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The global healthcare asset management market size is expected to reach USD 84,483.03 million by 2027. The increasing implementation of healthcare asset management solutions owing to its advantages such as high operational efficiencies, highly-systematic process, and optimum utilization of physical assets will promote the market growth during the forthcoming years, mentioned in a report, titled “Healthcare Asset Management Market Size, Share & Industry Analysis, By Product (Radiofrequency Identification (RFID), Real-time Location Systems (RTLS), Others), By Application (Staff Management, Equipment Tracking, Patient Tracking, Supply Chain Management), By End User (Hospitals, Laboratories, Others) and Regional Forecast, 2020-2027” the market size stood at USD 11,002.50 million in 2019 and is expected to register an exponential CAGR of 28.9% between 2020 to 2027.
Introduction of Encompass by GE Healthcare to Enhance Growth Prospects
GE Healthcare, an American multinational conglomerate incorporated in New York and headquartered in Chicago, Illinois announced the launch of Encompass. The innovative Encompass is aimed at helping hospitals and healthcare facilities manage and administer mobile asset inventory and thus achieve better allocation with reduction in ownership cost. The introduction of the cost-effective solution by GE Healthcare can be a pivotal factor in boosting the healthcare asset management market owing to its real-time accuracy in locating mobile assets. Furthermore, the operational efficiency of Encompass will help achieve efficient solution in patient care and financial performance. Moreover, the increasing strategic acquisition and partnerships among key players will enable healthy growth of the market. For instance, in September 2019, CGI Federal Inc., a Canadian global information technology consulting, systems integration, outsourcing, and solutions company headquartered in Montreal, Quebec announced that it has acquired Sunflower Systems, a asset management software solution company. The merger will strengthen the CGI's position in the market and it will also allow organizations to enhance their regulatory compliance accountability and decision making for all kinds of assets including personal and real property, fleet, IT assets, materials and more.
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Rising Investment in Healthcare IT to Boost Market Revenue
The increasing investments and allocation of funds for the expansion of healthcare information technology sector will contribute positively to the market. The growing demand for healthcare IT across the globe will impel government as well as private organizations to invest in the development of novel healthcare IT solutions. For instance, in March 2019, innovative digital technology announced to address key challenges in health care with the allocation of USD 9 million funds given by government’s Digital Health Technology Catalyst. The surge in government initiatives to promote digital health will subsequently foster the healthcare asset management market revenue. In addition, the rising awareness regarding the benefits of asset management among patients will promote the market.
High Cost of RTLS Solutions to Dampen Market Growth
The high-cost associated with few Real-time location systems (RTLS) solutions will consequently restrict the adoption of healthcare asset management. The lack of pertaining the usage of this software in the developing nations will dwindle the expansion of the market during the forecast period. However, the increasing technological advancements has led to the development of numerous asset tracking tools, which, in turn, will support the growth of the healthcare asset management market. Moreover, the rising demand for enhanced asset management in healthcare facilities to offer improved patient care will have a positive impact on the market growth in the foreseeable future.
The Report Lists the Eminent Players in the Market:
Further Report Findings:
The Global Market for Asset Management is Segmented into:
Value (USD million)
By End User