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.
Market Driver:
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.
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.
Market Restraint:
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.
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.
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Report Features |
Specifics |
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Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
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Base Year for Market Calculation |
2019 |
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Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Product Type, Application, End-users, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Healthcare Asset Management Market, by Product Type
Healthcare Asset Management Market, by Application
Healthcare Asset Management Market, by End-User
Healthcare Asset Management Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE Healthcare Asset Management MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY