The global Healthcare Asset Management market is forecasted to grow at a rate of 32.1% from USD 12.02 billion in 2019 to USD 101.36 billion in 2030. The healthcare asset management market is witnessing an increasing demand as they allow facilities to maintain a competitive edge with the growing integration of technology in the healthcare sector. The need to upgrade the healthcare sector among developing nations is creating a demand for the market.
In the past few years, the healthcare industry has witnessed increased funding for complete automation in their procedures in developed regions, but as SARS-COV-2 wreaked havoc in the industry, public as well as private companies are understanding the need for more advanced healthcare industry with a better management system. There is an increased investment in the industry, which is propelling the demand for the market.
As more advanced equipment is being launched and deployed in the hospitals and research companies, there is a need for better management and keeping a daily track of the expensive pieces of equipment. Asset management allows that with the help of RFID and RTLS technology that helps in scanning the barcode and assessing the devices on a smartphone or tablet. With a rise in counterfeit drugs and devices, which are costing the companies millions of dollars, are also attended by these asset management companies. They reduce the risk of counterfeit, which encourages other companies to adopt the market solution as well.
Radiofrequency Identification Devices tags use radio waves to communicate their identity and information to nearby readers. Tags could be passive and active. The passive tags do not have a battery and are powered by the reader, whereas active tags are powered by batteries. It also stores a wide range of information.
RFID helps in mitigating counterfeit drugs, improves the accuracy of patient detection, and simplifies the clinical trial process. It also helps in easy inventory management, enhances the communication between patient and caregivers, eradicated the risk of wrong medication, and also streamline patient tracking. Such benefit provided by the market is driving its demand.
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Hospitals and clinics contain a vast amount of medical equipment and data that are important for running an effective healthcare facility. Maintenance and facilities allow professionals to maintain critical equipment and system in the institute. Hospital asset management maintains, test, and keep this expensive equipment and devices in proper working condition all the time. It also ensures a clean, safe, and well-maintained medical environment. The right platform will allow the maintenance team to automate workflow and enhance efficiency in everyday operations.
Counterfeiting of drugs has become a major threat to the economy, and the benefits of trading counterfeit drugs are expected to reach USD 200 million in 2019. As e-commerce has penetrated the drugs industry, eradication of counterfeit drugs has become more challenging. Asset Management Company is introducing blockchain to filter the counterfeit drugs out of the system.
North America led the market for healthcare asset management. The availability of robust healthcare infrastructure has driven its demand in the region. North America is quick to adopt the latest technologies, and the IT penetration in the healthcare industry is high. There is also a high level of awareness regarding the benefits of the market solution, which in turn will propel the demand of the healthcare asset management market.
- RTLS is witnessing a high adoption rate in the healthcare asset management industry because of its enhanced traffic control, better care coordination, effective asset management, high satisfaction level of staff and patient and efficient privacy and security.
- Supply chain management is an important task handled by asset management companies. In healthcare, it is a fragmented and complex process and involves managing supplies, obtaining resources, delivering goods and services to patients and providers. All these tasks are handled by the asset management companies.
- A digital revolution in the pharmaceutical industry has led them to rethink their strategies and asset portfolio, which creates a demand for the healthcare asset management market. The rise in tech giants has posed a challenge to these companies as factories are becoming more automated, and there is an infiltration of artificial intelligence in the industry. The segment will grow with a significant CAGR during the forecast period.
- The European market is also witnessing increased demand as there is a presence of major players and a high level of adoption of healthcare IT. The region is anticipated to grow with a CAGR of 32.3% during the forecast period.
Companies considered and profiled in this market study
AiRISTA Flow, ThingMagic, CenTrak, Inc., Stanley Healthcare, Sonitor, Versus Technology, Inc., GE Healthcare, Zebra Technologies, IBM Corporation, and Elpas, has been profiled in the report. They are significant manufacturers of Healthcare Asset Management.
