Healthcare Asset Management MARKET: Summary
The Global Healthcare Asset Management Market is projected to reach a value of over USD 105 billion by 2027 at a CAGR of around 26.2%.
Healthcare asset management can be described as a highly systematic, cost-effective process for planning, acquiring, maintaining, operating, deploying, and disposing of the physical asset in the healthcare organization. Healthcare asset management is used for tracking and managing inventory to improve patient care and operational efficiency. Management programs for the healthcare industry involve medical inventory management, medical waste & equipment disposal, hospital facilities management, and medical equipment maintenance management. In the hospital, the unseen team works hard behind the screen to manage the medical assets. Thus, maximizing reliability and efficiency has been a major challenge faced by the industry which can be eliminated by the use of healthcare asset management.
Healthcare Asset Management MARKET: Drivers & CHALLENGES
- Demand for Tracking Equipment with Precision & Accuracy
Effective management of inventory is one of the vital tasks in operational hospitals. Increasing pressure faced by hospitals to reduce expenses owing to rising costs and tightening budgets has surged the need to keep track of all medical devices. Inefficiencies in managing and tracking equipment, supplies and specimens, can negatively impact workflows as well as the cost and quality of patient care. With real-time asset tracking, organizations can reduce waste from over-ordering, hoarding, lost, misplaced or expired items. Thus, demand for tracking equipment in order to improve inventory visibility and lower operational cost has expected to drive the growth of the healthcare asset management market during the forecasted period.
- Rising demand with Increasing Concern of Drug Counterfeiting
In the healthcare industry, supply chain management is one of the biggest concerns as complexity and risk in the process may affect the patient’s health. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2017 total production of pharmaceutical sales in Europe was USD 250,868 million. However, according to the Organization for Economic Co-operation and Development (OECD), while counterfeit goods are accounted to be 2.5 % of total pharmaceutical sales. The use of healthcare asset management prevents products from falling into the hands of counterfeiters, who could dilute or alter the drugs and then foist them on unsuspecting pharmacies and consumers. Thus, increasing concern about drug counterfeiting has expected to boost the demand for the product market.
- High Cost Associated with Products
Technologies used for setting up healthcare asset management are radio frequency identification (RFID), real-time location systems, and others. The biggest challenge in healthcare management is the high cost of RFID technology which is dependent upon the capabilities of RFID tags. Tags can be reusable or disposable and have associated costs. Reusable tags are higher in price and require a standardized cleaning technique before the tag can safely reenter circulation. Moreover, technical limitations such as system errors, RFID tag readability, interference with medical equipment, and interoperability with other health information technology also hinder adoption. Thus, the high cost associated with product technologies is expected to hinder the growth of the market during the forecasted period.
Healthcare Asset Management Market: Key segments
- On basis of product type: Radiofrequency Identification (RFID) Devices, Real-time Location Systems (RTLS), and Others
- On basis of application: Drug Anti-counterfeiting, Equipment Locating, Asset Utilization, Staff Management, Patient Tracking, and Other
- Based on end-users: Pharmaceuticals, Hospitals, Bio-Technology Companies, and Others
- Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America with individual country-level analysis.
Healthcare Asset Management MARKET: Report SCOPE
The report on the healthcare asset management market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Product Type, Application, End-users, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
- STANLEY Healthcare(Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Zebra Technologies Corporation
- Airista Flow, Inc.
- GE Healthcare
- CenTrak, Inc.
- Intelligent InSites
- Vision ID
- Siemens Healthcare GmbH
- Sonitor Technologies
- Other Key Companies
Healthcare Asset Management MARKET: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Healthcare Asset Management Market, by Product Type
- Radiofrequency Identification (RFID) Devices
- Real-time Location Systems (RTLS)
Healthcare Asset Management Market, by Application
- Drug Anti-counterfeiting
- Equipment Locating
- Asset Utilization
- Staff Management
- Patient Tracking
Healthcare Asset Management Market, by End-User
- Bio-Technology Companies
Healthcare Asset Management Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Healthcare Asset Management Market Providers
- Healthcare Asset Management Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Healthcare Asset Management Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Healthcare Asset Management MARKET STUDY