USD 22 billion
Healthcare Asset Management Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID) Devices [Hardware (Tags {Passive Tags “High-Frequency (HF) Tags, Ultra-High-Frequency (UHF) Tags, Low-Frequency (LF) Tags “, Active Tags}), By Application(Hospital Asset Management [Equipment Tracking and Management, Patient Management, Temperature and Humidity Monitoring, Staff Management), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2093 |
Region:
Global |
Published Date: October, 2024
Pages:
242
|Tables:
37
|Figures:
74
Healthcare Asset Management Market Insights
Global Healthcare Asset Management Market size was valued at USD 34.8 billion in 2022 and is poised to grow from USD 43.57 billion in 2023 to USD 263.04 billion by 2031, growing at a CAGR of 25.20% during the forecast period (2024-2031).
A few major market drivers include increasing demand in terms of efficiency enhancement in operations, a rise in drug counterfeiting, cutting-edge technology, and rising healthcare costs that drive the healthcare asset management market growth. In addition, the market players develop new technologies and solutions that would assist healthcare organizations in more effective management of their assets and thereby drive market growth. For instance, TRIMEDX, the clinical asset management business, launched GeoSense in April 2024 in health care settings. Health care RTLS may be applied in medical establishments to help them optimize their asset management with this device intended for accurate tracking of medical equipment. Healthcare systems can benefit asset management solutions in several ways, including rapid searches for devices, greater clinical productivity, better clinical engineering services, including maintenance and repairs, better service delivery, better inventory control, and more device availability. The benefits of asset management systems make it a subject of greater interest with every passing day in the healthcare system, creating demand for them across the globe. In addition, since the pharmaceutical companies are integrating this solution increasingly and are developing solutions oriented only towards the pharmaceutical industry, it is more rampant than among hospitals and clinics. For instance, in January 2022, Aizon also announced an asset-tracking app for biotech and pharma companies. According to a statement made by the company, Aizon Asset Health can reduce unplanned downtime and minimize the maintenance cost for pharma and biotech firms with its complex historical analysis of maintenance, key asset status monitoring, and prospective problem identification services.
US Healthcare Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Radiofrequency Identification (RFID) Devices
Fastest Growth
Radiofrequency Identification (RFID) Devices
Growth Rate
23.8% CAGR
Global Healthcare Asset Management Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Healthcare Asset Management Market Segmental Analysis
Global Healthcare Asset Management Market is segmented by Product, Application, application, end user and region. Based on Product, the market is segmented into Radiofrequency Identification (RFID) Devices, Real-Time Location Systems (RTLS), and Ultrasound & Infrared Tags. Based on Application, the market is segmented into Hospital Asset Management, Pharmaceutical Asset Management. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Due to the high surveillance and visibility provided by these devices, the radiofrequency identification devices (RFID) segment consumed a major healthcare asset management market share and accounted for 65.0% of the global revenue in 2023. Furthermore, apart from the above applications in the healthcare sector, RFID is also used in tracking visitor, medical staff, and patient, besides medication inventory management, which enables the health organizations to trace medicine deficit and expiration and for better patient care. Other pharmaceutical products also have RFID tagged. The products in this category are monitored on their way through the supply chain. It is also envisioned that the capability of the advanced RFIDs is witnessed to increase in demand in the market.
However, as per the healthcare asset management market forecast, the real-time location systems (RTLS) segment will grow at a strong rate of 23.2% CAGR. This growth can be associated with excellent scalability, enhanced accuracy and coverage of RTLS systems because of the technological advancements in them. They are more supportive of more cost-effective health care companies since the RTLS systems can be scaled up to track thousands of assets spread across vast institutions. Moreover, the development of technologically advanced RTLS systems by the market players would help the sector grow. For instance, CenTrak recently introduced a new, extensible Bluetooth Low Energy (BLE) Multi-Mode Platform in March 2024. The RTLS solution provides the lower cost of deployment with the capabilities for location data.
