Healthcare Asset Management Market
Healthcare Asset Management Market Forecasts to 2028 - Global Analysis By Product (Real-Time Location Systems (RTLS), Radiofrequency Identification (RFID) Devices, Ultrasound and Infrared Tags and Other Products), Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $27.2 BN |
|
Projected Year Value (2028) |
US $107.8 BN |
|
CAGR (2022 - 2028) |
25.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Healthcare Asset Management Market is accounted for $27.2 billion in 2022 and is expected to reach $107.8 billion by 2028 growing at a CAGR of 25.7% during the forecast period. An asset register provided by management aids in the supply of healthcare facilities. Layout, facility management, critical care, ward management, operational care, and many other topics are frequently included in asset management solutions for the healthcare sector. A crucial component of hospital asset management is maximising the utilisation of physical assets to improve the standard of care given to patients. Many healthcare institutions all around the world have adopted effective technologies and asset management solutions as a result of the growing emphasis on the efficient management of current assets and staff. This has fueled the expansion of the healthcare asset management industry.
According to Pharmaceutical Security Institute (PSI), in 2016, there was a 5% increase in the number of cases of pharmaceutical counterfeiting, theft, and diversion. In 2016, 3,147 cases were reported as compared to 3,002 cases in 2015 and 2,177 cases in 2014.
Market Dynamics:
Driver:
Need for better asset management in hospitals
Healthcare organisations all over the world have been forced to implement efficient asset management systems and technology as a result of mounting pressure to better manage their current staff. The majority of healthcare organisations devote a significant amount of their cash to monitoring medical equipment. However, the increased use of radiofrequency identification in the pharmaceutical business is fueling the segment's growth.
Restraint:
Limitations of asset management systems
Because signals can penetrate walls and floors, active RF identification systems are frequently unable to determine whether the equipment is on one side or the other. A clear line of sight must exist between the tag and the sensor in order for infrared technology to work. Demand creation is expected to be hampered by the various asset management systems limitations. Hence, these are the factors hampering the growth of the market.
Opportunity:
Increasing technological advancements
The conventional pen and paper method was once used in an organization's asset management process, but with the advent of healthcare IT, asset management in medical facilities has seen a rapid shift towards modernization. The addition of wireless connectivity to healthcare asset management programmes and the escalating demand for these programmes in hospitals due to the rapid technological development will both significantly boost the market's expansion.
Threat:
High cost
Despite the fact that healthcare asset management solutions are being used more and more, the market's expansion may be somewhat constrained by the expensive nature of the few Real-time location system solutions. Furthermore, a lack of understanding about the use of asset management software among the people of developing economies is a significant factor impeding market expansion during the projection period.
Covid-19 Impact
The number of patients entering hospitals is rising as a result of the sudden increase in Covid-19 instances and the appearance of new variants. Due to a lack of staff, pharmaceuticals, and other crucial resources including beds, ventilators, and oxygen, the healthcare industry is under more stress than usual. Healthcare asset management systems are put into place to ensure effective resource use and stop waste. As a result, hospitals can serve more patients while using fewer resources.
The radiofrequency identification (RFID) segment is expected to be the largest during the forecast period
The radiofrequency identification (RFID) segment is estimated to have a lucrative growth, due to increasing adoption of tags. Tag adoption is at its highest point as a result of price reduction. Numerous healthcare organisations have chosen the use of solutions based on RF identification as a result of the solutions' relatively low price over time. These alternatives include small, affordable passive tags with electronic identifying technologies.
The healthcare asset management segment is expected to have the highest CAGR during the forecast period
The healthcare asset management segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the growing need to reduce costs, improve efficiency and prevent stockouts of essential medication. The increased number of patients also made hospital asset management systems even more essential in order to avoid equipment shortages or treatment delays.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growth in public healthcare funding in major emerging economies. The growth is further fuelled by the big population and rise in incidence of infectious and non-infectious disorders. Furthermore, growing demand for easy asset management software greater digitization, and increasing healthcare expenditures and expansions by regional market players will accelerate region growth.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the presence of highly developed healthcare infrastructure, increasing private and public R&D investments, high healthcare expenditure, and surge in hospitalization rates in the region. Moreover, the presence of key industry players in the region ensures lower costs and more options for customers.
