Healthcare Asset Management Market Insights and Forecast to 2028

Healthcare Asset Management Market Forecast - 2028

The global Healthcare Asset Management market size is projected to reach US$ 34270 million by 2028, from US$ 12780 million in 2021, at a CAGR of 15.0% during 2022-2028.

Key drivers of the healthcare asset management market include the increasing burden on hospitals and medical clinics for better asset management solutions.Technological innovations in the healthcare industry will fuel the growth of the market during the forecast period. The rising investment in Healthcare Analytics and IT solutions will bolster market growth in the coming years. 

Healthcare Asset Management Market Trends

Rising need for asset management

The rising complexity of healthcare assets and equipment demands the need for efficient tracking systems to overcome maintenance downtime and improve the overall patient treatment experience. Prolonging waiting times and lack of beds reduces the quality of healthcare services. A dedicated asset management system keeps track of crucial medical inventory and notifies staff in real time regarding repairs or locating any important missing equipment. Doctors and nurses free up their time from operational activities to focus more on the health status of individuals. Such detailed maintenance planning capability will bolster the expansion of the healthcare asset management market in the coming years. Interactive dashboards and detailed reports provide careful insights into asset lifecycle, inventory, and regulations. Furthermore, hospitals are mandated to dispose of their medical waste in an eco-friendly manner. Proper auditing and standardizing waste management procedure is a must. Asset tracking ensures enhanced visibility and complete detection of all the necessary machinery and their disposal. 

Technological developments

Patient wandering is a recurring issue for healthcare professionals. Tracking the location of patients is vital as it relieves the stress on their family members. RFID tags use radio frequency signals. These bands are girded in the wrists of patients. The tag provides all the relevant information such as medical records, allergies, and past historical data which can be used for assisting in surgeries. Hospital authorities can get monitor the exact whereabouts of patients suffering from memory problems. These aspects will bolster the expansion of the healthcare asset management market during the forecast period. Furthermore, hospital assets are critical for smooth functioning and should be deployed in ready-to-use mode 24/7. Hence inspection of assets becomes easier as everything is supervised in real-time preventing unplanned breakdowns.

Investments in Healthcare IT systems

The medical industry is under continuous pressure due to the increasing number of patient admissions and rising chronic diseases. It becomes difficult to keep track of all the activities and movements. Hence investments are pouring in to integrate analytics and IT systems to keep a track of all the operational activities and increase efficiency. This will positively impact the growth prospects of the healthcare asset management market. Real-time location software or RTLS provides indoor positioning systems that locate the assets around effectively. Interactive maps provide visualizations that enable on-duty staff to coordinate all the functions of the facility. All important metrics are calculated in real-time such as equipment usage rate, room availability, machine search time and patient experience journeys, etc. All the related stakeholders can access the information on application servers. 

The huge cost of RTLS systems

RTLS tags have recurring issues. They are very expensive and require heavy investments. The maintenance needs to be done regularly as they run on batteries. Moreover,  the lack of awareness of asset tracking software further hampers the market expansion. As they depend on wifi networks it cannot be used universally in places where the connectivity is weak and the space is less. 

Healthcare Asset Management Market Insights

Based on type, the RFID segment is expected to maintain the lead in the healthcare asset management market share owing to a reduction in pricing and clinically proven effectiveness driving massive adoption in healthcare settings.

Based on application, the hospital segment will witness considerable growth in the healthcare asset management market share due to the rising need for equipment tracking in healthcare facilities. 

Based on region, North America will be the most lucrative due to increasing digitization, favorable government policies, and the need for maintaining the safety of hospital assets. 

Healthcare Asset Management Market Segments

Healthcare Asset Management market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Healthcare Asset Management market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Healthcare Asset Management Market Segment By type

• RFID
• RTLS
• Ultrasound
• Infrared

Healthcare Asset Management Market Segment By Application

• Hospital
• Pharma

By Company

• AiRISTA Flow
• Elpas
• CenTrak
• ThingMagic
• Sonitor
• Stanley Healthcare
• Midmark RTLS
• Zebra Technologies
• GE Healthcare
• IBM Corporation

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA