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The global healthcare asset management market size stood at USD 11,002.50 million in 2019 and is projected to reach USD 84,483.03 million by 2027, exhibiting a CAGR of 28.9% during the forecast period.
In a medical setting, asset management can be described as a cost-effective, highly-systematic process for planning, acquiring, deploying, operating, maintaining, and disposing of a physical asset of the healthcare organization. Asset management helps to provide healthcare facilities with an asset registry to manage and track its inventory. This assists in improving patient care and reducing costs along with maintaining operational efficiencies. An asset management solution for the healthcare industry typically covers everything from ward management, layout, facilities management, intensive care, operation care and several others. An optimum utilization of physical assets to improve the quality of care given to the patients is an integral part of well-organized hospital asset management. Increasing focus to better manage the existing assets and workforce has compelled several medical facilities across the globe to adopt effective asset management technologies and solutions, thus augmenting healthcare asset management market growth.
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Increasing Technological Advancements Pertaining to Asset Management Solutions will Fuel the Market Growth
The rising demand for asset management solutions in medical facilities owing to their rapid technological advancements will significantly drive the market growth across the forecast period. Previously the asset management procedure of an organization included the traditional pen and paper technique, but with the introduction of healthcare IT, asset management in medical facilities has experienced a swift towards modernization of traditional procedures. Introduction of wireless connectivity in healthcare asset management solutions is one of the major factors propelling market expansion. The wireless healthcare asset management offers a real-time solution for healthcare institutes to keep track of not only the patients & medical professionals but also its physical assets. Wireless solutions provide flexibility, scalability and portability to the system. It enables the healthcare facilities to easily search for their assets and its various categories by indicating availability and room location, whether it is currently in use or free, as well as its sterilization status. Such novel technological up gradation with time will strongly propel market growth across 2020 – 2027.
Increasing Demand for Efficient Healthcare Asset Management in Medical Facilities will Support Revenue Growth
The growing demand for enhanced asset management in healthcare settings to provide better patient care will significantly propel market growth across the forecast period. From pharmaceuticals to laboratory microscopes and MRI machines that can impact the way a physician or a nurse can provide treatment is organized with the help of asset management tools. There is a great need for more efficient hospital asset management processes in order to keep a daily track of physical assets as well as patient needs. Hence, with increasing technological advancements, various organizations are developing several asset tracking tools that are incorporated with barcode scanning software and can be accessed with a smartphone or a tablet. Such solutions enable medical facilities to plan for critical equipment to be assessed, reducing equipment downtime and ensuring that the instrument is available for use whenever required. These asset management tools help in managing patient records, access maintenance records, locate medical equipment, and ascertain the status of each piece of instrument. Hence, the aforementioned factors will considerably augment market growth.
Increasing Investments in Healthcare IT will Propel Market Growth
Increasing investments and funds to support the growth of healthcare information technology sector is one of the major factors stimulating market expansion. Growing demand for healthcare IT across the globe has influenced various government as well as private organizations to invest in the development of novel healthcare IT solutions. For instance, in March 2019, innovative digital technology, a healthcare IT project that address key challenges in health care have received USD 9 million funding boost through the government’s Digital Health Technology Catalyst. Such initiatives assist in promoting digital health across the globe and thereby augmenting this market growth. Also, increasing awareness among the population pertaining to several benefits of the asset management program is another significant factor boosting product demand and thus propelling revenue growth.
High Cost Associated with Real-time location systems (RTLS) Tags Might Restrict Market Growth
Despite the increasing applications of healthcare asset management solutions, the high cost associated with few Real-time location systems (RTLS) solutions might limit market growth up to certain extent. Moreover, dearth of awareness among the population of developing economies pertaining to the usage asset management software is another considerable factor hampering market expansion during the forecast period.
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Increasing Usage of Asset Management in Equipment Tracking Segment Dominated the Global Market
Based on application, the market is segmented into staff management, equipment tracking, patient tracking, and supply chain management. The equipment tracking segment is anticipated to dominate the market across the analysis period. High growth is due to increasing demand for asset management in terms of equipment tracking. With such applications the physicians and nurses can devotedly concentrate on patient care rather than looking up for medical equipments. The use of asset management tools for equipment tracking allows healthcare providers to get a notification on their personal devices such as smart phones or laptops about the status of a particular equipment and whether it is available or not. Also, equipment tracking enables medical facilities to prevent theft of instruments. Hence, the aforementioned factors will reflect a positive growth trajectory for this market to flourish in the forthcoming years.
Patient tracking segment is projected to register a lucrative CAGR during the forecast period. Also, the segment held significant market revenue in 2019 and is estimated to hold market revenue across the forecast period. High growth is attributable to the increasing adoption of asset management solutions for patient tracking. The solutions use active tags to locate the position of the patient and thus prevent from any sort of accidental hazards. Moreover, the asset management tools used for patient tracking also helps to keep a track of the patient’s medical records and thereby optimizing it to instantly go through the data when required. Such associated benefits of patient tracking asset management solutions will significantly drive the segmental growth.
