Unlocking Value: Innovations in the Healthcare Asset Management Market

Healthcare Asset Management Market Growth & Trends

The global Healthcare Asset Management Market was estimated at USD 25.8 billion in 2023 and it is anticipated to grow at a CAGR of 23.0% from 2024 to 2030. The increasing need to enhance operational efficiency, rising drug counterfeiting activities, technological advancements, and growing healthcare expenditure are key drivers of market growth.

Moreover, the market players are developing advanced technologies and solutions to assist healthcare organizations in asset management, which is further expected to propel the market growth. For instance, in April 2024, TRIMEDX, a clinical asset management company, launched GeoSense for healthcare environments. This real-time location system (RTLS) is designed to offer precise tracking for medical devices, which can help medical facilities optimize their asset management.

Asset management solutions serve several purposes in the healthcare systems, such as reducing device search times, improving clinical efficiency, improving clinical engineering services such as maintenance and repairs, improving service delivery, enhancing inventory management, and improving device availability. These advantages offered by asset management solutions are increasing their popularity in the healthcare system, driving their demand globally.

Moreover, the adoption of this solution is wider than hospitals and clinics as pharmaceutical companies are increasingly adopting these solutions coupled with developing pharmaceutical industry targeted solutions. For instance, in January 2022, Aizon launched an asset monitoring application designed for pharmaceutical and biotech companies. The Aizon Asset Health offers intelligent historical maintenance analysis, critical assets condition monitoring, and identification of potential problems, which help the pharma and biotech companies to eliminate unplanned downtime and optimize maintenance costs.

Governments and private institutions globally have increased their focus on the healthcare sector, leading to an increase in investment in the development of healthcare infrastructure globally. For instance, Saudi Arabia intended to spend 50.4 billion USD in its healthcare sector in 2023. Moreover, the county aims to invest around 65 billion USD for the development of the healthcare infrastructure. This growing investment and developing healthcare infrastructure globally increases the need for technological solutions to increase the operational efficiencies of healthcare facilities, which is expected to drive the demand for healthcare asset management solutions.

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Healthcare Asset Management Market Report Highlights

• Radiofrequency Identification Devices (RFID) segment led the market and accounted for a 65.0% share of the global revenue in 2023 owing to the improved tracking and visibility offered by these devices.
• The hospital asset management segment held the largest market share in 2023. This can be attributed to the increasing emphasis on improving patient outcome and the availability of advanced solutions.
• The hospitals segment held the largest market share in 2023. Hospitals are increasing their efforts to enhance operational efficiency and manage their existing assets and workforce, as a lack of asset management practices can lead to asset loss and compromised patient care. Such factors increase the importance of these systems in hospitals.
• North America dominated the healthcare asset management market and accounted for a 42.0% share in 2023. This growth can be attributed to the region’s developed healthcare infrastructure, investments in advanced technologies, and stringent regulatory framework.

Healthcare Asset Management Market Segmentation

Grand View Research has segmented the global healthcare asset management market report based on product, application and region.

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Radiofrequency Identification Devices (RFID)

• Tags

• Passive Tags

• Low Frequency
• High Frequency
• Ultra-high frequency
• Readers/Interrogators
• Antennas
• Accessories Hardware
• Software
• Services
• Real Time Location Systems (RTLS)
• Hardware
• Tags/Badges
• Readers/Interrogators
• Software
• Services

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

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

• End Use Outlook (Revenue, USD Billion, 2018 - 2030)

• Hospitals
• Laboratories
• Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Asia Pacific
• Japan
• China
• India
• Australia
• Thailand
• South Korea
• Latin America
• Brazil
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait

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