corporation, Siemens Healthineers AG, Sonitor Technologies AS, ZIH Corp., Awarepoint Corporation, and Midmark Corporation. Key players focus on the approval and commercialization of their drugs and expanding presence across various regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
