What is the global market size of the Healthcare Asset Management Market?

Global Healthcare Asset Management Market size was valued at USD 22 billion in 2021 and is poised to grow from USD 27.24 billion in 2022 to USD 150.38 billion by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Healthcare Asset Management Market?

The competitive landscape for the healthcare asset management market gives information by competitor. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. The data points mentioned above mainly concern the companies' emphasis on the healthcare asset management market. 'IBM Corporation', 'Stanley Black & Decker, Inc.', 'Siemens AG', 'General Electric Company', 'B. Braun Melsungen AG', 'Aramark', 'Johnson Controls International plc', 'Ekahau, Inc.', 'CenTrak, Inc.', 'Airista Flow, Inc.', 'Infor, Inc.', 'Sonitor Technologies, Inc.', 'Zebra Technologies Corporation', 'Olympus Corporation', 'Trimble Inc.', 'STANLEY Healthcare', 'Cisco Systems, Inc.', 'DecaWave Ltd.', 'IBM Watson Health', 'Accruent LLC'

What is the key driver of the Global Healthcare Asset Management Market?

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.

What is the key market trend for the Global Healthcare Asset Management Market?

Due to advancements in medical technology, hospitals now have a variety of systems and medical equipment that need to be efficiently operated and managed. To make sure that crucial systems and equipment are maintained, tested, and kept in working order, this is one of the main drivers driving the demand for healthcare asset management. Additionally, to keep a medical environment that is secure, hygienic, and well-maintained, the prevalence of chronic diseases is rising globally, and simple access to healthcare services is encouraging the implementation of healthcare asset management. In addition, the healthcare asset management system sends out notifications that help cut down on staff and patient delays, increase facility profitability, and guarantee patient satisfaction. This is having a positive impact on the market, together with the growing emphasis on improved care quality. Leading market players also are offering Internet of Things (IoT) remote monitoring and online mobile solutions that do not require printouts, reduce waste, and speed up repair times. Additionally, it is anticipated that the increasing necessity to adhere to strict industry standards will fuel demand for these solutions all across the globe.

Which region accounted for the largest share in the Global Healthcare Asset Management Market?

In terms of market share and revenue, North America dominates the healthcare asset management industry and will maintain this dominance over the forecast period. This is because the region has high-quality infrastructure for doing clinical and laboratory research. The market's growth rate in this region will also be boosted by the increasing use of low-cost medical systems in clinical diagnostic laboratories.

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.

Healthcare Asset Management Market Report Snapshots

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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. '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 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.

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.

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.

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Healthcare Asset Management Market Insights

Healthcare Asset Management Market Report Snapshots

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What is the global market size of Healthcare Asset Management Market?

Who are the key vendors in the Healthcare Asset Management Market?

What is the key driver of Healthcare Asset Management Market?

What is the key market trend for Healthcare Asset Management Market?

Which region accounted for the largest share in Healthcare Asset Management Market?

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