April 14, 2024

Healthcare Asset Management Market is Estimated to Witness High Growth Owing to Rising Adoption of Asset Management Solutions in Healthcare Facilities

The healthcare asset management market involves the use of software solutions to track valuable medical equipment and devices in healthcare facilities. This helps in optimizing asset usage, reducing costs, and ensuring assets are allocated wherever most needed. With increasing complexity of medical operations and higher equipment costs, hospitals and healthcare providers are under pressure to efficiently manage valuable assets like medical devices, furnishings, and infrastructure. Healthcare asset management solutions enable real-time visibility of all assets through features like barcoding, QR coding and RFID tags. This facilitates easy tracking of location, usage, maintenance needs and overall life-cycle of high-value assets.

The Global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030.
Key Takeaways

Key players operating in the Healthcare Asset Management are Zebra Technologies Corporation, STANLEY Healthcare (Subsidiary of Stanley Black & Decker, Inc.), CenTrak, Inc., AiRISTA Flow, Inc., Sonitor Technologies, Intelligent InSites, and ELPAS

The growing adoption of IoT and connectivity solutions in healthcare is driving new opportunities for real-time tracking and sensor-based maintenance of medical equipment. Market players are focusing on integrating innovative RFID, RTLS and sensor technologies with their platforms.

Stringent regulatory frameworks around medical device maintenance and services are pushing healthcare providers globally to adopt robust asset management systems. Various countries are also supporting initiatives for paperless and digital healthcare infrastructure, further fueling the global expansion of this market.

Market drivers
Rising equipment and procurement costs in the healthcare industry have increased the need for optimized resource utilization. Healthcare asset management solutions help facilities reduce capital expenditures on unused or underutilized high-value assets through effective tracking. They also ensure regulatory compliance with maintenance, servicing and audit needs of various medical devices. This is a major factor driving the adoption of such solutions across hospitals and clinics globally.

PEST Analysis
Political: Recently governments across various countries are increasing their healthcare budgets to improve access and quality of care for citizens. This will create demand for better asset management solutions in the healthcare sector.

Economic: With rising income levels, consumers are able to spend more on their healthcare needs. This is positively impacting the growth of the healthcare asset management market.

Social: Advancements in medical technology and growing health awareness among the population is increasing the demand for quality services from healthcare providers. This necessitates efficient asset management.

Technological: Adoption of IoT, AI and cloud-based solutions are allowing real-time monitoring of medical equipment status. This helps optimize usage, reduce downtime and lower maintenance costs through predictive analytics. Advanced technologies also strengthen regulatory compliances.

Geographical regions with high market value
Currently, North America accounts for the largest share of the global healthcare asset management market in terms of value, followed by Europe. This is attributed to presence of major hospitals and medical device companies, growing healthcare expenditure, early adoption of advanced technologies, and supportive regulatory environment in these regions.

Fastest growing region
The Asia Pacific region is expected to witness the highest growth during the forecast period owing to increasing healthcare budgets, large patient population, rising medical tourism, and growing privatization of healthcare services in emerging nations like China and India. This is generating substantial demand for innovative asset management solutions to improve patient care while optimizing resources.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it