December 1, 2023
Healthcare Asset Management Market

Healthcare Asset Management Market Is Estimated To Witness High Growth Owing To Increasing Need For Efficient Management

The Healthcare Asset Management Market is estimated to be valued at US$ 14.9 Bn in 2022 and is expected to exhibit a CAGR of 11.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Healthcare Asset Management Market refers to the process of effectively managing and tracking medical equipment and facilities in healthcare settings. It involves the use of advanced technologies and software solutions to optimize inventory management, reduce equipment downtime, and improve overall operational efficiency. The market offers a wide range of products and solutions such as real-time location systems (RTLS), RFID tags, and barcode scanners to enable real-time tracking and monitoring of assets.

Market Dynamics:
The Healthcare Asset Management Market is driven by the increasing need for efficient management and tracking of medical equipment in healthcare facilities. The growing concern for patient safety and the need to minimize asset loss and theft are key factors propelling market growth. Furthermore, the rising adoption of advanced technologies and software solutions in the healthcare industry, along with the increasing focus on improving operational efficiency and reducing healthcare costs, are expected to drive market growth. Additionally, government initiatives and regulations promoting the implementation of asset management solutions in healthcare settings are further contributing to market growth.
Segment Analysis:

The healthcare asset management market can be segmented based on product, application, and end-user. In terms of product, the dominating segment is the radiofrequency identification (RFID) devices segment. RFID devices are used to track and manage medical equipment, inventory, and personnel in healthcare facilities. These devices offer real-time information and enable efficient asset tracking, reducing the chances of equipment loss or misplacement. They also help in streamlining workflows and improving patient care. The RFID devices segment is dominating due to its ability to provide accurate and reliable data, increasing demand from hospitals and clinics for effective asset management solutions.

PEST Analysis:

Political: The political environment has a significant impact on the healthcare asset management market. Policies and regulations related to healthcare facilities, data privacy, and safety standards influence the adoption of asset management solutions.

Economic: The economic factors affecting the market include healthcare expenditure, budget allocation for infrastructure development, and reimbursement policies. Increasing healthcare spending and the need for cost-effective asset management solutions are driving market growth.

Social: The social factors influencing the market include the aging population, increasing healthcare awareness, and demand for quality patient care. Healthcare facilities are adopting asset management solutions to improve operational efficiency and enhance patient satisfaction.

Technological: Technological advancements in tracking devices, wireless communication, and cloud-based solutions have revolutionized healthcare asset management. RFID, real-time location systems (RTLS), and Internet of Things (IoT) technologies are being widely adopted for effective asset tracking and management.

Key Takeaways:

The global Healthcare Asset Management Market Share is expected to witness high growth, exhibiting a CAGR of 11.2% over the forecast period (2023-2030). This growth can be attributed to the increasing need for efficient asset management in healthcare facilities to improve patient care and reduce costs.

In terms of regional analysis, North America is the fastest-growing and dominating region in the healthcare asset management market. The region has a well-established healthcare infrastructure, advanced technology adoption, and a high focus on patient safety and quality care.

Key players operating in the healthcare asset management market include Aeroscout, Inc., Radianse, Motorola Solutions, Infor, Inc., IBM Corporation, GE Healthcare, Airista Flow, Sonitor Technologies, Siemens Healthineers, and Awarepoint Corporation, among others. These companies offer a wide range of asset management solutions and are actively involved in research and development to introduce innovative products in the market.

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