May 22, 2024

Healthcare Asset Management is growing exponentially through digitization

Healthcare asset management involves tracking valuable medical equipment, devices, and other assets to better optimize usage and minimize operating costs. With the advent of IoT and other digital technologies, healthcare providers are now able to remotely monitor expensive medical assets in real-time, receive automated alerts for maintenance and repairs, digitally schedule and dispatch technicians, and analyze asset data to improve procurement and budgeting decisions. This is helping healthcare organizations strengthen compliance and accountability while delivering better patient care.

The Global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Billion in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030. Healthcare asset management solutions help optimize the allocation and utilization of expensive medical equipment to curbrising healthcare costs. They offerreal-time visibility into the location, usage, and condition of high-value assets like MRI and CT scan machines. This assists administrators inmaking data-driven replacement or repair decisions to maximize lifespan while maintaining safety and performance standards. The growing need to enhance operational efficiency amid scarce medical resources is a key driver for digitizing asset oversightusing RFID, RTLS, barcode, and other tracking technologies.

Key Takeaways
Key players operating in the Healthcare Asset Management are Key players focus on the approval and commercialization of their drugs. With rapid digitization across the industry, leading companies are investing heavily in developing advanced IoT-based solutions to modernize asset management practices for healthcare facilities.

The growing demand in the market is driven by increasing investments to expand and upgrade aging healthcare infrastructure in developing nations. Digitizing asset data allowshospitals to forecast equipment requirements, prioritize capital allocations, and ensure regulatory compliance more judiciously. This is translating into higher spending on next-gen solutions that streamline maintenance workflows and clinical supply chain operations.

The market is witnessing strong global expansion on account of rising global healthcare expenditure, fast adoption of telemedicine amid COVID-19, and growing emphasis on mitigating costs and waste through predictive maintenance of expensive medical equipment. Several governments are promoting home-based and remote patient monitoring to take pressure off hospitals, driving demand for wireless asset visibility platforms.

Market Key Trends
One of the key trends in the healthcare asset management market is the shift towards cloud-based and software-as-a-service (SaaS) solutions. Healthcare facilities are increasingly adopting cloud-hosted, subscription-based asset oversight applications to gain flexibility, scalability and remote access capabilities. The move to the cloud allows real-time data sharing across clinical departments and easy integration with other hospital IT systems. This is enhancing tracking accuracy, optimizing staff productivity and reducing IT maintenance costs for providers.

Porter’s Analysis
Threat of new entrants: Entry of new players would be difficult due to high capital requirement for setting up facilities and establishing brand recognition. Bargaining power of buyers: Healthcare organizations have high bargaining power due to large volume of purchases and availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated product offerings and need to comply with stringent quality standards. Threat of new substitutes: Threat is low as asset management services from other industries have limited uses in the healthcare sector. Competitive rivalry: Intense competition exists among existing players to gain higher market share through product innovation and geographical expansion.

North America region accounts for the largest share of the healthcare asset management market in terms of value owing to favorable reimbursement policies and presence of major players in the US and Canada. The Asia Pacific region is expected to witness the fastest growth during the forecast period supported by increasing healthcare spending, rising medical tourism and growing geriatric population in countries like China and India.

The geographical regions where the Healthcare Asset Management Market value is concentrated are North America owing to favorable reimbursement policies and presence of major players in the US and Canada. The fastest growing region for the Healthcare Asset Management Market is Asia Pacific supported by increasing healthcare spending, rising medical tourism and growing geriatric population in countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it