USD 22 billion
Global Healthcare Asset Management Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID) Devices (Hardware, Software) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2093 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
37 |
Figures:
74
Global Healthcare Asset Management Market Insights
Healthcare Asset Management Market size was valued at USD 22 billion in 2019 and is poised to grow from USD 27.24 billion in 2023 to USD 150.38 billion by 2031, growing at a CAGR of 23.8% in the forecast period (2024-2031).
An asset management solution for the healthcare industry typically includes a wide range of services, including ward management, facility management, intensive care, post-operation care, and many more. An essential component of well-organized hospital asset management is the best possible use of physical resources to raise the standard of patient care. The market expansion has been aided by the increased focus on better managing the current assets and personnel that has prompted numerous medical facilities around the world to embrace efficient asset management technologies and solutions.
Healthcare asset managers can monitor, manage, regulate, and account for all transactions according to healthcare asset management. The market is anticipated to be driven by issues with drug counterfeiting, patient safety, and technological improvements. The pharmaceutical industry is increasingly using asset management in healthcare due to advantages including increased worker productivity. Accordingly, it is anticipated that lowering the cost of hardware and software solutions also will contribute to a certain degree to market growth. Healthcare asset management market growth is anticipated to be constrained by operational, technical, and privacy problems. The market is also expected to suffer from heavy capital investment.
US Healthcare Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Radiofrequency Identification (RFID) Devices
Fastest Growth
Radiofrequency Identification (RFID) Devices
Growth Rate
23.8% CAGR
Global Healthcare Asset Management Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Healthcare Asset Management Market Size By Product, 2021-2028 ($ Bn)
Global Healthcare Asset Management Market Size By Type, 2021-2028 (%)
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Global Healthcare Asset Management Market Segmental Analysis
Global Healthcare Asset Management Market is segmented based on the Product, Application, end use, and region. Based on Product Global Healthcare Asset Management Market is segmented into Radiofrequency Identification (RFID) Devices (Hardware, Software, Services), Real-time location systems (RTLS). Based on the Application into Hospital Asset Management (Patient Management, Equipment Tracking and Management, Temperature and Humidity Control, Infection Control and Hand Hygiene Compliance, Staff Management), Pharmaceutical Asset Management (Drug Anti-counterfeiting). Based on the End User into Hospitals and Clinics, Laboratories, Pharmaceutical Companies, Biotechnology Companies, Others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Healthcare Asset Management Market Analysis by Product
The market is segmented based into Radiofrequency Identification (RFID) Bias and Real-time position systems based on product. Further divisions of Radiofrequency Identification (RFID) devices include hardware, software, and services. Also divided into three categories are the Real-time position systems (RTLS): hardware, software, and services. Tags/Badges and Readers/Interrogators are additional divisions of the Hardware component of Real-time position systems (RTLS). Due to technical developments in patient and asset location, medicine anti-counterfeiting or preventing medication errors, compliance with drug trials, theft prevention, and cost management, the radiofrequency identification segment dominates the global market. Furthermore, the growth of healthcare managed services like staff location, visitor alerts, precise and quick asset tracking, and tracing and tracking the position of consumable medications is boosting the segment's growth over the forecast period.
Healthcare Asset Management Market Analysis by End Use
Healthcare asset management market is dominated by the hospitals and clinics segment, according to end user. The increased use of asset management systems in hospitals and healthcare facilities is too responsible for this. The segment expansion and growth are being facilitated by the rising number of hospital visits. Over the course of the forecast period, the healthcare asset management market will also benefit from increased government initiatives and efforts to integrate innovative solutions and technology in hospitals and healthcare facilities.
Global Healthcare Asset Management Market By Type, 2021 (%), 2023 (%)
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Global Healthcare Asset Management Market Regional Insights
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.
Due to the rapid development of developing regions and the rising number of middle-aged people living in this region, Asia-Pacific is anticipated to rise throughout the forecast period. The regional market would expand at a faster rate due to rising healthcare infrastructure costs and the growth of unmet demand.
Global Healthcare Asset Management Market By Geography, 2021-2028, 2024-2031
- Largest
- Fastest
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Global Healthcare Asset Management Market Dynamics
Healthcare Asset Management Market Drivers:
Presence of Fake Drugs to Drive Need for Healthcare Asset Management
- 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.
Increasing Demand for Better Asset Management in Hospitals
- The market for healthcare asset management will grow slowly as a result of hospitals' increasing demand for better asset management. As a result of the growing demand to manage their current personnel properly, healthcare institutions all over the world are using efficient asset management technologies and systems. The bulk of healthcare businesses invest a substantial sum of money in tracking hospital equipment.
Healthcare Asset Management Market Restraint:
High Cost Associated with Healthcare Asset Management System
- The healthcare asset management market will have slower growth due to the high cost of the associated systems. It is quite expensive to install this system throughout a healthcare facility. The pandemic has forced hospitals to divert funds from other areas to treat Covid-19 sufferers, which has made the situation worse. Scheduled orders for RFID or RTLS systems may be delayed or cancelled due to the low priority that is currently given to this sector.
Limitations of Asset Management Systems
- The market will face significant challenges due to the limitations of asset management technologies. The severe limitations of asset management systems are anticipated to make demand generation difficult. Additionally, IR technology needs a direct line of sight between the tag and the sensor in order to function. This suggests that common materials like clothing, furniture, and other objects can block the signal.
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Global Healthcare Asset Management Market Competitive Landscape
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.
Healthcare Asset Management Market Top Player's Company Profiles
- 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
Healthcare Asset Management Market Recent Developments
- In March 2022, the clinical engineering department of ABM was acquired by Crothall Healthcare's Healthcare Technology Solutions (HTS) division. Crothall Healthcare is in charge of managing and monitoring the whole lifecycle of medical equipment in a hospital. It provides support for over 200 hospitals and health systems around the country and yearly maintains about 1,000,000 medical devices.
- In May 2022, Vesper Medical Inc., a US-based medical technology company that creates minimally invasive peripheral vascular devices, entered into an agreement to be acquired by Royal Philips, a global leader in health technology.
Global Healthcare Asset Management Key Market Trends
- 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.
Global Healthcare Asset Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to healthcare asset management market analysis, Asset management is a systematic and economical way to plan, buy, maintain, operate, and dispose of the physical assets and apparatus of a healthcare institution. 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 organisations.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 22 billion |
| Market size value in 2031 | USD 150.38 billion |
| Growth Rate | 23.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Healthcare Asset Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Healthcare Asset Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Healthcare Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Healthcare Asset Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Healthcare Asset Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Healthcare Asset Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Healthcare Asset Management Market Report Snapshots
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