Healthcare Asset Management Market

Global Healthcare Asset Management Market Size (2024 to 2029)

The global healthcare asset management market is forecasted to grow at a remarkable CAGR of 34.6% from 2024 to 2029. The market size is anticipated to be USD 180.95 billion by 2029 from USD 40.95 billion in 2024.  

Healthcare asset management refers to the maintenance, operation, planning, and acquisition of medical equipment, medical devices, and all physical property/assets of the hospital. The purpose of using a healthcare asset management system is to assure that all the medical equipment is on standards and maintains functionality along with proper, timely disposal and installment of equipment. This management system helps save time by reducing technical errors and providing better patient service. In addition, it helps maintain the efficiency of the machinery.

Global Healthcare Asset Management Market Drivers:

The increased developments in the healthcare IT sector and the government initiatives towards developing these innovations are expected to propel the healthcare asset management market growth. The healthcare asset management market is expected to grow due to the need for proper patient records, maintenance records, and equipment tracking to avoid losing equipment and facing losses as a consequence. In addition, the management helps find the equipment fast in a time of need, reducing the time taken to assist a patient. Furthermore, healthcare departments invest vast amounts into tracking devices because they cost a lot and must be optimally used. Therefore, healthcare asset management helps improve the operational stability of healthcare systems, supporting them in providing better patient care. 

Pharmaceuticals and laboratories are also increasingly interested in adopting healthcare asset management systems, further propelling the market's growth. In addition, radiofrequency identification (RFID) has also grown in pharmaceuticals, along with the need for proper supply chain management, encouraging the use of healthcare asset management systems.

Global Healthcare Asset Management Market Restraints:

The technological advancements in healthcare asset management systems are further anticipated to promote the market’s growth rate. The shift from traditional management systems to adopting IT in healthcare asset management is fueling the market's growth. In addition, introducing wireless healthcare asset management systems is helping boost market progress. Wireless systems have numerous advantages like flexibility, remote monitoring, portability, scalability, and others, making them a very beneficial addition to the healthcare department.

Impact of COVID-19 on the healthcare asset management market:

COVID-19 favored the global healthcare asset management market. In various markets, COVID-19 has had a wide variety of impacts. Due to government-imposed lockdowns and the strict social distance rules, the pandemic affected the delivery, production, and supply chains and made it challenging to access any materials. The healthcare system was among the markets that suffered losses due to these restrictions. There was a lack of specialists and disregard for the other healthcare sectors as all the focus turned to COVID-19 patients. The pandemic made it even more critical to properly manage equipment and machinery such as oxygen cylinders, hospital beds, and ventilators; in return, the demand for these instruments has skyrocketed. In addition, the pandemic encouraged healthcare digital platforms such as telemedicine for consultations. Therefore, the pandemic positively affected the need for proper asset management increased.

REPORT COVERAGE:

This research report on the global healthcare asset management market has been segmented and sub-segmented based on product, application & region.

Global Healthcare Asset Management Market – By Product:

• Radiofrequency Identification (RFID) Devices
  • Hardware
    • Tags
      • Passive Tags
        • Low frequency
        • High frequency
        • Ultra-high frequency
      • Active Tags
    • Readers/Interrogators
    • Antennas
    • Accessories
  • Software
  • Services
• Real-time location systems (RTLS)
  • Hardware
    • Tags/Badges
    • Readers/Interrogators
  • Software
  • Services

The radiofrequency identification (RFID) segment is expected to hold the largest share of the global healthcare asset management market during the forecast period. The segment's growth can be attributed to its increasing adoption due to its lowered costs and high efficiency. In addition, RFID tags are very low priced and provide good results, thus increasing their popularity. Furthermore, due to its pharmaceutical applications, this electronic identification technology is expected to grow during the forecast period. 

The real-time location systems (RTLS) segment is also expected to grow lucratively during the forecast period due to the innovation of wireless systems. 

Global Healthcare Asset Management Market – By Application:

• Hospital Asset Management
  • Equipment Tracking and Management
  • Patient Management
  • Temperature and Humidity Control
  • Staff Management
  • Infection Control and Hand Hygiene Compliance
• Pharmaceutical Asset Management
  • Drug Anti-counterfeiting
  • Supply Chain Management

Based on the application, the equipment tracking segment is expected to grow significantly throughout the forecast period. The dominance of this segment is due to the need for equipment tracking for healthcare professionals to focus entirely on the patient's care and not panic looking for equipment. Additionally, it saves time and prevents the theft of equipment. Therefore, it is the dominating segment. 

However, the patient tracking segment is also expected to grow lucratively during the forecast period due to the benefits like reduced patient accidents and keeping track of a patient's condition. 

Global Healthcare Asset Management Market – By End-User:

• Laboratories
• Hospitals
• Others

During the forecast period, the hospital segment is anticipated to occupy the most significant share of the market among the other end-user types. The hospitals' increasing patient populations, the public's trust in them, and the presence of top-notch medical equipment in hospitals all contribute to their domination. Hospitals are also the most lucrative industry since they provide patients with excellent treatment and security. Additionally, the increasing government investment in hospitals propels the segment's growth.

Global Healthcare Asset Management Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America was the leading regional market in the global market in 2024, and this region's dominance is anticipated to continue throughout the forecast period. North America has a high-quality clinical and laboratory research infrastructure. Additionally, the market's growth rate in this region would be boosted by the increasing use of low-cost medical systems in clinical diagnostic laboratories. The need for hospital asset management systems has increased due to the accessibility of reliable healthcare infrastructure, allowing quick installation. In addition, the area was among the first to implement the IT infrastructure. The penetration rate currently stands at 89.4% of the population, increasing the use of asset management solutions in the healthcare industry. Furthermore, more than 40% of the world's pharmaceutical market is in North America. Additionally, as the advantages of using asset management systems in healthcare become more well-known, there may be a rise in demand for the market.

Due to the technological advancement of developing nations and the rising number of middle-aged people living in this region, within countries like China, India, Japan, South Korea, Etc. Asia-Pacific is predicted to rise during the projection period. In addition, this region's market would expand faster due to increasing healthcare infrastructure spending and the emergence of unmet demand.

Key Market Players:

GE Healthcare, IBM Corporation, AiRISTA Flow, Elpas, CenTrak, Inc., ThingMagic, Sonitor, Stanley Healthcare, Versus Technology, Inc., and Zebra Technologies are a few of the notable players in the healthcare asset management market.