Healthcare Asset Management Market Forecasts to 2028 – Global Analysis By Product (Real-Time Location Systems (RTLS), Radiofrequency Identification (RFID) Devices, Ultrasound and Infrared Tags and Other Products), Application and By Geography

Healthcare Asset Management Market Forecasts to 2028 – Global Analysis By Product (Real-Time Location Systems (RTLS), Radiofrequency Identification (RFID) Devices, Ultrasound and Infrared Tags and Other Products), Application and By Geography

According to Stratistics MRC, the Global Healthcare Asset Management Market is accounted for $27.2 billion in 2022 and is expected to reach $107.8 billion by 2028 growing at a CAGR of 25.7% during the forecast period. An asset register provided by management aids in the supply of healthcare facilities. Layout, facility management, critical care, ward management, operational care, and many other topics are frequently included in asset management solutions for the healthcare sector. A crucial component of hospital asset management is maximising the utilisation of physical assets to improve the standard of care given to patients. Many healthcare institutions all around the world have adopted effective technologies and asset management solutions as a result of the growing emphasis on the efficient management of current assets and staff. This has fueled the expansion of the healthcare asset management industry.

According to Pharmaceutical Security Institute (PSI), in 2016, there was a 5% increase in the number of cases of pharmaceutical counterfeiting, theft, and diversion. In 2016, 3,147 cases were reported as compared to 3,002 cases in 2015 and 2,177 cases in 2014.

Market Dynamics:

Driver:

Need for better asset management in hospitals

Healthcare organisations all over the world have been forced to implement efficient asset management systems and technology as a result of mounting pressure to better manage their current staff. The majority of healthcare organisations devote a significant amount of their cash to monitoring medical equipment. However, the increased use of radiofrequency identification in the pharmaceutical business is fueling the segment's growth.

Restraint:

Limitations of asset management systems

Because signals can penetrate walls and floors, active RF identification systems are frequently unable to determine whether the equipment is on one side or the other. A clear line of sight must exist between the tag and the sensor in order for infrared technology to work. Demand creation is expected to be hampered by the various asset management systems limitations. Hence, these are the factors hampering the growth of the market.

Opportunity:

Increasing technological advancements

The conventional pen and paper method was once used in an organization's asset management process, but with the advent of healthcare IT, asset management in medical facilities has seen a rapid shift towards modernization. The addition of wireless connectivity to healthcare asset management programmes and the escalating demand for these programmes in hospitals due to the rapid technological development will both significantly boost the market's expansion.

Threat:

High cost

Despite the fact that healthcare asset management solutions are being used more and more, the market's expansion may be somewhat constrained by the expensive nature of the few Real-time location system solutions. Furthermore, a lack of understanding about the use of asset management software among the people of developing economies is a significant factor impeding market expansion during the projection period.

Covid-19 Impact

The number of patients entering hospitals is rising as a result of the sudden increase in Covid-19 instances and the appearance of new variants. Due to a lack of staff, pharmaceuticals, and other crucial resources including beds, ventilators, and oxygen, the healthcare industry is under more stress than usual. Healthcare asset management systems are put into place to ensure effective resource use and stop waste. As a result, hospitals can serve more patients while using fewer resources.

The radiofrequency identification (RFID) segment is expected to be the largest during the forecast period

The radiofrequency identification (RFID) segment is estimated to have a lucrative growth, due to increasing adoption of tags. Tag adoption is at its highest point as a result of price reduction. Numerous healthcare organisations have chosen the use of solutions based on RF identification as a result of the solutions' relatively low price over time. These alternatives include small, affordable passive tags with electronic identifying technologies.

The healthcare asset management segment is expected to have the highest CAGR during the forecast period

The healthcare asset management segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing need to reduce costs, improve efficiency and prevent stockouts of essential medication. The increased number of patients also made hospital asset management systems even more essential in order to avoid equipment shortages or treatment delays.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growth in public healthcare funding in major emerging economies. The growth is further fuelled by the big population and rise in incidence of infectious and non-infectious disorders. Furthermore, growing demand for easy asset management software greater digitization, and increasing healthcare expenditures and expansions by regional market players will accelerate region growth.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the presence of highly developed healthcare infrastructure, increasing private and public R&D investments, high healthcare expenditure, and surge in hospitalization rates in the region. Moreover, the presence of key industry players in the region ensures lower costs and more options for customers.

Key players in the market

Some of the key players profiled in the Healthcare Asset Management Market include Motorola Solutions, Inc., Aeroscout Industrial, Radianse, CenTrak Inc., STANLEY Healthcare, Siemens Healthcare GmbH, McKesson Corporation, Midmark Corporation, Cerner Corporation, Awarepoint Corporation, IBM, General Electric Company, Zebra Technologies Corporation, Sonitor Technologies, AiRISTA Flow, Inc., VERSUS TECHNOLOGIES, Novanta Inc. and GE Healthcare Inc.

Key Developments:

In March 2022, Sodexo teamed up with University Hospitals to offer comprehensive primary care and community-based services. Sodexo aimed to provide a range of services under this arrangement, including resource and construction management, technical control over healthcare, patient diet, retail food, and management of resources.

In July 2021, Zebra Technologies announced the acquisition of Fetch Robotics, an innovator in on-demand automation. This acquisition will accelerate the company’s growth in industrial automation as increased its focus on robotics in customer-centric solutions.

Products Covered:
• Real-Time Location Systems (RTLS)
• Radiofrequency Identification (RFID) Devices
• Ultrasound and Infrared Tags
• Other Products

Applications Covered:
• Pharmaceutical Asset Management
• Hospital Asset Management
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements