Global Healthcare Asset Management Market Size, Share, Growth Analysis, By Product(Radiofrequency Identification (RFID) Devices (Hardware, Software)) - Industry Forecast 2023-2030

Global Healthcare Asset Management Market size was valued at USD 22 billion in 2021 and is poised to grow from USD 27.24 billion in 2022 to USD 150.38 billion by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).

An asset management solution for the healthcare industry encompasses a wide range of services such as ward management, facility management, intensive care, post-operation care, and more. Effective hospital asset management involves optimizing the use of physical resources to enhance the quality of patient care. The global market has witnessed expansion as healthcare facilities worldwide increasingly adopt efficient asset management technologies and solutions to better manage their existing assets and personnel.

Healthcare asset management involves monitoring, managing, regulating, and accounting for all transactions related to healthcare assets. The market is expected to be driven by concerns related to drug counterfeiting, patient safety, and technological advancements. The pharmaceutical industry is also leveraging asset management solutions in healthcare to improve worker productivity. Furthermore, the market growth is anticipated to be supported by the decreasing costs of hardware and software solutions. However, operational, technical, and privacy challenges pose constraints to the growth of the healthcare asset management market. Additionally, the market may face limitations due to the need for significant capital investment.

Segments covered in this report:

Global Healthcare Asset Management Market is segmented based on the Product, Application, end use, and region. Based on Product Global Healthcare Asset Management Market is segmented into Radiofrequency Identification (RFID) Devices (Hardware, Software, Services), Real-time location systems (RTLS). Based on the Application into Hospital Asset Management (Patient Management, Equipment Tracking and Management, Temperature and Humidity Control, Infection Control and Hand Hygiene Compliance, Staff Management), Pharmaceutical Asset Management (Drug Anti-counterfeiting). Based on the End User into Hospitals and Clinics, Laboratories, Pharmaceutical Companies, Biotechnology Companies, Others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The presence of counterfeit drugs has become a driving factor for the adoption of healthcare asset management solutions. According to the World Health Organization (WHO), counterfeit malaria and pneumonia drugs cause an estimated 250,000 child deaths annually. To combat this issue, pharmaceuticals are being authenticated using technologies such as RFID (Radio Frequency Identification) and other healthcare asset management systems. RFID tags embedded in medicine labels enable comprehensive tracking of drugs throughout the supply chain, ensuring authenticity and reducing the risk of counterfeit products.

Furthermore, the market for healthcare asset management is experiencing gradual growth due to the increasing demand from hospitals for improved asset management practices. Healthcare institutions worldwide are recognizing the importance of efficiently managing their existing personnel and assets, prompting them to adopt advanced asset management technologies and systems. Significant investments are being made by healthcare organizations to effectively track hospital equipment, enhancing operational efficiency and patient care.

Restraint

The high cost associated with healthcare asset management systems is expected to impede the growth of the market. The installation of such systems throughout healthcare facilities can be expensive, posing a barrier to adoption. The COVID-19 pandemic has further exacerbated this issue as hospitals have redirected funds to prioritize the treatment of COVID-19 patients, resulting in delayed or canceled orders for RFID or RTLS systems. Additionally, asset management technologies have limitations that present challenges to the market. These limitations, such as the need for a direct line of sight between tags and sensors in infrared (IR) technology, can hinder demand generation. The signal of IR technology can be blocked by common materials like clothing and furniture, further impacting its effectiveness. Overcoming these limitations will be crucial to drive the widespread adoption of asset management systems in the healthcare industry.

Market Trends

The demand for healthcare asset management is driven by the advancements in medical technology and the need for efficient operation and management of various systems and medical equipment in hospitals. The rising prevalence of chronic diseases globally and the increasing accessibility of healthcare services further encourage the implementation of healthcare asset management to ensure a secure, hygienic, and well-maintained medical environment. The use of healthcare asset management systems helps in maintaining critical systems and equipment, sending notifications to reduce delays for staff and patients, improving facility profitability, and ensuring patient satisfaction. The market is positively impacted by the growing focus on improved care quality. Leading market players are also offering IoT remote monitoring and mobile solutions that reduce waste, speed up repair times, and eliminate the need for printouts. The increasing need to comply with strict industry standards is expected to fuel the demand for healthcare asset management solutions worldwide.