Healthcare Asset Management involves tracking, monitoring and optimizing the use of medical equipment and devices to enhance patient care and safety while reducing operational costs. With the growing complexity of healthcare infrastructure and increasing need to improve asset utilization, healthcare providers are adopting asset management solutions. These solutions enable real-time location tracking of high-value assets, automated equipment maintenance schedules, and accurate inventory management. With the use of IoT and RFID technologies, healthcare asset management has become more efficient in providing asset visibility across the care delivery process.
The Global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Bn in 2024 and is expected to exhibit a CAGR of 15. % over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Healthcare Asset Management are Stanley Black & Decker, Moog Inc., Censis Technologies Inc., AiRISTA Flow, Siemens Healthineers and GE Healthcare.
The market offers significant growth opportunities in terms of real-time visibility, predictive maintenance of medical equipment and automation of inventory management processes. Technologies such as RFID, RTLS, barcode and cloud & web-based solutions will help improve tracking and utilization of high-value assets.
Adoption of IoT and RFID is enhancing real-time location tracking of medical equipment, staff and patients. This enables improved workflow management across clinical and non-clinical processes.
Market Drivers
Growing need to optimize asset utilization and reduce operational expenses is a key driver for adoption of asset management solutions in the healthcare industry. With asset intensive healthcare infrastructure, these solutions enable better management of capital equipment investments.
Rising patient volumes and acute shortage of healthcare resources is increasing the focus on improving asset productivity and care quality. This is driving the demand for advanced tracking and inventory management capabilities offered by healthcare asset management.
Current challenges in Healthcare Asset Management Market:
The healthcare asset management market is facing challenges due to the rising costs of medical equipment and devices. Hospitals and healthcare centers are struggling to optimally manage their large fleet of expensive medical assets due to funding constraints. Additionally, aging infrastructure and manual asset tracking processes are making it difficult to gain real-time visibility and optimize utilization of expensive healthcare equipment. Lack of skilled workforce for advanced asset management solutions is another major issue being faced by the industry.
SWOT Analysis
Strength: Healthcare asset management solutions offer precise tracking and monitoring of expensive medical equipment. This enables hospitals to maximize ROI on capital assets and avoid unnecessary repair or replacement costs.
Weakness: High upfront investment requirements for implementation of advanced asset management systems is a barrier, especially for smaller healthcare providers and hospitals in developing regions.
Opportunity: Growing adoption of IoT and sensor-based devices provide an opportunity to develop next-gen predictive maintenance and analytics driven solutions. This can help move from reactive to proactive asset management approach.
Threats: Data security challenges and dynamic regulations around sensitive patient data can slowdown wider adoption of cloud-based centralized asset management platforms.
The US accounts for the largest share of the healthcare asset management market in terms of value currently. This is attributed to presence of advanced healthcare infrastructure, growing healthcare expenditure, and rising adoption of digital solutions across major hospitals and medical institutions in the country.
Asia Pacific region is poised to witness the fastest growth during the forecast period owing to increasing patient population, expanding healthcare sector, and government initiatives for modernizing medical facilities through digital technologies in countries like India and China. Growing medical tourism industry is further driving investments toward optimal management of healthcare infrastructure and assets in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
