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

Healthcare Asset Management Market Drivers:

Presence of Fake Drugs to Drive Need for Healthcare Asset Management

• The World Health Organization (WHO) estimates that the use of counterfeit malaria and pneumonia drugs results in roughly 250,000 children dying each year. Pharmaceuticals entering pharmacies and hospitals are authenticated with the use of RFIDs and other asset management systems for the healthcare industry. RFID tags can easily be inserted into medicine labels, enabling the supply chain-wide tracking of drugs.

Increasing Demand for Better Asset Management in Hospitals

• The market for healthcare asset management will grow slowly as a result of hospitals' increasing demand for better asset management. As a result of the growing demand to manage their current personnel properly, healthcare institutions all over the world are using efficient asset management technologies and systems. The bulk of healthcare businesses invest a substantial sum of money in tracking hospital equipment.

Healthcare Asset Management Market Restraint:

High Cost Associated with Healthcare Asset Management System 

• The healthcare asset management market will have slower growth due to the high cost of the associated systems. It is quite expensive to install this system throughout a healthcare facility. The pandemic has forced hospitals to divert funds from other areas to treat Covid-19 sufferers, which has made the situation worse. Scheduled orders for RFID or RTLS systems may be delayed or cancelled due to the low priority that is currently given to this sector.

Limitations of Asset Management Systems 

• The market will face significant challenges due to the limitations of asset management technologies. The severe limitations of asset management systems are anticipated to make demand generation difficult. Additionally, IR technology needs a direct line of sight between the tag and the sensor in order to function. This suggests that common materials like clothing, furniture, and other objects can block the signal.