Clinically Proven Effectiveness of Radiofrequency Identification (RFID) to Aid Dominance of the Segment
Based on product, the market is segmented into Radio frequency Identification (RFID), Real-time location systems (RTLS) and others. The RFID segment is estimated to hold the lion’s share across the analysis period. The segment is also estimated to witness considerable growth rate, owing to increasing adoption of RFID tags since past several years. The adoption rate of RFID tags are at its peak owing to the reduction of its price. Over the course of time the radiofrequency identification based solutions are sold comparatively at a very low price, hence various healthcare organizations adopted the usage of RFID solutions in their settings. These solutions are incorporated with electronic identification technology that uses small inexpensive passive tags. Hence, the aforementioned factors will strongly support segmental growth.
The Real-time location systems (RTLS) segment is estimated to witness lucrative compound annual growth rate across the forecast period. It is used to automatically identify and track the location of people or assets in real time at a medical facility. The segment is estimated to witness positive growth owing to increasing technological advancements pertaining to RTLS solution. For instance, the wireless RTLS tags that can be attached or worn by patient for efficient data tracking via infrared, ultrasound and radiofrequency devices is one of the most prominent technological up gradation in such asset management solutions. Hence, increasing adoption rate coupled with growing technological advancements in these solutions will boost product demand across the forecast timeframe.
Higher Adoption of Asset Management Solutions by Hospitals to Enable Dominance of the Segment
The end user segment is classified as hospitals, laboratories and others. The hospital segment is estimated to hold maximum shares owing to increasing adoption of asset management solutions in the hospital settings. Since, hospitals and physicians offices have large number of equipments to be taken care of and maintained with time. Implementation of these asset management solution help physicians keep a regular track on these equipments and thereby enable them to take better care of patients in need. Moreover, increasing government efforts to implement asset management in almost every hospital setting is another significant factor propelling healthcare asset management market growth. For instance, as per the World Health Organization (WHO), even hospitals with straightforward operational needs and only a handful of complicated assets need effective healthcare asset management. Hence, the above mentioned reasons will foster segmental growth.
Laboratories segment on the other hand, is estimated to witness significant growth rate across the forecast timeframe. High growth is attributable to the increasing number of laboratories adopting asset management solutions to stabilize its workflow with efficiency and better care. Also, increasing number of laboratories across the globe with multipurpose applications require frequent asset management, thus adoption of healthcare asset management tools across such facilities enable them to function efficiently.
North America Healthcare Asset Management Market Size, 2016-2027 (USD Million)
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Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The healthcare asset management market size in North America stood at USD 5,495.03 million in 2019. The U.S. is projected to witness lucrative growth due to factors such as increasing digitalization in healthcare sector coupled with favorable government policies, and flexible regulatory scenario. Moreover, increasing private and public funding pertaining to these asset management solution adoption will further propel regional growth across the forecast period. For instance, in June 2019, the Office of the National Coordinator for Health Information Technology (ONC) released the Cooperative Agreement Notice of Funding Opportunity (NOFO). The purpose of this program is to enable developments in the technical standards essential to attain interoperability among healthcare IT systems. Hence, such factors are responsible for the positive growth of the market in North America. In terms of Asia Pacific, the asset management market is projected to grow at a lucrative growth rate, owing to increasing number of vendors penetrating the untapped emerging Asian economies. Moreover, increasing spending pertaining to healthcare IT development in the emerging countries will further propel regional growth.
The European market is forecasted to hold substantial market share by the end of 2027. High growth is due to the presence of major vendors operating in the European market. Moreover, increasing adoption rate of healthcare IT across several European countries will furthers propel industry growth. Latin America and the Middle East & Africa are projected to witness a stable CAGR, owing to increasing awareness among the population pertaining to the benefits of asset management solutions in a healthcare facility.
Core Focus on Research and Development Activities by IBM Corporation, Stanley Healthcare and CenTrak, Inc. to Propel Their Market Position.
Competitive landscape of this market depicts an oligopoly industry scenario dominated by major vendors such as IBM Corporation, Stanley Healthcare and CenTrak, Inc. An extensive product portfolio of healthcare asset management suites, coupled with constant technological innovations by these companies, is prominent factors responsible for the industry dominance.
However, other players such as AiRISTA Flow, Versus Technology, Inc., and Zebra Technologies, are the other few players holding considerable market share in 2019. This is projected to positively impact the global market as these companies are anticipated to augment their healthcare asset management market share during the forecast period.
An Infographic Representation of Hospital Asset Management Systems Market
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The healthcare asset management market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, novel product launch and technological overview pertaining to the solutions. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD million)
By End User
Fortune Business Insights says that the global market size was USD 11,002.50 million in 2019 and is projected to reach USD 84,483.03 million by 2027.
In 2019, the market value stood at USD 11,002.50 million.
Growing at a CAGR of 28.9%, the market will exhibit lucrative growth in the forecast period (2020-2027).
Radiofrequency Identification (RFID) segment is expected to be the leading segment in this market during the forecast period.
Increasing adoption of healthcare asset management suites in several medical facilities is forecasted to boost market growth.
IBM Corporation is the leading player in the global market.
North America dominated the market share in 2019.
Growing technological advancements pertaining to the asset management tools coupled with increasing healthcare IT investments are opening up new door of opportunities for the market to flourish.
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