Healthcare Asset Management Market Size, Share & Trends 2031

Report Description

The global healthcare asset management market size was nearly USD 42.52 Bn in 2022 and is likely to reach USD 137.02 Bn by 2031, expanding at a CAGR of 29.5% during 2023 – 2031. Increasing adoption of the Internet of Things (IoT) and real-time location systems to improve asset visibility, streamline workflows, and enhance overall operational efficiency is expected to boost the market.

Healthcare asset management refers to the careful organizing, planning, utilization, tracking, and maintaining healthcare equipment. This includes everything from small medical equipment to complex machines including MRI, ventilators, and other furniture or building fixtures.

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Effective hospital management ensures the availability of these life-saving assets whenever required. This further reduces the delays in patient care and improves overall healthcare delivery. This proactive approach helps prevent equipment downtime, ensures regulatory compliance, and optimizes the lifespan of assets, which significantly improves patient outcomes.

Healthcare asset management system is utilized in various medical settings such as hospitals, clinics, nursing homes, and laboratories. This system deploys advanced technologies including radio-frequency identification, barcoding, and asset-tracking software to track real-time data of assets’ location, usages, and other information. This data helps medical professionals to find out deep insights into asset performance and repair requirements.

The COVID-19 pandemic propelled the healthcare asset management market, as healthcare organizations experienced a surge in demand for assets such as ventilators, personal protective equipment (PPE), and diagnostic testing equipment during this period. This, in turn, created a huge demand for asset management solutions to keep a track on the healthcare devices.

Healthcare Asset Management Market Dynamics

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Major Drivers

Growing need to enhance hospitals’ operational efficiency is anticipated to boost the demand for asset management solutions in medical facilities. Healthcare providers are seeking to optimize their operational efficiency while minimizing the overall cost. These solutions are capable to tracking and monitoring asset locations to streamline the workflow and reduce equipment downtime.

The efficient management of various assets such as medical equipment, devices, and supplies helps healthcare professionals to unlock the maximum utilization to deliver the optimum healthcare to patients. Moreover, the adoption of this management process enables organizations to schedule maintenance to avoid errors and breakdowns of this complex equipment.

Increasing investments in healthcare IT is another major factor driving the market in the coming years. The implementation of advanced healthcare IT solutions such as electronic health records and enterprise resource planning (ERP) systems with innovative assets is boosting the demand for these solutions. This combination allows seamless data sharing and provides an overall view of assets across the medical setting. The ability of asset data with IT solutions streamlines the workflow to improve decision-making for enhanced overall operational efficiency fuels the market.

Existing Restraints

High cost of real-time location system (RTLS) tags is expected to hinder the market. RTLS technology plays a crucial role in enabling real-time asset tracking and monitoring within healthcare facilities, as it improves asset visibility and operational efficiency. However, deploying asset management systems in entire healthcare organizations, especially those facing financial constraints pose a major challenge. Upfront investments and ongoing expenses associated with implementing RTLS technology create a barrier to the perceived benefits, restrain the market.

Emerging Opportunities

Rising acceptance of the Internet of Things (IoT) in the pharmaceutical industry is likely to create opportunities for the key players competing in the market. The pharmaceutical industry relies on critical assets, such as manufacturing equipment, research instruments, and laboratory supplies. The effective management of these assets is crucial for maintaining product quality, meeting regulatory standards, and ensuring operational efficiency. Moreover, asset management solutions allow pharmaceutical companies to track and monitor assets, manage maintenance schedules, and streamline workflows.

Scope of the Healthcare Asset Management Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Healthcare Asset Management Market Segment Insights

Product Segment Analysis

Based on product, the global healthcare asset management market is divided into radiofrequency identification, real-time location systems, ultrasound and infrared tags, and others. The radiofrequency identification (RFID) segment is expected to hold a major share of the market during the projection period, due to the increasing demand for accurate and live monitoring used to improve the overall asset management and working efficiency of healthcare settings.

RFID is present in the form of tags that are attached to various assets, such as medical equipment, supplies, and inventory. These tags ensure the tracking of assets throughout the organization. RFID tags help locate and monitor medical assets accurately and decrease the time consumed for finding misplaced items, which improves the overall operational efficiency of medical facilities.

The real-time location systems segment is anticipated to grow at a significant pace, owing to the rising adoption of advanced real-time tracking solutions in healthcare settings. RTLS automatically tracks the location of essential assets and supplies. This accurate management ensures the real-time monitoring of the assets, which decreases the possibility of theft or loss of medical devices. Furthermore, the advanced manufacturing technology of RTLS tags improves the battery life of assets, which further fuels the segment.

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Application Segment Analysis

On the basis of application, the market is classified as staff management, equipment tracking, patient tracking, supply chain management, and others. The equipment tracking segment is projected to register a robust growth rate during the projected period, due to the growing need for asset management in healthcare operations. Equipment tracking involves the monitoring and management of medical devices, machinery, and equipment.

The healthcare industry relies on a vast array of equipment to deliver quality patient care. Efficient tracking and management of these assets are crucial for ensuring their availability, optimal utilization, and maintenance. The implementation of equipment tracking solutions offers healthcare providers to monitor asset location, usage patterns, and maintenance schedules. This level of visibility and control enhances operational efficiency, reduces equipment downtime, and improves patient safety.

The patient tracking segment is expected to expand at a considerable CAGR in the coming years, as it improves patient care and safety. Patient tracking allows healthcare providers to monitor the progress of the patient during hospitalization. These systems provide real-time visibility into the whereabouts of patients and ensure their safety and security.

Patient tracking systems help prevent incidents such as unauthorized access to restricted areas and reduce the risk of adverse events. Moreover, this technology track the patient’s medical records, which enables medical staff to respond promptly to emergencies or urgent situations, ensuring timely assistance and care for patients.

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End-user Segment Analysis

In terms of end-user, the market is fragmented into hospitals, laboratories, pharmaceuticals, and others. The hospitals segment is estimated to hold a key share of the market during the projected period, due to the growing requirement for accurate and efficient asset management solutions to deliver high-quality healthcare to patients.

Hospitals have a large number of assets including medical equipment, devices, instruments, and other supplies. These items need care and maintained regularly, which requires proper asset management systems. The implementation of this technology ensures the availability of resources whenever needed and streamlines scheduled maintenance to avoid sudden breakdowns of equipment.

The laboratories segment is anticipated to expand at a significant pace in the coming years, owing to the increasing number of advanced assets to stabilize its workflow. Laboratory settings are embedded with a wide number of assets, including scientific instruments, reagents, and sampling devices. This requires asset management solutions for efficient sample tracking and to optimize their workflow. Furthermore, technological advancements in laboratory equipment and research methods are boosting the need for advanced asset management solutions.

Regional Analysis

Based on region, the global healthcare asset management market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to the well-established and technologically advanced healthcare infrastructure in the region. This region has strong financial capabilities, which makes the adoption of advanced technologies in the healthcare sector. Furthermore, rising penetration of advanced technologies and rapid increase in the number of laboratories are likely to fuel the market in the region.

The market in Asia Pacific is anticipated to expand at a rapid pace during the projection period, owing to the rising digitization in healthcare to ensure better patient care. Countries such as India and China are heavily investing in advanced medical technologies to improve their healthcare sector. Moreover, rising government funding to improve healthcare facilities and high need to improve patient care are likely to boost the market in the region.

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