Healthcare Asset Management Market hits USD 35.19 billion by 2023

According to the latest research report “Healthcare Asset Management Market by Product (RFID (Active, Passive), RTLS, Ultrasound, Infrared), Application (Hospital (Equipment, Patient Monitoring, Staff Management, Hand Hygiene), Pharma (Drug Counterfeiting, Supply Chain)) – Global Forecast to 2023” publish by MarketsandMarkets

The healthcare asset management market is expected to reach USD 35.19 billion by 2023 from USD 6.89 billion in 2017, at a CAGR of 31.4%.

The growth of the healthcare asset management market is driven by need for better asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, and decline in prices of RFID Tags.

The report segments the healthcare asset management market by product, application, and region.

Based on Product

The healthcare asset management market is segmented into radiofrequency identification (RFID) devices, real-time location systems (RTLS), and ultrasound & infrared tags. Of all these product segments, the RFID devices segment is expected to account for the largest share of the healthcare asset management market in 2018.

RTLS on the other hand is expected to register the highest CAGR during the forecast period owing to the higher precision and accuracy offered by RTLS for tracking and monitoring assets in healthcare facilities.

Based on Type

RFID hardware market is further segmented into tags, readers/interrogators, antennas, and accessories. RFID tags are expected to account for the largest share of the RFID hardware market in 2018.

The large share can primarily be attributed to the increasing acceptance of RFID in pharmaceutical companies, declining prices of RFID tags, and the availability of technologically advanced products in the market.

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Based on Application

The global healthcare asset management market is segmented into hospital asset management and pharmaceutical asset management. The hospital asset management segment is estimated to be the largest segment in 2018. The growing need for effective asset management in hospitals, expanding application areas of asset management solutions and the availability of technologically advanced products are some of the major factors driving the growth of this segment.

Hospital asset management market is further segmented into equipment tracking and management, patient management, temperature and humidity control, staff management, and Infection Control and hand hygiene compliance. In 2018, the equipment tracking and management is expected to account for the largest share of the hospital asset management market owing to the need for better asset management in hospitals.

Based on Region

The market is dominated by North America, followed by Europe. The dominance of the North American market is attributed to factors such as growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and the presence of key players in the region.

While the healthcare asset management market represents significant growth opportunities, market growth may be hindered due to the high cost of RFID readers.

The healthcare asset management market is marked by the presence of several big and small players. AiRISTA Flow (US), Elpas (US), CenTrak, Inc. (US), ThingMagic [A Novanta Company (US], Sonitor (Norway), Stanley Healthcare (US), Versus Technology, Inc. (US), Zebra Technologies (US), GE Healthcare (US), and IBM Corporation (US) are some of the prominent players offering healthcare asset management products.

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