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November 5, 2020

Healthcare Asset Management Market to Grow at a Stayed CAGR from 2020 to 2027

The Global Healthcare Asset Management Market is projected to reach a value of over USD 105 billion by 2027 at a CAGR of around 26.2%.

Healthcare asset management can be described as a highly systematic, cost-effective process for planning, acquiring, maintaining, operating, deploying, and disposing of the physical asset in the healthcare organization. Healthcare asset management is used for tracking and managing inventory to improve patient care and operational efficiency. Management programs for the healthcare industry involve medical inventory management, medical waste & equipment disposal, hospital facilities management, and medical equipment maintenance management. In the hospital, the unseen team works hard behind the screen to manage the medical assets. Thus, maximizing reliability and efficiency has been a major challenge faced by the industry which can be eliminated by the use of healthcare asset management.

Healthcare Asset Management Market: Drivers & Challenges

Market Driver:

  • Demand for Tracking Equipment with Precision & Accuracy

Effective management of inventory is one of the vital tasks in operational hospitals. Increasing pressure faced by hospitals to reduce expenses owing to rising costs and tightening budgets has surged the need to keep track of all medical devices. Inefficiencies in managing and tracking equipment, supplies and specimens, can negatively impact workflows as well as the cost and quality of patient care. With real-time asset tracking, organizations can reduce waste from over-ordering, hoarding, lost, misplaced or expired items. Thus, demand for tracking equipment in order to improve inventory visibility and lower operational cost has expected to drive the growth of the healthcare asset management market during the forecasted period.

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  • Rising demand with Increasing Concern of Drug Counterfeiting

In the healthcare industry, supply chain management is one of the biggest concerns as complexity and risk in the process may affect the patient’s health. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2017 total production of pharmaceutical sales in Europe was USD 250,868 million. However, according to the Organization for Economic Co-operation and Development (OECD), while counterfeit goods are accounted to be 2.5 % of total pharmaceutical sales. The use of healthcare asset management prevents products from falling into the hands of counterfeiters, who could dilute or alter the drugs and then foist them on unsuspecting pharmacies and consumers. Thus, increasing concern about drug counterfeiting has expected to boost the demand for the product market.

Market Restraint:

  • High Cost Associated with Products

Technologies used for setting up healthcare asset management are radio frequency identification (RFID), real-time location systems, and others. The biggest challenge in healthcare management is the high cost of RFID technology which is dependent upon the capabilities of RFID tags. Tags can be reusable or disposable and have associated costs. Reusable tags are higher in price and require a standardized cleaning technique before the tag can safely reenter circulation. Moreover, technical limitations such as system errors, RFID tag readability, interference with medical equipment, and interoperability with other health information technology also hinder adoption. Thus, the high cost associated with product technologies is expected to hinder the growth of the market during the forecasted period.

Healthcare Asset Management Market: Key Segments

  • On basis of product type: Radiofrequency Identification (RFID) Devices, Real-time Location Systems (RTLS), and Others
  • On basis of application: Drug Anti-counterfeiting, Equipment Locating, Asset Utilization, Staff Management, Patient Tracking, and Other
  • Based on end-users: Pharmaceuticals, Hospitals, Bio-Technology Companies, and Others
  • Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America with individual country-level analysis.

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Healthcare Asset Management Market: Report Scope

The report on the healthcare asset management market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

KEY Companies Covered

  • STANLEY Healthcare (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Zebra Technologies Corporation
  • Airista Flow, Inc.
  • GE Healthcare
  • IBM
  • CenTrak, Inc.
  • HxCentral
  • Intelligent InSites
  • Vision ID
  • Siemens Healthcare GmbH
  • Sonitor Technologies
  • Other Key Companies

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Healthcare Asset Management MARKET: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Healthcare Asset Management Market, by Product Type

  • Radiofrequency Identification (RFID) Devices
    • Hardware
    • Software
    • Service
  • Real-time Location Systems (RTLS)
    • Hardware
    • Software
    • Service
  • Others

Healthcare Asset Management Market, by Application

  • Drug Anti-counterfeiting
  • Equipment Locating
  • Asset Utilization
  • Staff Management
  • Patient Tracking
  • Others

Healthcare Asset Management Market, by End-User

  • Hospitals
  • Pharmaceuticals
  • Bio-Technology Companies
  • Others

Healthcare Asset Management Market, by Region

  • North America
    • US
    • Canada
    • Mexico
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions Answered by The Report

  • What are the prominent developments affecting the market worldwide and its growth?
  • What will be the impact of the developments in the market on the industry and on the market players in the future?
  • What are the evolving variations of the market globally?
  • What are the evolving functions of the market globally?
  • What are the prominent aspects that will affect market growth globally during the study period?
  • Who are the key players operating in the market across the globe?
  • How are the key players leveraging in the present market scenario worldwide?

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Table of Content

  1. INTRODUCTION
    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
  2. RESEARCH DESIGN & SCOPE
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Introduction
    2. Drivers
      1. Demand for Tracking Equipment with Precision & Accuracy
      2. Rising Demand with Increasing Concern of Drug Counterfeiting
    3. Opportunities
      1. Technological Advancements
      2. Awareness of System in Emerging Economies
    4. Restraint
      1. High Cost Associated with Products
    5. Challenges
      1. Issues Related to Data Privacy and Security
      2. Organizational and Infrastructural Institutions Are Affecting Implementation
  5. INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  6. GLOBAL HEALTHCARE ASSET MANAGEMENT MARKET BY PRODUCT TYPE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Radiofrequency Identification (RFID) Devices
      1. Hardware
      2. Software
      3. Service
    3. Real-time Location Systems (RTLS)
      1. Hardware
      2. Software
      3. Service
    4. Others
  7. GLOBAL HEALTHCARE ASSET MANAGEMENT MARKET BY APPLICATION TYPE, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Drug Anti- Counterfeiting
    3. Equipment Locating
    4. Asset Utilization
    5. Staff Management
    6. Patient Tracking
    7. Others
  8. GLOBAL HEALTHCARE ASSET MANAGEMENT MARKET BY END-USER, Market Size in USD Million (2019-2027)
    1. Introduction
    2. Hospitals
    3. Pharmaceuticals
    4. Bio-Technology Companies
    5. Others
  9. GLOBAL HEALTHCARE ASSET MANAGEMENT MARKET BY REGION, Market Size in USD Million (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of Asia-Pacific
    3. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Rest of Europe
    4. Middle East and Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East and Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
  10. COMPETITIVE LANDSCAPE
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
  11. COMPANY PROFILES
    1. STANLEY Healthcare
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. Zebra Technologies Corporation
    3. Airista Flow, Inc.
    4. GE Healthcare
    5. IBM
    6. CenTrak, Inc.
    7. HxCentral
    8. Intelligent InSites
    9. Vision ID
    10. Siemens Healthcare GmbH
    11. Sonitor Technologies
    12. Other Key Companies
  12. APPENDIX
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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November 5, 2020, 13:07
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