Healthcare Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The healthcare asset management market is expected to register a CAGR of 30% over the forecast period. Healthcare asset management is a systematic and cost-effective strategy to plan, acquire, operate, and dispose of a healthcare organization's equipment and physical assets. The primary factors that encourage adopting healthcare asset management in healthcare organizations are keeping track of medical devices, high operating costs, time savings, enhanced patient care, higher staff productivity, significant cost savings, and intense maintenance.

Key Highlights

• Real-time location systems (RTLS) and radio frequency identification devices are crucial instruments for healthcare asset management (RFID). The increased demand for improving efficiency and the rising integration of cloud computing, electronic health records, and other digital systems in hospitals is driving the market. However, low awareness and innovation in this sector in low and middle-income countries is a significant challenge for the Healthcare Asset Management Industry.
• Hospitals are increasingly adopting automated workflows and intelligent business analytics to ease the burden on their staff to improve workflow bottlenecks. Real-time Location Systems (RTLS) are poised to find widespread usage in healthcare asset management systems. The ability to manage multitasking involved in data capturing, integration, visualization, and analysis to enhance reliability is anticipated to drive market growth.
• Furthermore, the growing focus on existing assets' effective management along with the workforce has propelled numerous facilities of medical worldwide to adopt efficient management technologies and solutions of investments, therefore enlarging market growth of healthcare asset management.
• In urgent circumstances, the patient's state can change in a matter of seconds, and if the effectiveness of the operations is poor, the patient could perish. An additional driver of the asset management market in the healthcare system is the growing demand to increase hospital operational efficiency. However, the outdated healthcare infrastructure and worries over data privacy are a few factors that prevent using these technologies.
• The COVID-19 pandemic has brought the entire world to a grinding halt. Businesses have either shut down or are operating at a diminished capacity. With production cycles impacted, supply chains are being distorted, leading to shortages of consumer products.

Healthcare Asset Management Market Trends

Demand with Increasing Concerns of Drug Counterfeiting

• Asset management systems at pharmacy procurement have curbed the prevalence of counterfeit incidents at the location. Healthcare asset management is a systematic and cost-effective means to plan, purchase, maintain, operate, and dispose of a healthcare institution's physical assets and equipment.
• Integrating platform solutions speeds up the search for pharmaceutical equipment and makes tracking missing goods easier. According to the report, asset management tools can cut the time it takes to find a piece of equipment in half to just two minutes.
• Further, to combat the problem of fake pharmaceutical items, the Indian pharma business has aggressively adopted various technologies, including safety holograms, optically variable devices, and other track and trace technologies, according to ASPA.
• Other digital technologies utilized in the pharmaceutical industry include coding and serialization, which include components like Barcode, Data Matrix, and Radio Frequency Identification.
• Track-and-Trace Digital Technologies offers brand owners actionable knowledge via technological techniques to find unapproved or unlicensed internet sellers. To promptly address concerns about medicine counterfeiting, asset management in healthcare is required.

North America to Dominate the Market Growth

• The availability of robust healthcare infrastructure has propelled the demand for hospital asset management solutions, as their immediate implementation is possible. The region has been one of the early adopters of IT infrastructure. According to Internet World Stats, the penetration stands at 89.4% of the population, which increases the deployment of asset management solutions in healthcare.
• Moreover, North America accounts for more than 40% of the global pharmaceutical industry. Also, the growing awareness about the benefits of deploying asset management systems in healthcare can lead to increased demand for the market in the future.
• Hence, the growth of the pharmaceutical industry in the region is driving the demand for the healthcare asset management market.
• Additionally, the market is expected to develop due to the rising usage of RTLS asset management and healthcare asset management with IoT for patient tracking, asset tracking, staff location, and throughput.
• Patient tracking is a foremost concern for hospitals to ensure their safety and care. The RTLS-based on Wi-Fi RFID combined technology is a beneficial method to track mobile patients in specific areas in North America.
• Moreover, the presence of key industry players such as IBM Corporation, GE Healthcare, Tyco International, and Infor in the region ensures lower costs and more customer options.

Healthcare Asset Management Market Competitor Analysis

The competition in the market is high as a significant market share lies with the major market players. To provide an appropriate solution, developers must have a deeper understanding of the market's innovation process. It also fosters strong cooperation among healthcare stakeholders during development and customization to meet the end user's demands. The leading companies involved in the Healthcare Asset Management Market include IBM Corporation, GE Healthcare, Zebra Technologies Corporation, CenTrak Inc., Jadak-A Novanta Company, Airista Flow Inc., Sonitor Technologies, Stanley Healthcare, and others.

• April 2022 - GE Healthcare and Medtronic announced a collaboration concentrating on the distinct requirements and demand for care at office-based labs (OBLs) and ambulatory surgery centers (ASCs), and the company has partnered with Medtronic to improve productivity, workflow, and clinical outcomes for ASCs and OBLs who engage with GE Healthcare.

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