Healthcare Asset Management Market Size to Grow at a CAGR of 12.65% During the Forecast Period 2020–2025

Healthcare Asset Management Market Overview Healthcare Asset Management Market size was valued at $ 9.95Bn by 2019, and is anticipated to grow at a CAGR of 12.65% during the forecast period 2020-2025. The healthcare asset control and monitoring system is a critical component of successful management and usage of medical equipment and supplies. These systems are suitable for use in essential medical equipment and applications. They assist in medical facilities; improve treatment and better management of risk. The Healthcare Asset Management Market growth rate is attributed to focus on improved and optimized workflow, productivity, and safety and lowering capital assets as well as operational expenditure are likely accelerate the growth of the market in the forecast period of 2020-2025. Introduction of technical developments such as Zigbee, smart active labels (SALs) are also anticipated to fuel consumer demand. Furthermore, rising privacy concerns in hospitals and healthcare organizations, increasing use of hospital and pharmaceutical industry for effective supply chain and advantages such as increased return on investment and cost savings are expected to boost the growth of hospital asset management. Key Takeaways North America dominated the Healthcare Asset Management Market with a share of 31.55% in the year 2019. The factors such as emergence of healthcare IT, the shifting of medical sector towards modern procedures are amongst the major factor to impel growth of Healthcare Asset Management Market. Acceptance of asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, decline in prices of RFID tags, and need for better asset management in hospitals are the key factors owing to the growth in the segment during forecast period 2020-2025. Healthcare Asset Management Market Segment Analysis - By Application The hospital asset management market is poised to dominate the market; this application segment is also anticipated to expand at a CAGR of 11.5% during the forecast period 2020-2025. The increasing need for successful asset management in hospitals, the expansion of asset management solutions application areas and the availability of technologically advanced products are some of the main factors driving the growth of this application segment. Furthermore, increasing investment by government and private organizations in implementing RFID technology as organizations such as World Health Organization and FDA suggested the use RFID in enhancing the quality of supply chain in order to eliminate the fake drugs in the global market are factors which are to drive the demand for hospital asset management through to 2022. Healthcare Asset Management Market Segment Analysis - By Geography North America dominated the Healthcare Asset Management Market with a share of 31.55% in 2019. The application of Healthcare Asset Management has grown rapidly over the last few years owing to increasing quality of infrastructure for clinical and laboratory research and increasing adoption of low-cost medical systems in clinical diagnostic laboratories. The Asia-Pacific region is anticipated to expand at a significant pace during the forecast period due to technological developments in emerging economies such as China and India. This projected growth is due to a rise in the median age of the population, an increase in government and corporate spending to standardize the biopharmaceutical and healthcare sectors and the emergence of unmet consumer demand. Healthcare Asset Management Market Drivers Need for better control of properties in hospitals Presently, growing demand to better manage their current employees has pushed healthcare organisations across the globe to implement effective asset management strategies and technologies. Some healthcare companies spend a substantial part of their budget on hospital equipment control. For example, it was reported that ~USD 6 million worth of state-owned hospital equipment was found to be missing in Louisiana State University (LSU) hospitals; newly purchased equipment from the hospital were also not properly tracked. As a result, wasting time in the hunt for missing assets and poor asset management practises can lead to serious consequences. According to a recent survey conducted by the Nursing Times, more than one-third of nurses spend at least an hour locating equipment during an average hospital shift. This not only impacts budgets but also compromises the quality of patient care provided. Healthcare Asset Management Market Challenges High product cost Market growth is poised to be hampered by high cost of products, in the above mentioned forecast period 2020-2025. Thus the increasing applications of healthcare asset management solutions, the high cost associated with few RTLS solutions are poised to limit the market growth. Moreover, death awareness among the population of developing economies associated with the asset management software is also considered as a factor hindering the market growth. Healthcare Asset Management Industry Outlook Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Healthcare Asset Management Market. In 2019, Healthcare Asset Management Market share is fragmented by the top ten players present in the market. Healthcare Asset Management Market top 10 companies are Tyco international Ltd., IBM Corporation, Awarepoint Corporation, Infor, Motorola solutions Inc., GE healthcare, Ekahau Inc., Siemens healthcare, Vizbee RFID systems Ltd., Sonitor technologies Inc., Versus technology Inc., and Zebra technologies corporation, Trimble navigation Ltd and others. Acquisitions/Product Launches In September 2019, CGI Federal Inc. announced the acquisition of Sunflower Systems, which would enable the company to generate more revenue this market. In March 2018, CenTrak announced the launch of IRUS, world’s first Hybrid Ultrasound-Gen2IR sensing technology for use in preoperative and post-anesthesia care units, infusion areas, and emergency departments. In February 2018, STANLEY Healthcare and Sonitor Technologies announced their partnership to integrate the latter’s novel Sense High Definition Ultrasound indoor positioning technology into the former’s AeroScout Real-Time Location System (RTLS) platform. 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