The healthcare asset management market was valued at USD 11.64 billion in 2019 and is expected to reach USD 56.2 billion by 2025, at a CAGR of 30% over the forecast period 2020 - 2025. The main benefits of automation are that it creates more opportunities in every industry, improve operations, and reduces cost effectively. Also, the adoption of Artificial Intelligence, which enables quick analysis through the dashboard benefits the organization in doing fluent operations.
- Pharmaceuticals have vital importance in the heathcare system of every country. But the cases of pharmaceutical counterfeits have been increasing year on year globally. The protection of pharmaceuticals is necessary for any company to retain its client, revenue growth, and brand reputation. WHO estimated 116 thousand deaths occurred due to pharmaceutical counterfeits in sub-Saharan Africa.
- Healthcare asset management solutions allow us to manage them effectively and reduces the risk of counterfeits. Hence, the rise in awareness to avoid such incidents is driving the market for asset management in healthcare.
- The condition of the patient can change in a minute in critical situations, and with that, if the efficiency of the operations is low, the patient can lose a life. The rise in need of improving the hospital operation efficiency is also another factor for the asset management market in the heathcare system.
- However, the existing old healthcare infrastructure and data privacy concerns are few restricting factors implementation of these systems.
Scope of the Report
The healthcare industry is going through changes where BYOD is becoming more popular, competition for funding is increasing, and new technologies, such as the cloud, are being adopted. On the marketing front, the proliferation of marketing assets (photos, video etc.) has caused havoc for the healthcare organizations. Typically, these organizations have more stringent security and compliance requirements than most other industries.
Key Market Trends
Application in Hospitals and Pharmaceuticals to Witness Significant Growth
- The asset management systems at pharmacies procurement has reduced the reach of counterfeit incidences at the venue. Globally, the pharmaceutical counterfeit incidences grew by 11.5% in 2017, which was more than 60% growth since 2014, according to the Pharmaceutical Security Institute.
- The use of integrated platform solutions helps in tracking the pharmaceutical equipment and reduced the lead time in search of these items. The study has shown that the use of asset management solution can reduce the equipment search time from 30 minutes to 2 mins.
- The asset management also monitors the regular check on maintenance and calibration of medical machines and enables the deployment of preventive maintenance of these machines and streamlines the process.
North America to Dominate the Market Growth
- The availability of robust healthcare infrastructure has propelled the demand for hospital asset management solutions, as its immediate implementation is possible. The region has been one of the early adopters for 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 heathcare.
- 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 at healthcare and with that increase in demand for the market can be seen in the recent future.
- Hence, the rise of the pharmaceutical industry in the region is driving the demand for healthcare asset management market.
The competition in the market is high as a significant share of the market lies with the major market players. Innovation in the market requires the developers to have a better understanding of the process to deliver a suitable solution and also drives close collaboration among the healthcare stakeholders during development, customization to suit the end users need.
- Feb 2019 - Kathrein Solutions GmbH specializes in RFID solutions introduced the new RTLS system K-RLTS that combines high localization accuracy in an industrial environment with unique technical features which allows a broad application of the system in various applications.
- Sept 2018 - TRIMEDX announced to acquire Aramark's healthcare technologies business. Aramark HCT provides healthcare technology services, ranging from repair and maintenance to outsourcing of clinical engineering services, to more than 500 healthcare providers nationwide. The acquisition of Aramark HCT allows TRIMEDX to deliver its proprietary technology-driven solutions to a broader set of healthcare provider customers.
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