Global Healthcare Asset Management Market by Product (Radiofrequency Identification, Real-time Location Systems, Ultrasound and Infrared Tags, and Others), Application (Staff Management, Equipment Tracking, Patient Tracking, Supply Chain Management, and Others), End-user (Hospitals, Laboratories, Pharmaceuticals, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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.
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
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.
Attributes |
Details |
Report Title |
Global Healthcare Asset Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Product (Radiofrequency Identification, Real-time Location Systems, Ultrasound and Infrared Tags, and Others), Application (Staff Management, Equipment Tracking, Patient Tracking, Supply Chain Management, and Others), and End-user (Hospitals, Laboratories, Pharmaceuticals, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Accruent; Securitas Healthcare, LLC.; AiRISTA Flow, Inc; CenTrak, Inc.; Cisco Systems, Inc.; Ekahau, Inc.; GE HealthCare; Honeywell International Inc.; IBM; Identiv, Inc.; Jadak; Midmark Corporation; Olympus Corporation; Siemens; Sonitor Technologies; Rings-N-Things Magic; Vizbee Inc.; and Zebra Technologies Corp. |
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.
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.
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Healthcare Asset Management Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Healthcare Asset Management Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Healthcare Asset Management Market - Supply Chain
4.5. Global Healthcare Asset Management Market Forecast
4.5.1. Healthcare Asset Management Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Healthcare Asset Management Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Healthcare Asset Management Market Absolute $ Opportunity
5. Global Healthcare Asset Management Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Healthcare Asset Management Market Size and Volume Forecast by Applications
5.3.1. Staff Management
5.3.2. Equipment Tracking
5.3.3. Patient Tracking
5.3.4. Supply Chain Management
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Healthcare Asset Management Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Healthcare Asset Management Market Size and Volume Forecast by End Users
6.3.1. Hospitals
6.3.2. Laboratories
6.3.3. Pharmaceuticals
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Healthcare Asset Management Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Healthcare Asset Management Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Healthcare Asset Management Demand Share Forecast, 2019-2026
8. North America Healthcare Asset Management Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Healthcare Asset Management Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Healthcare Asset Management Market Size and Volume Forecast by Applications
8.4.1. Staff Management
8.4.2. Equipment Tracking
8.4.3. Patient Tracking
8.4.4. Supply Chain Management
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Healthcare Asset Management Market Size and Volume Forecast by End Users
8.7.1. Hospitals
8.7.2. Laboratories
8.7.3. Pharmaceuticals
8.7.4. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Healthcare Asset Management Demand Share Forecast, 2019-2026
9. Latin America Healthcare Asset Management Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Healthcare Asset Management Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Healthcare Asset Management Market Size and Volume Forecast by Applications
9.4.1. Staff Management
9.4.2. Equipment Tracking
9.4.3. Patient Tracking
9.4.4. Supply Chain Management
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Healthcare Asset Management Market Size and Volume Forecast by End Users
9.7.1. Hospitals
9.7.2. Laboratories
9.7.3. Pharmaceuticals
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Healthcare Asset Management Demand Share Forecast, 2019-2026
10. Europe Healthcare Asset Management Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Healthcare Asset Management Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Healthcare Asset Management Market Size and Volume Forecast by Applications
10.4.1. Staff Management
10.4.2. Equipment Tracking
10.4.3. Patient Tracking
10.4.4. Supply Chain Management
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Healthcare Asset Management Market Size and Volume Forecast by End Users
10.7.1. Hospitals
10.7.2. Laboratories
10.7.3. Pharmaceuticals
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Healthcare Asset Management Demand Share Forecast, 2019-2026
11. Asia Pacific Healthcare Asset Management Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Healthcare Asset Management Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Healthcare Asset Management Market Size and Volume Forecast by Applications
11.4.1. Staff Management
11.4.2. Equipment Tracking
11.4.3. Patient Tracking
11.4.4. Supply Chain Management
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Healthcare Asset Management Market Size and Volume Forecast by End Users
11.7.1. Hospitals
11.7.2. Laboratories
11.7.3. Pharmaceuticals
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Healthcare Asset Management Demand Share Forecast, 2019-2026
12. Middle East & Africa Healthcare Asset Management Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Healthcare Asset Management Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Healthcare Asset Management Market Size and Volume Forecast by Applications
12.4.1. Staff Management
12.4.2. Equipment Tracking
12.4.3. Patient Tracking
12.4.4. Supply Chain Management
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Healthcare Asset Management Market Size and Volume Forecast by End Users
12.7.1. Hospitals
12.7.2. Laboratories
12.7.3. Pharmaceuticals
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Healthcare Asset Management Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Healthcare Asset Management Market: Market Share Analysis
13.2. Healthcare Asset Management Distributors and Customers
13.3. Healthcare Asset Management Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Accruent
13.4.2. Securitas Healthcare, LLC.
13.4.3. AiRISTA Flow, Inc
13.4.4. CenTrak, Inc.
13.4.5. Cisco Systems, Inc.
13.4.6. Ekahau, Inc.
13.4.7. GE HealthCare
13.4.8. Honeywell International Inc.
13.4.9. IBM
13.4.10. Identiv, Inc.
13.4.11. Jadak
13.4.12. Midmark Corporation
13.4.13. Olympus Corporation
13.4.14. Siemens
13.4.15. Sonitor Technologies
13.4.16. Rings-N-Things Magic
13.4.17. Vizbee Inc.
13.4.18. Zebra Technologies Corp.