The players operating in the market have undertaken several strategies related to the market in the period 2018-2020. The key highlight is:
- In September 2020, Medigate raised USD 30 million in Series B funding for the expansion of medical and IoT device security. Medigate is a New-York based provider of medical device and IoT security and asset management, which raised the funding led by Partech.
The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. As the market is witnessing the infiltration of technology, several new startup companies are trying to infiltrate the market. One such startup is Olive. The startup is focused on developing automation tools for healthcare and has raised a funding of USD 51 million.
Mergers and Acquisitions are an integral part of the Healthcare Asset Management industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- In October 2020, Syft partnered with Four Point Technology to enable it to represent the company’s decedent management and tracking solution on its NASA SEWP contract. The solution helps hospitals automate and optimize workflows to ensure compliant and seamless handling of deceased patients.
- mergers and acquisItions: deals landscape
Reports and data predict encouraging advances to accelerate the use of Healthcare Asset Management. According to industry analysts, new companies enter the market, which may theoretically change the situation. New entrants that enter the market must concentrate on innovating and integrating through new technologies while reducing complexity and lowering total operational costs. Experts also believe that increasing the implementation of emerging technology in developed nations would be a critical growth field for the industry. Company strategy review shows that most businesses concentrate on product launch, as well as negotiations to increase their share and scale. Both approaches contributed to the advancement of the technologies and product diversification in the untapped regions. The businesses implemented these approaches to diversify their business within the industries
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level and provides an analysis of the market trends in each of the sub-segments from 2018 to 2030. The scope of the report can be defined as:
For the purpose of this report, Reports and Data has segmented into the Global Healthcare Asset Management Market on the basis of product, application, end-user, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
Radiofrequency Identification (RFID) Devices
Real-time location systems (RTLS)
Application Outlook (Revenue, USD Billion; 2019-2030)
- Hospital Asset Management
- Equipment Tracking and Management
- Temperature and Humidity Control
- Patient Management
- Infection Control and Hand Hygiene Compliance
- Staff Management
- Software Solutions
- Supply Chain Management
- Drug Anti-counterfeiting
End-User Outlook (Revenue, USD Billion; 2019-2030)
- Pharmaceutical Companies
- Hospitals and Clinics
- Bio-Technology Companies
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
TABLE OF CONTENT
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2030
Chapter 3. Indicative Metrics
Chapter 4. Healthcare Asset Management Market Segmentation & Impact Analysis
4.1. Healthcare Asset Management Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
184.108.40.206. Need for Better Asset Management in Hospitals
220.127.116.11. Decline in Prices of RFID Tags
18.104.22.168. Acceptance of Asset Management Solutions in the Pharmaceutical Industry
4.2.3. Market restraints analysis
22.214.171.124. High Cost of RFID Readers
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Healthcare Asset Management Market By Product Insights & Trends
5.1. Product Dynamics & Market Share, 2019 & 2030
5.2. Radiofrequency Identification (RFID) Devices
5.2.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
5.2.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
126.96.36.199. Market estimates and forecast, 2019 – 2030 (USD Billion)
188.8.131.52. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
184.108.40.206.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
220.127.116.11.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
18.104.22.168.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
22.214.171.124.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
126.96.36.199.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
188.8.131.52.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
184.108.40.206.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
220.127.116.11.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
18.104.22.168. Market estimates and forecast, 2019 – 2030 (USD Billion)
22.214.171.124. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
126.96.36.199. Market estimates and forecast, 2019 – 2030 (USD Billion)
188.8.131.52. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
5.3. Real-time location systems (RTLS)
5.3.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
5.3.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
184.108.40.206. Market estimates and forecast, 2019 – 2030 (USD Billion)
220.127.116.11. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
18.104.22.168.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
22.214.171.124.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
126.96.36.199.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
188.8.131.52.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
184.108.40.206. Market estimates and forecast, 2019 – 2030 (USD Billion)
220.127.116.11. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
18.104.22.168. Market estimates and forecast, 2019 – 2030 (USD Billion)
22.214.171.124. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
Chapter 6. Healthcare Asset Management Market By Application Insights & Trends
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