Healthcare Asset Management Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Healthcare Asset Management Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The healthcare asset management market is expected to reach USD 56.2 billion by 2026 and grow at a CAGR of 30% over the forecast period. Healthcare asset management is a systematic and economical way to plan, buy, maintain, operate, and dispose of a healthcare institution's physical assets and apparatus. Not losing track of medical devices, high operational expenses, time savings, improved patient care, higher staff productivity, significant cost savings, and intensive maintenance are the key factors that support the use of healthcare asset management in healthcare organizations.

Key Highlights

• The main benefits of automation are that it creates more opportunities in every industry, improves operations, and effectively reduces costs. Also, the adoption of Artificial Intelligence, which enables quick analysis through the dashboard, benefits the organization in undertaking fluent operations.
• Pharmaceuticals are vitally important in the healthcare system of every country. But the cases of pharmaceutical counterfeits have been increasing year-on-year, globally. The protection of pharmaceuticals is necessary for any company to retain its client, revenue growth, and brand reputation. WHO estimated that 2,50,000 children's deaths occurred due to the use of forged malaria and pneumonia medications. In order to assure that the medicines entering pharmacies and hospitals are legitimate, RFIDs and other healthcare asset management systems are used.
• Healthcare businesses worldwide have been compelled to implement efficient asset management systems and technology due to mounting pressure to manage their current staff better. The majority of healthcare institutions spend a significant amount of their cash to track medical equipment. For Instance, it was reported that ~USD 6 million worth of state-owned hospital equipment was missing in Louisiana State University (LSU) hospitals; newly purchased equipment from the hospital was also not properly tracked. Hence, the rise in awareness to avoid such incidents drives the market for asset management in healthcare.
• The patient's condition can change in a minute in critical situations, and with that, if the efficiency of the operations is low, the patient can lose a life. The rise in the need for improving hospital operation efficiency is another factor for the asset management market in the healthcare system. However, the existing old healthcare infrastructure and data privacy concerns are a few restricting factor implementation of these systems.
• In the long run, COVID-19 will affect the healthcare industry substantially. Countries and crucial players must make significant healthcare adjustments until the crisis passes. Due to the ongoing outbreak, telemedicine and digital health have taken center stage. At COVID-19, the necessity of remote diagnosis, treatment, and consultation was once again emphasized. However, due to the fact that numerous healthcare professionals are already testing out video conferencing and phone conversations, its acceptance is anticipated to soar over the following two years.

Key Market TrendsDemand with Increasing Concerns of Drug Counterfeiting

• The asset management systems at pharmacy procurement have reduced the reach of counterfeit incidences at the venue. Globally, pharmaceutical counterfeit incidences decreased by 14% in 2021, compared to previous years, according to the Pharmaceutical Security Institute.
• Using integrated platform solutions helps track pharmaceutical equipment and reduces the lead time in search of these items. The study has shown that asset management solutions can reduce the equipment search time from 30 minutes to 2 mins.
• According to ASPA, The Indian pharma industry has proactively embraced a host of technologies like Optical Variable Devices (OVDs), safety holograms, and other track and trace technologies to address the challenge of counterfeiting pharma products.
• Coding and serialization, including elements like Barcode, Data Matrix, and Radio Frequency Identification, are other digital technologies used in the pharmaceutical sector.
• Also, Track-and-Trace Digital Technologies provides actionable intelligence to brand owners through electronic means to identify unauthorized or unlicensed vendors on the internet. This demands the need for Asset Management in Healthcare so that concerns related to drug counterfeiting can be avoided quickly.

North America to Dominate the Market Growth

• The availability of robust healthcare infrastructure has propelled the demand for hospital asset management solutions, as their immediate implementation is possible. The region has been one of the early adopters of IT infrastructure. According to Internet World Stats, the penetration stands at 89.4% of the population, which increases the deployment of asset management solutions in healthcare.
• The need to improve operations, manage risk, decrease delays, and cut costs while providing patients with high-quality treatment in healthcare organizations is driving this region's growth, particularly in United States Healthcare Asset Management Market.
• Due to the rising incidence and prevalence of chronic diseases, there is an urgent need to reduce the workload for healthcare professionals and manage inventories efficiently in this area, according to the survey conducted in 2021 by the American College of Healthcare Executives.
• Moreover, North America accounts for more than 40% of the global pharmaceutical industry. Also, the growing awareness about the benefits of deploying asset management systems in healthcare can lead to increased demand for the market in the future.
• According to the Worldometer, the USA is home to thousands of patients with chronic, lifestyle, and life-threatening diseases. Considering all these factors, the growth of the pharmaceutical industry in the region is driving the demand for the healthcare asset management market.

Competitive Landscape

The competition in the market is high as a significant market share lies with the major market players. Innovation in the market requires the developers to understand the process better to deliver a suitable solution. It also drives close collaboration among the healthcare stakeholders during development and customization to suit the end user's needs. The key players operating in Healthcare Asset Management Market are IBM Corporation, GE Healthcare, Zebra Technologies Corporation, CenTrak Inc, Jadak-A Novanta Company, Airista Flow Inc, Sonitor Technologies, Stanley Healthcare, and other prominent players.

• In March 2022, Crothall Healthcare's Healthcare Technology Solutions (HTS) division acquired ABM's clinical engineering organization. The entire lifecycle of medical devices in a hospital is managed and overseen by Crothall Healthcare. Across the nation, it services more than 200 hospitals and health systems and maintains about 1,000,000 medical devices annually.
• In December 2021, Royal Philips, a leader in health technology, signed an agreement to acquire Vesper Medical Inc., a US-based medical technology company that develops minimally-invasive peripheral vascular devices.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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