Global Healthcare Asset Management Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. Growing demand for efficient healthcare asset management in medical facilities, rising acceptance of asset management solutions in the pharmaceutical industry, and increasing investment in healthcare IT are some of the major factors driving the growth of the Global Healthcare Asset Management Market.
Global Healthcare Asset Management Market is valued at USD 10.64 Billion in 2020 and is expected to reach USD 73.51 Billion by 2027 with a CAGR of 31.8% over the forecast period.
Hospital asset management comprises of maintaining and managing up with apparatus, equipment, and physical resources inside a medical clinic in the full proficient and cost-effective way that is available. Asset management upholds giving medical services facilities a resource library to track and maintain their stock. This helps in improving patient care and diminishing expenses along with managing functional efficiencies. It uses automated software systems to monitor the environment on the hospital campus. Asset managing tends to be wide-ranging in scope, covering an extensive range of areas involving general management, operations and production arenas, financial and human capital aspects.
The control and monitoring system is a critical component of successful management and usage of medical equipment and supplies. These systems are suitable for use healthcare system is a vital application that allows patients to get the correct care treatment and better management of risk. The healthcare asset management production, and safety and lowering capital assets in addition to operational expenditure are likely accelerating the growth of the market. Number of hospitals and healthcare providers are moving towards a digital asset management process, primarily to admin time.
The COVID-19 pandemic has shown a positive impact on the growth of global healthcare asset management market. During COVID-19 pandemic, there was disruption in manufacturing industry. Accordingly, successful healthcare asset management is an absolute requirement, as asset failure or downtime is unavoidable in any condition. This requires consistent and real-time examination of equipment in assembling lines, which is as of now practically impossible because of COVID-19-included social distance limitations.
Global healthcare asset management market reports cover prominent players like AiRISTA Flow, Elpas, CenTrak, Inc., ThingMagic, Versus Technology, Inc., Sonitor, Stanley Healthcare, Zebra Technologies, CGI, GE Healthcare, and IBM Corporation, and others.
The Healthcare asset management market is segmented on the basis of component, product, application, and region & country level. On the basis of components, the healthcare asset management market is classified into hardware, software and services. On the basis of product, the market is classified into radio frequency identification devices (RFID) and real-time location systems (RTLS). On the basis of application, the healthcare asset management market is classified into equipment tracking, patient tracking, staff management and supply chain management.
The regions covered in global healthcare asset management market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of global healthcare asset management subdivided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
On July 29th, 2020; Advantech, announced its real-time location system (RTLS) solution-ready package (SRP) designed for real-time locating and monitoring of medical equipment, staff, and patients. Advantech’s RTLS SRP is a total hardware-software solution that comprises an edge server, location sensors, tags, dashboards, medical-grade tablets, and RTLS management software. The integration of Advantech’s multi-mode sensing dynamic fusion (MSDF) technology, which utilizes a software algorithm to reduce interference from obstacles, enhances positioning performance in complex indoor environments, making it ideal for hospitals, nursing homes, and clinics.
One of the major factors drive the growth of global healthcare asset management market is growing demand for efficient healthcare asset management in medical facilities. The growing demand for upgraded asset management in medical care settings to give better patient care will fundamentally impel market growth. From drugs to laboratory microscopes magnifying lens and MRI machines that can affect the manner in which a doctor or a nurse can give therapy is coordinated the help of asset management devices. There is an incredible requirement for more productive emergency clinic resource the executive’s measures to keep an everyday track of physical assets just as patient needs. These asset management devices help in overseeing patient records, locate medical equipment, access maintenance records, and learn the situation with each piece of instrument.
For instance; as per the survey conducted by the Nursing Times; more than 33% of attendants go through something like an hour locating equipment during a normal emergency clinic shift. This effects spending plans as well as compromises the quality of patient care gave.
In addition, growing acceptance of asset management solutions in pharmaceutical industry is also supplementing the market growth. The utilization of radio frequency identification device (RFID) in the pharmaceutical business has increased in recent years. The innovation has arisen to turn into a systematic part of supply chain management in worldwide pharmaceutical production & distribution. Drug falsifying is a huge threat to medical care system across the globe. T
he number of new instances of drug falsifying has developed fundamentally. This can essentially be credited to the internet-based deals of drugs. As indicated by Pharmaceutical Security Institute (PSI), in 2016, there was a 5% expansion in the quantity of instances of drug falsifying, diversion, and theft. In 2016, 3,147 cases were accounted for when contrasted with 3,002 cases in 2015 and 2,177 cases in 2014.
Furthermore, increasing investment in healthcare IT also drives the growth of global healthcare asset management market. Growing funds and investments to help the development of healthcare information technology area is one of the main factors stimulating market extension. Developing interest for healthcare IT across the globe has impacted different government just as private associations to invest in the improvement of novel medical care IT solutions. For example; in March 2019, creative digital technology, a healthcare IT project that address key difficulties in medical services have gotten USD 9 million subsidizing support through the governments Digital Health Technology Catalyst.
However, high cost associated with real-time location system may hamper the global healthcare asset management market growth. In spite of that, increasing advancements in the field healthcare asset management can provide various opportunities for the further growth of the global healthcare asset management market.
North America is expected to dominate the global healthcare asset management market due to the high adoption of IT infrastructure, rising public & government funding to this asset management solution adoption, and presence of key players in this region. For instance; as indicated by Internet World Stats; the penetration remains at 89.4% of the populace, which expands the deployment of asset management solutions in medical services. In addition, expanding private and public financing to these asset management solution adoptions will additionally push local development over the forecast period.
For example; in June 2019, the Office of the National Coordinator (ONC) for Health Information Technology delivered the Cooperative Agreement Notice of Funding Opportunity (NOFO). The reason for this program is to empower advancements in the technical standards fundamental to accomplish interoperability among medical services IT systems. The Asia Pacific is an emerging region into the global healthcare asset management market due to the technological development and rise in government & corporate spending to regulate the biopharmaceutical and healthcare industry in this region.
The Middle East and Africa
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 10.64 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 73.51 Billion
|Tables, Charts & Figures:
|Healthcare Asset Management Companies
|AiRISTA Flow, Elpas, CenTrak, Inc., ThingMagic, Versus Technology, Inc., Sonitor, Stanley Healthcare, Zebra Technologies, CGI, GE Healthcare, and IBM Corporation, and others.
|By Component, By Product, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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