Key players in the market
Some of the key players profiled in the Healthcare Asset Management Market include Motorola Solutions, Inc., Aeroscout Industrial, Radianse, CenTrak Inc., STANLEY Healthcare, Siemens Healthcare GmbH, McKesson Corporation, Midmark Corporation, Cerner Corporation, Awarepoint Corporation, IBM, General Electric Company, Zebra Technologies Corporation, Sonitor Technologies, AiRISTA Flow, Inc., VERSUS TECHNOLOGIES, Novanta Inc. and GE Healthcare Inc.
Key Developments:
In March 2022, Sodexo teamed up with University Hospitals to offer comprehensive primary care and community-based services. Sodexo aimed to provide a range of services under this arrangement, including resource and construction management, technical control over healthcare, patient diet, retail food, and management of resources.
In July 2021, Zebra Technologies announced the acquisition of Fetch Robotics, an innovator in on-demand automation. This acquisition will accelerate the company’s growth in industrial automation as increased its focus on robotics in customer-centric solutions.
Products Covered:
• Real-Time Location Systems (RTLS)
• Radiofrequency Identification (RFID) Devices
• Ultrasound and Infrared Tags
• Other Products
Applications Covered:
• Pharmaceutical Asset Management
• Hospital Asset Management
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Healthcare Asset Management Market, By Product
5.1 Introduction
5.2 Real-Time Location Systems (RTLS)
5.3 Radiofrequency Identification (RFID) Devices
5.4 Ultrasound and Infrared Tags
5.5 Other Products
6 Global Healthcare Asset Management Market, By Application
6.1 Introduction
6.2 Pharmaceutical Asset Management
6.3 Hospital Asset Management
6.4 Other Applications
7 Global Healthcare Asset Management Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Motorola Solutions, Inc.
9.2 Aeroscout Industrial
9.3 Radianse
9.4 CenTrak Inc.
9.5 STANLEY Healthcare
9.6 Siemens Healthcare GmbH
9.7 McKesson Corporation
9.8 Midmark Corporation
9.9 Cerner Corporation
9.10 Awarepoint Corporation
9.11 IBM
9.12 General Electric Company
9.13 Zebra Technologies Corporation
9.14 Sonitor Technologies
9.15 AiRISTA Flow, Inc.
9.16 VERSUS TECHNOLOGIES
9.17 Novanta Inc.
9.18 GE Healthcare Inc.
List of Tables
1 Global Healthcare Asset Management Market Outlook, By Region (2020-2028) ($MN)
2 Global Healthcare Asset Management Market Outlook, By Product (2020-2028) ($MN)
3 Global Healthcare Asset Management Market Outlook, By Real-Time Location Systems (RTLS) (2020-2028) ($MN)
4 Global Healthcare Asset Management Market Outlook, By Radiofrequency Identification (RFID) Devices (2020-2028) ($MN)
5 Global Healthcare Asset Management Market Outlook, By Ultrasound and Infrared Tags (2020-2028) ($MN)
6 Global Healthcare Asset Management Market Outlook, By Other Products (2020-2028) ($MN)
7 Global Healthcare Asset Management Market Outlook, By Application (2020-2028) ($MN)
8 Global Healthcare Asset Management Market Outlook, By Pharmaceutical Asset Management (2020-2028) ($MN)
9 Global Healthcare Asset Management Market Outlook, By Hospital Asset Management (2020-2028) ($MN)
10 Global Healthcare Asset Management Market Outlook, By Other Applications (2020-2028) ($MN)
11 North America Healthcare Asset Management Market Outlook, By Country (2020-2028) ($MN)
12 North America Healthcare Asset Management Market Outlook, By Product (2020-2028) ($MN)
13 North America Healthcare Asset Management Market Outlook, By Real-Time Location Systems (RTLS) (2020-2028) ($MN)
14 North America Healthcare Asset Management Market Outlook, By Radiofrequency Identification (RFID) Devices (2020-2028) ($MN)
15 North America Healthcare Asset Management Market Outlook, By Ultrasound and Infrared Tags (2020-2028) ($MN)
16 North America Healthcare Asset Management Market Outlook, By Other Products (2020-2028) ($MN)
17 North America Healthcare Asset Management Market Outlook, By Application (2020-2028) ($MN)
18 North America Healthcare Asset Management Market Outlook, By Pharmaceutical Asset Management (2020-2028) ($MN)
19 North America Healthcare Asset Management Market Outlook, By Hospital Asset Management (2020-2028) ($MN)
20 North America Healthcare Asset Management Market Outlook, By Other Applications (2020-2028) ($MN)
