Global Healthcare Asset Management Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID) Devices (Hardware, Software) - Industry Forecast 2024-2031

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).

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. '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'

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.

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.

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.