Healthcare Asset Management Market Overview
Healthcare asset management uses technologies such as Radiofrequency Identification (RFID) and plays a significant role in making efficient use of medical equipment, maintaining inventories, and minimizing human error. The hospital asset management system helps monitor and secure hospital facilities and uses automated software systems to track the environment on the hospital campus.
As per Market Research Future (MRFR) analysis, the healthcare asset management market is projected to grow at a CAGR of 18.2% from 2018 to 2023 (forecast period). The report on healthcare asset management is a comprehensive analysis and overview of drivers, restraints, opportunities, market trends, market size, forecasts, and developments in the healthcare asset management market.
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Healthcare Asset Management Market Dynamics
The increasing concern for patient safety, the need to make available resources more effective, and the adoption of advanced technology in the healthcare sector is expected to drive the healthcare asset management market growth. In addition, increasing investment in R&D and strategies adopted by major players such as the production of new products are contributing to market growth. For example, in August 2018, the latest version of Enterprise Asset Management (EAM) software was announced by Infor Inc., which is a major player in the healthcare asset management market.
Increasing concerns about patient safety, system accuracy problems, high deployment costs for healthcare asset management devices, and poor implementation due to organizational and infrastructure issues can impede market growth during the assessment period.
Healthcare Asset Management Market Key Players
Some of the key players in the healthcare asset management market are
- Airista Flow
- GE Healthcare
- IBM Corporation
- Infor Inc.
- Tyco Security Products.
- Intelligent InSites
- Motorola Solutions Inc.
- JADAK (a Novanta Company)
- Siemens Healthineers
- Sonitor Technologies
- Stanley Black & Decker Inc.
- Ekahau Inc.
Healthcare Asset Management Market Segmentation
The healthcare asset management market has been segmented on the basis of product, application, end-user, and region.
Based on the product, the market has been categorized as Real-Time Location Systems (RTLS), Radio Frequency Identification (RFID) devices and Ultrasound & Infrared Tags. The real-time location systems (RTLS) section was further divided into hardware, software, and services. The hardware section was further divided into tags/badges, and readers/interrogators.
Radio frequency identification (RFID) systems have been categorized as hardware, software, and services. The hardware section was divided into tags, readers/interrogators, and accessories. Sub-segment tags have been segmented into passive tags, and active tags. The passive tag section was slit into high-frequency (HF) tags, ultra-high-frequency (UHF) tags, and low-frequency (LF) tags. In addition, the application category has been sub-segmented in hospital asset management and pharmaceutical asset management. The hospital asset management section covers equipment monitoring and management, patient management, temperature and humidity monitoring, personnel management and prevention of diseases, and compliance with hand hygiene. The section of pharmaceutical asset management covers anti-counterfeiting drugs and supply chain management.
Based on end-user, the market has been segmented into Hospital/Clinic, Laboratories, Pharmaceutical companies, and Biotechnology.
Healthcare Asset Management Market Regional Analysis
Based on the region, the healthcare asset management market has been segmented into the Americas, Europe, the Asia Pacific, and the Middle East & Africa.
The Americas are expected to dominate the healthcare asset management market due to the introduction of technologically advanced technologies, rising demand for innovative technology to combat counterfeit drugs and the existence of a well-established healthcare system, and the presence of a large network of health service providers. According to the American Hospital Association, there were 5,534 registered hospitals in the US in 2016, about 2,000 hospitals were in rural areas and more than 3,000 hospitals were located in urban areas.
The second-largest market for controlling healthcare assets is projected to be the European market. Business growth in this area can be attributed to government funding and support for the healthcare sector, combined with increased research and development. In addition, growing cases of product counterfeiting are responsible for increasing demand for healthcare asset management services and are therefore contributing to the growth of the market in the region. According to the European Intellectual Property Office, counterfeit drugs are a major concern in the healthcare sector. Revenue of USD 11,5 billion is lost annually as a result of counterfeit drugs and 10% of all globally supplied medicines are forged.
The Asia Pacific is projected to be the fastest-growing healthcare asset management market in the forecast period due to rising demand for easy-to-use asset management tools, rising digitalization in the region, and investment in healthcare and development by market players in the region.
The market in the Middle East and Africa is projected to account for the lowest share of the healthcare asset management market due to the underdeveloped healthcare system, inadequate medical services, and lack of professional expertise.
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