21 Europe Healthcare Asset Management Market Outlook, By Country (2020-2028) ($MN)
22 Europe Healthcare Asset Management Market Outlook, By Product (2020-2028) ($MN)
23 Europe Healthcare Asset Management Market Outlook, By Real-Time Location Systems (RTLS) (2020-2028) ($MN)
24 Europe Healthcare Asset Management Market Outlook, By Radiofrequency Identification (RFID) Devices (2020-2028) ($MN)
25 Europe Healthcare Asset Management Market Outlook, By Ultrasound and Infrared Tags (2020-2028) ($MN)
26 Europe Healthcare Asset Management Market Outlook, By Other Products (2020-2028) ($MN)
27 Europe Healthcare Asset Management Market Outlook, By Application (2020-2028) ($MN)
28 Europe Healthcare Asset Management Market Outlook, By Pharmaceutical Asset Management (2020-2028) ($MN)
29 Europe Healthcare Asset Management Market Outlook, By Hospital Asset Management (2020-2028) ($MN)
30 Europe Healthcare Asset Management Market Outlook, By Other Applications (2020-2028) ($MN)
31 Asia Pacific Healthcare Asset Management Market Outlook, By Country (2020-2028) ($MN)
32 Asia Pacific Healthcare Asset Management Market Outlook, By Product (2020-2028) ($MN)
33 Asia Pacific Healthcare Asset Management Market Outlook, By Real-Time Location Systems (RTLS) (2020-2028) ($MN)
34 Asia Pacific Healthcare Asset Management Market Outlook, By Radiofrequency Identification (RFID) Devices (2020-2028) ($MN)
35 Asia Pacific Healthcare Asset Management Market Outlook, By Ultrasound and Infrared Tags (2020-2028) ($MN)
36 Asia Pacific Healthcare Asset Management Market Outlook, By Other Products (2020-2028) ($MN)
37 Asia Pacific Healthcare Asset Management Market Outlook, By Application (2020-2028) ($MN)
38 Asia Pacific Healthcare Asset Management Market Outlook, By Pharmaceutical Asset Management (2020-2028) ($MN)
39 Asia Pacific Healthcare Asset Management Market Outlook, By Hospital Asset Management (2020-2028) ($MN)
40 Asia Pacific Healthcare Asset Management Market Outlook, By Other Applications (2020-2028) ($MN)
41 South America Healthcare Asset Management Market Outlook, By Country (2020-2028) ($MN)
42 South America Healthcare Asset Management Market Outlook, By Product (2020-2028) ($MN)
43 South America Healthcare Asset Management Market Outlook, By Real-Time Location Systems (RTLS) (2020-2028) ($MN)
44 South America Healthcare Asset Management Market Outlook, By Radiofrequency Identification (RFID) Devices (2020-2028) ($MN)
45 South America Healthcare Asset Management Market Outlook, By Ultrasound and Infrared Tags (2020-2028) ($MN)
46 South America Healthcare Asset Management Market Outlook, By Other Products (2020-2028) ($MN)
47 South America Healthcare Asset Management Market Outlook, By Application (2020-2028) ($MN)
48 South America Healthcare Asset Management Market Outlook, By Pharmaceutical Asset Management (2020-2028) ($MN)
49 South America Healthcare Asset Management Market Outlook, By Hospital Asset Management (2020-2028) ($MN)
50 South America Healthcare Asset Management Market Outlook, By Other Applications (2020-2028) ($MN)
51 Middle East & Africa Healthcare Asset Management Market Outlook, By Country (2020-2028) ($MN)
52 Middle East & Africa Healthcare Asset Management Market Outlook, By Product (2020-2028) ($MN)
53 Middle East & Africa Healthcare Asset Management Market Outlook, By Real-Time Location Systems (RTLS) (2020-2028) ($MN)
54 Middle East & Africa Healthcare Asset Management Market Outlook, By Radiofrequency Identification (RFID) Devices (2020-2028) ($MN)
55 Middle East & Africa Healthcare Asset Management Market Outlook, By Ultrasound and Infrared Tags (2020-2028) ($MN)
56 Middle East & Africa Healthcare Asset Management Market Outlook, By Other Products (2020-2028) ($MN)
57 Middle East & Africa Healthcare Asset Management Market Outlook, By Application (2020-2028) ($MN)
58 Middle East & Africa Healthcare Asset Management Market Outlook, By Pharmaceutical Asset Management (2020-2028) ($MN)
59 Middle East & Africa Healthcare Asset Management Market Outlook, By Hospital Asset Management (2020-2028) ($MN)
60 Middle East & Africa Healthcare Asset Management Market Outlook, By Other Applications (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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