Healthcare Asset Management Market Overview
Healthcare Asset Management Market size was valued at $ 9.95Bn by 2019, and is anticipated to grow at a CAGR of 12.65% during the forecast period 2020-2025. The healthcare asset control and monitoring system is a critical component of successful management and usage of medical equipment and supplies. These systems are suitable for use in essential medical equipment and applications. They assist in medical facilities; improve treatment and better management of risk. The Healthcare Asset Management Market growth rate is attributed to focus on improved and optimized workflow, productivity, and safety and lowering capital assets as well as operational expenditure are likely accelerate the growth of the market in the forecast period of 2020-2025.
Introduction of technical developments such as Zigbee, smart active labels (SALs) are also anticipated to fuel consumer demand. Furthermore, rising privacy concerns in hospitals and healthcare organizations, increasing use of hospital and pharmaceutical industry for effective supply chain and advantages such as increased return on investment and cost savings are expected to boost the growth of hospital asset management.
Healthcare Asset Management Market Report Coverage
The report: “Healthcare Asset Management Market Forecast (2020-2025)”, by Industry ARC, covers an in-depth analysis of the following segments of the Healthcare Asset Management Market:
By Product Type: Radio-Frequency Identification Devices (RFID), Real-Time Location Systems (RTLS), And Ultrasound and Infrared Tags.
By Application: Hospital Asset Management and Pharmaceuticals Asset Management.
By End Users: Hospitals and Clinics, Pharmaceutical Companies, Bio-Technology Companies, and Others.
By Geography: North America, Europe, Asia-Pacific and RoW.
- North America dominated the Healthcare Asset Management Market with a share of 31.55% in the year 2019.
- The factors such as emergence of healthcare IT, the shifting of medical sector towards modern procedures are amongst the major factor to impel growth of Healthcare Asset Management Market.
- Acceptance of asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, decline in prices of RFID tags, and need for better asset management in hospitals are the key factors owing to the growth in the segment during forecast period 2020-2025.
Healthcare Asset Management Market Segment Analysis - By Application
The hospital asset management market is poised to dominate the market; this application segment is also anticipated to expand at a CAGR of 11.5% during the forecast period 2020-2025. The increasing need for successful asset management in hospitals, the expansion of asset management solutions application areas and the availability of technologically advanced products are some of the main factors driving the growth of this application segment.
Furthermore, increasing investment by government and private organizations in implementing RFID technology as organizations such as World Health Organization and FDA suggested the use RFID in enhancing the quality of supply chain in order to eliminate the fake drugs in the global market are factors which are to drive the demand for hospital asset management through to 2022.
Healthcare Asset Management Market Segment Analysis - By Geography
North America dominated the Healthcare Asset Management Market with a share of 31.55% in 2019. The application of Healthcare Asset Management has grown rapidly over the last few years owing to increasing quality of infrastructure for clinical and laboratory research and increasing adoption of low-cost medical systems in clinical diagnostic laboratories.
The Asia-Pacific region is anticipated to expand at a significant pace during the forecast period due to technological developments in emerging economies such as China and India. This projected growth is due to a rise in the median age of the population, an increase in government and corporate spending to standardize the biopharmaceutical and healthcare sectors and the emergence of unmet consumer demand.
Healthcare Asset Management Market Drivers
Need for better control of properties in hospitals
Presently, growing demand to better manage their current employees has pushed healthcare organisations across the globe to implement effective asset management strategies and technologies. Some healthcare companies spend a substantial part of their budget on hospital equipment control. For example, it was reported that ~USD 6 million worth of state-owned hospital equipment was found to be missing in Louisiana State University (LSU) hospitals; newly purchased equipment from the hospital were also not properly tracked. As a result, wasting time in the hunt for missing assets and poor asset management practises can lead to serious consequences. According to a recent survey conducted by the Nursing Times, more than one-third of nurses spend at least an hour locating equipment during an average hospital shift. This not only impacts budgets but also compromises the quality of patient care provided.
Healthcare Asset Management Market Challenges
High product cost
Market growth is poised to be hampered by high cost of products, in the above mentioned forecast period 2020-2025. Thus the increasing applications of healthcare asset management solutions, the high cost associated with few RTLS solutions are poised to limit the market growth. Moreover, death awareness among the population of developing economies associated with the asset management software is also considered as a factor hindering the market growth.