Analysis By Application
According to the healthcare asset management market analysis, the hospital asset management segment registered the largest market share in 2023. It is because an increased focus on advanced treatments and better patient outcome consideration enables them to get the desired levels of treatment for patients. These systems have been applied in hospitals for purposes other than the mere tracking of existence of medical instruments and equipment; they have recently been using in tracking patients, staff, and visitors, which proves very helpful in large-capacity facilities. Besides that, application of these technologies in hospitals is on the increase due to the development of sophisticated software and systems. For instance, in September 2022, Medikabazaar launched MBARC, a medical equipment service platform that enables hospitals to efficiently and effectively monitor, manage, and assess their biomedical assets.
Contrarily, the pharmaceutical asset management is expected to record the highest growth in the projection period. There are also other factors contributing to this growth, including increased demand in the medicine counterfeiting market, stricter regulations, more efficient supply chains, and increased emphasis on inventory optimization. The industry growth will also be supported by all the measures under the implementation of regulatory authorities to improve the supply chain of pharmaceutical products. For instance, to support drug supply chain stakeholders to develop technology for monitoring drugs and raising awareness about tracking and verification of product, the FDA created the Drug Supply Chain Security Act (DSCSA) Pilot Project Platform.
Global Healthcare Asset Management Market By Type, 2021 (%)
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Healthcare Asset Management Market Regional Insights
In 2023, North America held the highest position in the healthcare asset management industry with a market share of 42.0%. This growth is mostly attributed to the advanced healthcare infrastructure, investments in cutting-edge technology, and strict regulatory environment of the region. The U.S. healthcare asset management market will witness a high growth rate in the period from 2024 to 2031. This is because key players exist in the market, patient safety is placed at the forefront, and the latest versions of digital technology in the healthcare sector are implemented. In addition, the implementation of modern technologies in the health sector in the U.S. elevates the demand for healthcare asset management in that country. The health sector in the U.S. is advancing, and the aspect of patient safety is becoming a growing concern. Recent emerging technologies have made it easier for asset management and streamlined processes for most healthcare companies across the country.
In the forecast period, the healthcare asset management market of Asia Pacific is expected to grow at the fastest pace with a CAGR of 23.9%. This is attributed to the growth of healthcare infrastructures of the region, the adoption of digital technology by health care industries, and the expansion opportunities in developing economies. Asia-Pacific is witnessing significant growth in the healthcare infrastructure due to rising investments by the government and the private sector. For instance, the Australian government's Department of Health and Aged Care has recently unveiled a four-year health development plan, which is to pledge USD 372.39 billion in the effort to fortify the nation's health service. The region's increasing healthcare spending is predicted to stimulate the demand for leading-edge solutions such as asset management systems.
Global Healthcare Asset Management Market By Geography, 2021-2028
- Largest
- Fastest
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Healthcare Asset Management Market Dynamics
Healthcare Asset Management Market Drivers:
Advancements in Technology
- Healthcare asset management is shifting really fast because data analytics, artificial intelligence, and IoT devices are being integrated promptly. Predictive maintenance increased operational efficiency, and real-time tracking are some of the services that these technologies bring. This is due to how the asset use of the hospitals and clinics of the healthcare industry can be maximized and the downtime lessened and, therefore, improve results in caring for patients that require more advanced solutions from the asset management.
Rises in Healthcare Costs
- Increasing healthcare expenditure is the squeeze of rising health care costs for hospitals and other health care organizations. Asset management systems help companies optimize the utilization of assets, extend asset life, and minimize related unplanned maintenance costs. Investing in an asset management system is the key financially sustainable strategy as the hospitals strive to lower the cost without compromising the quality of service provided.
Healthcare Asset Management Market Restraints
High Initial Implementation Costs
- Healthcare asset management systems are highly expensive to set up at the initial stage despite having a long-term cost advantage. The cost of software, equipment, and training often makes it too expensive to start with, and many healthcare practitioners keep their distance from such technology. Advanced asset management systems may not become a hit due to cost factors, particularly among the minor healthcare facilities.
