Global Healthcare Asset Management Market to Reach US$ 36.9 Billion by 2032, Propelled by Improving Healthcare Infrastructure

July 20, 2022 | Healthcare

According to the latest report by IMARC Group, titled "Healthcare Asset Management Market Report by Product (Radiofrequency Identification Devices (RFID), Real-Time Location Systems (RTLS), and Others), Application (Hospital Asset Management, Pharmaceutical Asset Management), End User (Hospitals and Clinics, Laboratories, Pharmaceutical Companies, and Others), and Region 2024-2032," the global healthcare asset management market reached a value of US$ 16.4 Billion in 2023. Healthcare asset management is a flexible, highly systematic computerized solution that assists in planning, acquiring, deploying, operating, maintaining, and disposing of physical resources in the healthcare infrastructure. It entails various facilities, including pumps, refrigeration, mobile beds, wheelchairs, compressors, heating, ventilation, and air-conditioning (HVAC) systems, which are monitored by the system. Healthcare asset management is used to track inventory to maintain appropriate stock, locate equipment, perform predictive maintenance, offer custom design services, and enhance staff communication. This, in turn, aids in optimizing operational efficiencies, managing physical assets, and improving overall patient healthcare. Owing to these properties, it is extensively employed in healthcare institutions and hospitals for promoting the smooth functioning of equipment and organization.

Global Healthcare Asset Management Market Trends:

With the substantial enhancement in the healthcare sector, there has been an increasing need for an effective integrated equipment management platform for efficiently maintaining the existing facilities. This, in turn, has augmented the widespread adoption of healthcare asset management solutions to improve overall operations at minimized cost, which represents a key factor currently driving the market growth. Additionally, the increasing prevalence of various chronic disorders, especially amongst the geriatric population, and the rising awareness amongst consumers regarding the availability of healthcare services are further propelling the product demand. Additionally, the large-scale integration of the Internet of Things (IoT), artificial intelligence (AI), and real-time location systems (RTLS) solutions to enable quick analysis through a dashboard is contributing to the market growth. Moreover, the sudden outbreak of the COVID-19 pandemic has prompted governments to promote the uptake of remote healthcare asset management solutions that can be operated through smartphones and tablets for managing and accessing patient records, which is impelling the market growth. Other factors, such as the extensive utilization of healthcare asset management to eliminate the need for printouts, reduce waste, and decrease repair time while complying with industry standards and strategic collaborations amongst key players to enhance product efficacy, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 36.9 Billion by 2032, growing at a CAGR of 9.2% during 2024-2032.

Market Summary:

  • On the basis of the product, the market has been divided into radiofrequency identification devices (RFID), real-time location systems (RTLS) and others.
  • Based on the application, the market has been bifurcated into hospital asset management (staff, equipment tracking, patient management and others) and pharmaceutical asset management (drug anti-counterfeiting and supply chain management).
  • On the basis of the end user, the market has been segmented into hospitals and clinics, laboratories, pharmaceuticals companies and others.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Accenture plc, AiRISTA Flow Inc., CenTrak Inc. (Halma plc), Cerner Corporation, General Electric Company, International Business Machines Corporation, Midmark Corporation, Motorola Solutions Inc., Novanta Inc., Siemens AG, Sonitor Technologies, Stanley Black & Decker Inc. and Zebra Technologies Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture plc, AiRISTA Flow Inc., CenTrak Inc. (Halma plc), Cerner Corporation, General Electric Company, International Business Machines Corporation, Midmark Corporation, Motorola Solutions Inc., Novanta Inc., Siemens AG, Sonitor Technologies, Stanley Black & Decker Inc. and Zebra Technologies Corporation
Customization Scope 10% Free Customization
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Global Healthcare Asset Management Market to Reach US$ 36.9 Billion by 2032, Propelled by Improving Healthcare Infrastructure
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