Healthcare Asset Management Market Is Predictable to Touch USD 370.81 Billion with Registering a Massive CAGR of 46.9% Forecast to 2029
LONDON, Aug. 12, 2022 /PRNewswire/ -- Recent study report released by Data Bridge Market research with titled "Global Healthcare Asset Management Market" (covering USA, Europe, China, Japan, India, South East Asia and etc.) that highlighting opportunities, risk analysis, and leveraged with strategic and tactical decision-making support. Healthcare asset management market analysis report covers detailed value chain analysis of the market. The value chain analysis helps to analyse major upstream raw materials, major equipment, manufacturing process, and downstream customer analysis and major distributor analysis are mentioned in the report along with all the drivers and restraints for the market. It presents a comparative detailed analysis of the all regional and player segments, offering readers a better knowledge of the areas in which they can place their existing resources and gauging the priority of a particular region in order to boost their standing in the market.
Data Bridge Market Research analyses that the healthcare asset management market was valued at USD 17.10 billion in 2021 and is expected to reach USD 370.81 billion by 2029, registering a CAGR of 46.9% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Market Outline:-
Healthcare asset management entails efficiently and cost-effectively managing and maintaining machinery, equipment, and physical assets. Pumps, plumbing, compressors, wheelchairs, refrigeration, generators, condensers, mobile beds, heating, ventilation, and air conditioning (HVAC), and other hospital systems are typically included. It saves time and money, increases asset utilization, locates equipment faster, keeps the right inventory on hand, and promotes employee communication.
Healthcare asset management entails efficiently and cost-effectively managing and maintaining machinery, equipment, and physical assets. Pumps, plumbing, compressors, wheelchairs, refrigeration, generators, condensers, mobile beds, heating, ventilation, and air conditioning (HVAC), and other hospital systems are typically included. It saves time and money, increases asset utilization, locates equipment faster, keeps the right inventory on hand, and promotes employee communication.
Opportunities
- Rising acceptance of asset management solutions in pharmaceutical industry will create new market opportunities in coming years
The global healthcare asset management market is being driven by the rising acceptance of asset management solutions in pharmaceutical industry. In recent years, the pharmaceutical sector has increased its radiofrequency identification (RFID) usage. In international pharmaceutical manufacture and distribution, the technology has evolved into a systematic aspect of supply chain management.
Moreover, the development of IOT based healthcare asset management and advancement in healthcare asset management device technology will provide beneficial opportunities for the healthcare asset management market growth. Additionally, the increasing demand from emerging markets and technological advancements will further expand the healthcare asset management market's growth rate in the future.
Some of the major players operating in the healthcare asset management market are
- AiRISTA Flow, Inc. (US),
- CenTrak Inc. (US),
- Novanta Inc. (US),
- Sonitor Technologies (Norway),
- STANLEY Healthcare (US),
- VERSUS TECHNOLOGIES (US),
- Zebra Technologies Corporation (US),
- General Electric Company (US),
- IBM (US),
- Siemens Healthcare GmbH (Germany),
- Aeroscout Industrial (US),
- Awarepoint Corporation (US),
- Radianse (US),
- Midmark Corporation (US),
- McKesson Corporation (US),
- Cerner Corporation (US),
- Motorola Solutions, Inc. (US), and
- Infor
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Healthcare Asset Management Market Dynamics
Drivers
- Rising prevalence of fake drugs will propel the growth rate of market during the forecast period.
According to the World Health Organization (WHO), approximately 250,000 children die each year as a result of the use of forged malaria and pneumonia medications. RFIDs and other healthcare asset management systems assist ensure that pharmaceuticals entering pharmacies and hospitals are genuine. RFID tags can readily be buried into medicine labels, allowing for drug tracking throughout the supply chain.
- Increasing demand for better asset management in hospitals will drive the market's growth rate.
The increase in demand for better asset management in hospitals will cushion the growth rate of healthcare asset management market. Healthcare organizations all over the world are adopting effective asset management systems and technologies as a result of mounting pressure to effectively manage their existing staff. The majority of healthcare companies spend a significant amount of their cash on hospital equipment tracking.
Furthermore, the reduction in the prices of radiofrequency identification (RFID) tags will act as a major factor influencing the growth of healthcare asset management market. Also, rise in the level of disposable incomes in developing and developed countries and increasing expenditure on healthcare infrastructure are the major market drivers that will further escalate the growth of healthcare asset management market. Another significant factor that will cushion the healthcare asset management market's growth rate is the growing focus of manufacturers on the adoption of advanced technologies. The rise in the number of chronic diseases and increasing concerns for patient safety will flourish the growth rate of hospital asset management market.
Restraints/Challenges: Healthcare Asset Management Market
- High cost associated with healthcare asset management system will hamper the market's growth rate
However, high cost associated with healthcare asset management system will impede the healthcare asset management market's growth rate. Deploying a Healthcare Asset Management system throughout a healthcare center is extremely costly. This is exacerbated by the pandemic, which has caused hospitals to redirect cash from other departments to treat Covid-19 patients. Due to the low priority currently assigned to this sector, scheduled RFID or RTLS system orders may be postponed or cancelled.
- Limitations of asset management systems pose a major challenge for the growth of market during the forecast period
Limitations of asset management systems will act a major challenge for the growth rate of healthcare asset management market. The asset management systems' numerous constraints are expected to provide a challenge to demand generation. Furthermore, Infrared (IR) technology can only work if the tag and the sensor have a clear line of sight. This implies that furniture, clothing, and other typical items can block the signal.
On the other hand, organizational and infrastructural facility of healthcare institutions affecting implementation and less awareness will challenge the healthcare asset management market. Additionally, intense competition among market players and issues related to data security and privacy will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
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Key Segmentation:- Healthcare Asset Management Market
The healthcare asset management market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Radiofrequency Identification (RFID) Devices
- Real-Time Location Systems (RTLS)
- Ultrasound and Infrared Tags
Application
- Hospital Asset Management
- Pharmaceutical Asset Management
Regional Insights:-
The healthcare asset management market is analysed and market size insights and trends are provided by country, product and application as referenced above. The countries covered in the healthcare asset management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare asset management market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the availability of quality infrastructure for clinical and laboratory research in this region. Additionally, rising adoption of low cost medical systems in clinical diagnostic laboratories will flourish the market's growth rate in this region. Asia-Pacific is expected to grow during the forecast period due to technological expansion of developing countries and increasing number of middle age population in this region. Rising expenditure on healthcare infrastructure and the emergence of unmet market demand will propel the market's growth rate in this region.
Table Of Content:
Section 01: executive summary
Section 02: scope of the report
Section 03: research methodology
Section 04: introduction
Section 05: market landscape
Section 06: market sizing
Section 07: five forces analysis
Section 08: market segmentation by product
Section 09: market segmentation by Application
Section 10: customer landscape
Section 11: market segmentation by end-user
Section 12: regional landscape
Section 13: decision framework
Section 14: drivers and challenges
Section 15: market trends
Section 16: competitive landscape
Section 17: company profiles
Section 18: appendix
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Frequently asked questions:
- What is the Forecast Market Value for Healthcare Asset Management Market?
- What is the Growth Rate of the Healthcare Asset Management Market
- Which are the Major Market Drivers for Healthcare Asset Management Market?
- What are the Major Companies Operating in the Healthcare Asset Management Market?
- Which Countries Data is covered in the Healthcare Asset Management Market?
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