Global Healthcare Asset Management Market to Reach USD 61.35 Billion by 2025

The global healthcare asset management market was valued at approximately USD 8.98 billion in 2018 and is expected to generate around USD 61.35 billion by 2025, at a CAGR of around 31.6 percent between 2019 and 2025. Organizations are facing various challenges, such as stringent regulatory requirements and the need for better resource management. Asset management in the healthcare sector aids in proper financial accountability and asset management. Healthcare asset management is useful in tracking surgical equipment, patients, newborns and personnel identification for treatment and audit trails, and inventory management. The growing adoption of asset management solutions by healthcare service providers is likely to drive the global healthcare asset management market and the need for better management of assets over the estimated timeframe. Other factors that are anticipated to contribute toward the growth of the healthcare asset management market globally include decreasing prices of RFID tags, stringent regulatory requirements as a good quality practice, increasing focus on brand protection to avoid drug counterfeiting, and the flourishing pharmaceutical, medical device, and biopharmaceutical industries. However, the high cost of RFID readers might hamper the healthcare asset management market growth.

The global healthcare asset management market segments are based on product, application, and end-user. By product, this market is segmented into radio-frequency identification (RFID) devices, real-time location systems (RTLS), and ultrasound and infrared tags. The RFID devices segment is further segmented into hardware, software, and services. The hardware products include tags, readers/interrogators, antennas, and accessories. Tags are bifurcated into active and passive. Passive tags are split into low frequency, high frequency, and ultra-high frequency. The RTLS segment is further segmented into hardware, software, and services. The hardware segment includes tags (badges) and readers (interrogators). The RFID segment held the largest market share in 2017. The increasing use of RFID devices by pharmaceutical and biopharmaceutical sectors to effectively manage product supply chain is likely to contribute toward this segment’s growth in the future. By application, this market is segmented into hospital asset management and software solutions. Hospital asset management application segment is further split into equipment tracking and management, patient management, temperature and humidity control, staff management, and infection control and hand hygiene compliance. Software solutions application segment is sub-categorized into drug anti-counterfeiting and supply chain management. Hospitals and clinics, pharmaceutical companies, biotechnology companies, and others comprise the end-user segment of the healthcare asset management market. The others segment includes laboratories, cosmetic industry, medical devices companies, etc. Hospitals and clinics are expected to dominate the global healthcare asset management market.

By region, North America dominated the global healthcare asset management market, with a revenue share of about 40 percent, in 2017. It is estimated that North America will retain its leading position owing to the growing adoption of RFID by pharmaceutical companies and decreasing prices of RFID tags. The second largest regional market in the global healthcare asset management market in 2017 was Europe. The Asia Pacific region is estimated to be a rapidly growing region in the healthcare asset management market globally, owing to the availability of cutting-edge products. The Middle Eastern and African region is anticipated to experience noticeable growth over the estimated timeframe.

Some key players of the global healthcare asset management market include AiRISTA Flow, Elpas, CenTrak, Inc., ThingMagic [A Novanta Company], Sonitor, Stanley Healthcare, Versus Technology, Inc., Zebra Technologies, GE Healthcare, and IBM Corporation, among others. – Zion Market Research