Healthcare Asset Management Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Healthcare Asset Management Market. In 2019, Healthcare Asset Management Market share is fragmented by the top ten players present in the market. Healthcare Asset Management Market top 10 companies are Tyco international Ltd., IBM Corporation, Awarepoint Corporation, Infor, Motorola solutions Inc., GE healthcare, Ekahau Inc., Siemens healthcare, Vizbee RFID systems Ltd., Sonitor technologies Inc., Versus technology Inc., and Zebra technologies corporation, Trimble navigation Ltd and others.
- In September 2019, CGI Federal Inc. announced the acquisition of Sunflower Systems, which would enable the company to generate more revenue this market.
- In March 2018, CenTrak announced the launch of IRUS, world’s first Hybrid Ultrasound-Gen2IR sensing technology for use in preoperative and post-anesthesia care units, infusion areas, and emergency departments.
- In February 2018, STANLEY Healthcare and Sonitor Technologies announced their partnership to integrate the latter’s novel Sense High Definition Ultrasound indoor positioning technology into the former’s AeroScout Real-Time Location System (RTLS) platform.
1. Healthcare Asset Management Market Overview
1.1 Definitions and Scope
2. Healthcare Asset Management Market - Executive Summary
2.1 Market Revenue and Key Trends by Company
2.2 Key trends by Product Type
2.3 Key trends by Application
2.4 Key trends by Geography
3. Healthcare Asset Management Market – Comparative Analysis
3.1 Product Benchmarking – Key Companies
3.2 Financial Analysis – Key Companies
3.3 Patent Analysis – Key Companies
3.4 Pricing Analysis
4. Healthcare Asset Management Market - Startup Companies Scenario Premium
4.1 Key Startup Company Analysis by
4.1.3 Venture Capital and Funding Scenario
5. Healthcare Asset Management Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case Studies of Successful Ventures
6. Healthcare Asset Management Market Forces
6.1 Market Drivers
6.2 Market Constraints/Challenges
6.3 Porters five force model
6 3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Healthcare Asset Management Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Market Life Cycle
8. Healthcare Asset Management Market – By Product Type (Market Size –$Million/$Billion)
8.1 Radiofrequency Identification (RFID)
8.2 Real-time Locations Systems (RTLS)
8.3 Ultrasound & Infrared Tags
9. Healthcare Asset Management Market - By Application (Market Size –$Million/$Billion)
9.1 Hospital Asset Management
9.1.1 Equipment Tracking and Management
9.1.2 Patient Management
9.1.3 Temperature and Humidity Control
9.1.4 Staff Management
9.1.5 Infection Control and Hand Hygiene Compliance
9.2 Pharmaceutical Asset Management
9.2.1 Drug Anti-counterfeiting
9.2.2 Supply Chain Management
10. Healthcare Asset Management Market - By End Users (Market Size –$Million/$Billion)
10.1 Hospitals and Clinics
10.2 Pharmaceutical Companies
10.3 Bio-Technology Companies
10.4 Others (Laboratories, Cosmetic Industry, Medical Devices Companies)
11. Healthcare Asset Management Market - By Geography (Market Size –$Million/$Billion)
11.1 North America
11.2.6 Rest of Europe
11.3.4 South Korea
11.3.5 Australia & New Zealand
11.3.6 Rest of Asia-Pacific
11.4 Rest of the World
11.4.1 Middle East
11.4.3 South America
12. Healthcare Asset Management Market - Entropy
13. Healthcare Asset Management Market – Industry/Segment Competition Landscape Premium
13.1 Market Share Analysis
13.1.1 Global Market Share – Key Companies
13.1.2 Market Share by Region – Key companies
13.1.3 Market Share by Countries – Key Companies
13.1.4 Best Practices for Companies
14. Healthcare Asset Management Market – Key Company List by Country Premium Premium
15. Healthcare Asset Management Market Company Analysis
15.1 Company 1
15.2 Company 2
15.3 Company 3
15.4 Company 4
15.5 Company 5
15.6 Company 6
15.7 Company 7
15.8 Company 8
15.9 Company 9
15.10 Company 10
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