Data Security Concerns
- In healthcare asset management systems, sensitive data like that of the patients and equipment often needs to be collected and processed. This raises serious questions in terms of cybersecurity and data privacy. Securing asset management systems and ensuring that they are compliant with legislation such as HIPAA present crucial obstacles to industry growth as cyberattacks on the healthcare firm continue to increase.
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Healthcare Asset Management Market Competitive Landscape
While major tech companies compete head-on with key vendors in the highly competitive healthcare asset management industry, there are specific health solution providers looking to gain a slice of the growing demand for asset management systems. Advanced asset monitoring and management by the major players such as IBM, Siemens Healthineers, and GE Healthcare truly dominate this industry. However, new entrants focus on niche, AI-based systems that offer improved levels of automation and predictive analytics. Increased competition should arise with the growing demand for integrated systems that add productive value, decrease costs, and satisfy compliance requirements.
Healthcare Asset Management Market Top Player's Company Profiles
- Airista Flow (US)
- Elpas (Israel)
- GE Healthcare (US)
- Centrak (US)
- IBM (US)
- Intelligent Insites (US)
- Thingmagic (US)
- Sonitor (Norway)
- Stanley Black & Decker, Inc. (US)
- Versus Technology (US)
- Zebra Technologies (US)
- Hewlett Packard Enterprise (US)
- Mobile Aspects, Inc. (US)
- RFID Journal (US)
- Sensory, Inc. (US)
- Awarepoint Corporation (US)
- Qubit Health (US)
- LogiTag Medical (Israel)
- Cureatr (US)
- AccuMedical, Inc. (US)
- TeleTracking Technologies, Inc. (US)
- Radianse (US)
Healthcare Asset Management Market Recent Developments
- A new asset management and network monitoring system called ReadySee was also launched by GE Healthcare in April 2023, designed to help the healthcare professional find those devices. It eliminates human labor while managing cybersecurity measures by detecting vulnerabilities and turns over device and infrastructure data into actionable insights.
- To facilitate better capital equipment and cost monitoring of Vizient member healthcare organizations, and optimization of equipment lifecycle planning and asset usage, Vizient, Inc. and HANDLE Global have formed a strategic alliance to launch a capital asset management system.
- Zebra Technologies announced the acquisition of Fetch Robotics, a pioneering on-demand automation company, in July 2021. As it sources an increasing number of robotics businesses, the purchase will speed up the growth of the company in industrial automation.
Healthcare Asset Management Key Market Trends
- Combination of Machine Learning and AI: AI and machine learning enable these aspects to be put into effect - the main reason they have become an integral part of all equipment maintenance, predictive analytics, real-time tracking, and workflow optimization in hospitals. Their ability to enhance the efficiency of healthcare providers' operations, provide warnings about problems before they occur, and reduce downtime makes them significant. It will be anticipated that with their advancement, many individuals will depend on them, which will, in turn, change the system of managing healthcare assets.
- Cloud-Based Solutions: Cloud technology is increasingly being applied in healthcare asset management, mainly in the light of enhanced data exchange, scalability, and accessibility. Healthcare institutions are using cloud-based solutions for asset management across many sites, increased data integration, and real-time updates to make effective decisions. Greater adaptability and teamwork are needed for effectively managing healthcare resources, which is driving the trend.
Healthcare Asset Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the healthcare asset management market is poised to grow significantly with such factors as better patient care outcomes, efficiency in terms of costs, and advancements in technology. The integration of AI, IoT, and cloud-based technologies found in healthcare institutions today allows for optimum usage of resources, minimizes downtime, and lengthens the lifespan of some equipment, the heart and blood vessels that keep everything running while redefining asset tracking and management. However, there are still unsolved problems, such as security of data and expensive primary investment. The competition between the old-established players and new entrants will be stronger day by day. In general, the long-term demand for healthcare operations will depend on the increasing requirements of healthcare industry for such transparency of their operations in cutting costs and efficiency. And that will continue to fuel the demand for more modern asset management systems.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 34.8 billion |
| Market size value in 2031 | USD 263.04 billion |
| Growth Rate | 25.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare Asset Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare Asset Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Asset Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Asset Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare Asset Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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