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Healthcare asset management refers to the optimization of equipment and infrastructure investments in the healthcare sector. It aims at maximizing equipment usage to deliver efficient patient care while minimizing operational costs. Healthcare asset management involves tracking the location, usage and maintenance of various medical equipment, technologies, tools and other assets. It enables improved inventory management, strategic equipment replacement and enhanced return on investment.
The growing requirement for modernized healthcare infrastructure and technologies across the globe has boosted investments towards upgrading hospitals and healthcare facilities. Meanwhile, rising equipment and operation costs have prompted healthcare providers to implement asset management solutions that extend product lifecycles and reduce unnecessary spending. Furthermore, asset management platforms offer real-time location insights and usage analytics that facilitate better resource planning and allocation. They aid healthcare administrators in streamlining workflows and schedules for maximum productivity. Advancements in IoT and sensor technologies are also enabling next-generation smart asset solutions with predictive maintenance capabilities.
The global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the healthcare asset management market is the increasing adoption of cloud-based and mobile device compatible solutions. Medical facilities are deploying cloud platforms and mobile applications for item-level tracking of equipment and supplies across locations. They offer staff remote access to asset records and maintenance schedules through smart phones and tablets. This allows for improved monitoring, easy documentation and faster decision making on-the-go.
Porter’s Analysis
Threat of new entrants: The healthcare asset management market requires high initial investments and presence of stringent regulations acts as a entry barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to the availability of various vendors providing similar healthcare asset management solutions.
Bargaining power of suppliers: Major players operating in the market have control over the prices hence limiting the threat from suppliers.
Threat of new substitutes: There is low to moderate threat of substitution since asset management solutions are highly customized as per the customer’s requirement.
Competitive rivalry: The healthcare asset management market is highly competitive with the presence of both global and regional players.
Key Takeaways
The global Healthcare Asset Management Market is expected to witness high growth during the forecast period. The growing need to improve operational efficiency and staff productivity in healthcare facilities is driving the market. The global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030.
North America is expected to dominate the healthcare asset management market during the forecast period. Well established healthcare infrastructure and rising adoption of asset management solutions by healthcare providers in the region are supporting market growth.
Key players operating in the Healthcare Asset Management Market are Stanley Healthcare, Ekahau, Zebra Technologies, Midmark RTLS, Sonitor Technologies, IBM, GE Healthcare, Awarepoint Corporation. Key players focus on the approval and commercialization of their drugs and expanding geographical presence through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
