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The Healthcare Asset Management Market size was valued at USD 25.7 billion in 2023, and is expected to reach USD 166.82 billion by 2032 and grow at a CAGR of 23.1% over the forecast period 2024-2032.
The market for healthcare asset management is anticipated to expand in the future years. The asset management industry has become sophisticated thanks to digitization. In the healthcare industry, there are now more possibilities and opportunities to improve operations and reduce costs so that people can afford treatments. Additionally, the increased use of artificial intelligence in business enables speedy analysis of activities, which is advantageous for any corporation seeking seamless and efficient operations.
The effective administration of medical supplies and equipment in the healthcare sector depends on the healthcare asset management system. The technology aids medical facilities in raising awareness and reducing danger. Radio frequency optimization tags tailored for specific uses are made possible by custom design services. The various applications of this system include monitoring surgical tools and equipment, ensuring that instruments are properly sterile before being used on patients, and maintaining patient records. In freezing temperatures, the method is also used to treat and inventory biological research.
DRIVERS
Better Asset Management Needed in Hospitals
Adoption of Asset Management Solutions in the Pharmaceutical Industry
Reduced RFID Tag Price
RESTRAINTS
RFID Readers are Expensive
OPPORTUNITIES
Health Asset Management Powered by IoT (Io-HAM)
Health Asset Management Solutions Find More Use
Advances in technology
Dynamic economics
CHALLENGES
Security and Privacy Concerns in the Data Environment
The global COVID-19 epidemic and the ensuing lockout have caused a persistent slowdown in the healthcare industry. Major global economies, particularly the healthcare industry, as well as local communities, were devastated by COVID-19. Leading stakeholders are still making changes to their policies in response to how quickly the environment is changing. In the long run, COVID-19 is anticipated to have a substantial effect on the healthcare industry. Countries and crucial actors would need to make significant healthcare adjustments up until the crisis passes. Healthcare reform will soon include cost containment, access expansion, and technological breakthroughs.
Digital health and telemedicine are playing a significant role as the pandemic continues. At COVID-19, it was once more emphasized how important remote diagnosis, treatment, and consultation are. Due to behavioural and legal restrictions, the growth of telehealth has slowed recently. But due to the fact that many healthcare professionals are already experimenting with video conferencing and phone calls, its acceptance is anticipated to soar over the next two years.
By Product Type
Radiofrequency identification (RFID), real-time local systems (RTLS), and ultrasound and infrared marking markets for health care asset management are divided into several categories. In all of these product categories, the health asset management market is expected to be dominated by the RFID devices category. On the other hand, RTLS is predicted to see a much larger CAGR in the proposed period due to better accuracy and precision it provides to track and monitor assets in health facilities.
Tags, readers/interrogators, antennae, and accessories make up the next section of the RFID hardware industry. The market for RFID hardware is predicted to be dominated by RFID tags. The significant market share is primarily explained by the growing acceptance of RFID in pharmaceutical firms, the falling cost of RFID tags, and the accessibility of high-tech goods on the market.
By Application
The was divided into asset management for pharmaceuticals and hospitals. According to estimates, the hospital asset management segment will be the largest. One of the main factors propelling the growth of this market is the increasing demand for hospitals to manage their assets effectively. Other important drivers include the availability of technologically improved products and the expanding application areas for asset management solutions. The market for hospital asset management is further divided into segments for tracking and managing equipment, managing patients, controlling temperature and humidity, managing employees, and monitoring infection control and hand hygiene compliance. Because hospitals need improved asset management, it is anticipated that the equipment tracking and management segment would have the greatest proportion of the hospital asset management market.
By Product Type
Radiofrequency Identification (RFID) Devices
Real-time location systems (RTLS)
By Application
Hospital Asset Management
Pharmaceutical Asset Management
North America, followed by Europe, controls the market. The dominance of the North American market is due to factors such as rising patient safety concerns, the adoption of hospital healthcare asset management systems, the growing need to tackle counterfeit medicine, highly technologically advanced products, and the presence of large companies in the region.
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REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Major key players are AiRISTA Flow, Cen Trak, Inc, GE Healthcare, IBM Corporation, Sonitor, Thing Magic, Zebra Technologies, Stanley Healthcare, Elpas, Versus Technology, Inc., and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 25.7 Billion |
| Market Size by 2032 | US$ 166.82 Billion |
| CAGR | CAGR of 23.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Radiofrequency Identification (RFID) Devices, Real-time location systems (RTLS)) • By Application (Hospital Asset Management, Pharmaceutical Asset Management) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | AiRISTA Flow, Cen Trak, Inc, GE Healthcare, IBM Corporation, Sonitor, Thing Magic, Zebra Technologies, Stanley Healthcare, Elpas, Versus Technology, Inc., and other players. |
| Key Drivers | • Better Asset Management Needed in Hospitals • Adoption of Asset Management Solutions in the Pharmaceutical Industry • Reduced RFID Tag Price |
| Restraints | • RFID Readers are Expensive |
Ans: The Healthcare Asset Management Market size is expected to reach US$ 166.82 billion by 2032.
Ans: The Healthcare Asset Management Market is to grow at a CAGR of 23.1% over the forecast period 2024-2032.
The challenges faced by Healthcare Asset Management market is Security and Privacy Concerns in the Data Environment
The market for healthcare asset management is anticipated to expand in the future years. The asset management industry has become sophisticated thanks to digitization. In the healthcare industry, there are now more possibilities and opportunities to improve operations and reduce costs so that people can afford treatments.
In all of these product categories, the health asset management market is expected to be dominated by the RFID devices category.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Healthcare Asset Management Market Segmentation, By Product Type
8.1 Radiofrequency Identification (RFID) Devices
8.2 Real-time location systems (RTLS)
9. Healthcare Asset Management Market Segmentation, By Application
9.1 Hospital Asset Management
9.2 Pharmaceutical Asset Management
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profiles
11.1 AiRISTA Flow
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Cen Trak, Inc
11.3 GE Healthcare
11.4 IBM Corporation
11.5 Sonitor
11.6 Thing Magic
11.7 Zebra Technologies
11.8 Stanley Healthcare
11.9 Elpas
11.10 Versus Technology, Inc.
12. Competitive Landscape
12.1 Competitive Benchmark
12.2 Market Share Analysis
12.3 Recent Developments
13. Conclusion
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