Healthcare Asset Management Market Size To Surpass USD 166.82 Billion By 2032, Growing At A 23.1% CAGR – SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Fueled by the Adoption of RFID, RTLS & IoT Technologies, the Healthcare Asset Management market Drives Operational Efficiency and Patient Safety Globally.

Pune, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Healthcare Asset Management Market Size & Growth Analysis:

“According to SNS Insider, The Healthcare Asset Management Market was valued at USD 25.7 billion in 2023 and is expected to reach USD 166.82 billion by 2032 is expected to grow at an impressive compound annual growth rate (CAGR) of 23.1% from 2024 to 2032.”

The adoption of more sophisticated tracking technology, growing patient safety concerns, and guaranteeing the operational effectiveness of healthcare facilities are some of the drivers propelling the rapidly expanding worldwide healthcare asset management market.

Market Analysis

The healthcare asset management market is growing with significant growth because of the growing technological advancements and increased pressure on healthcare providers to optimize resource utilization. Internet of Things (IoT) and Artificial Intelligence (AI) technologies integrated into asset management systems enable real-time tracking, predictive maintenance, and increased efficiency in operations. The market has grown significantly as a result of government initiatives and regulatory requirements. Asset management systems have become more popular as a result of the U.S. Food and Drug Administration's (FDA) stricter requirements on medical device tracking. The FDA documented that asset management could minimize medical mistakes by as much as 55%, emphasizing that these systems are one of the keys to patient safety. The American Hospital Association states that U.S. hospitals and health systems estimated a loss of $323.1 billion due to the pandemic in 2020. This financial burden has forced healthcare organizations to invest in asset management systems to better resource allocation and save on operational expenses.

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Government initiatives also play a major role in advancing the market growth. In the United States, the Department of Health and Human Services (HHS) allotted more than USD 600 million in 2023 for digital health technologies that include asset management systems. The European Union's Digital Health Action Plan is expected to standardize the adoption of healthcare technology across the member states, thereby opening huge growth opportunities for the healthcare asset management market.

Major Players Analysis Listed in this Report are:

• Zebra Technologies (Zebra MotionWorks, ZT600 Series)
• GE Healthcare (AssetPlus, GE Healthcare's Medical Equipment Management)
• Siemens Healthineers (Real-Time Location Services, Asset Management Solutions)
• Impinj (Impinj Speedway, Impinj xSpan)
• Stanley Healthcare (Stanley Healthcare MobileView, AeroScout)
• Oracle Corporation (Oracle Healthcare Cloud, Oracle Asset Tracking)
• Savi Technology (Savi Mobile, Savi Asset Tracking)
• Kipp & Zonen (Coriolis System, Smart Asset Tracker)
• TAGSYS (Active RFID, RTLS Solution)
• Honeywell (Honeywell RTLS, Vocollect)

Healthcare Asset Management Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 25.7 billion
Market Size by 2032	US$ 166.82 billion
CAGR	CAGR of 23.1% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	Demand for advanced asset-tracking technologies like RFID and IoT in healthcare facilities worldwide.

Segment Analysis

By Product

In 2023, the RFID sector dominated the market and accounted for over 64% of revenue share. Advanced tracking features, improved inventory control, and patient safety are all made possible with RFID technology. According to the U.S. Department of Health and Human Services, an RFID-based asset management system might cut down on equipment loss in healthcare institutions by as much as 50%. RFID technology has been the preferred option for healthcare providers because of its real-time data, improved inventory accuracy, and asset visibility.

By End-Use

The hospitals segment dominated the market with a 58% share of the market in 2023. The use of asset management solutions in hospitals is growing, mostly as a result of increased patient care, less equipment downtime, and improved operational efficiency. When it comes to monitoring valuable assets like ventilators, infusion pumps, and diagnostic equipment, asset management systems are particularly crucial. Implementing asset management systems in hospitals might result in a 20% rise in equipment usage rates and a 25% decrease in equipment search time, according to a study conducted by the Healthcare Information and Management Systems Society (HIMSS).

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Healthcare Asset Management Market Segmentation:

By Product

• Radiofrequency Identification Devices (RFID)
  • Tag
    • Passive Tags
      • High Frequency
      • Low Frequency
    • Ultra-high frequency
    • Readers/Interrogators
    • Antennas
  • Accessories Hardware
  • Services
  • Software
• Real Time Location Systems (RTLS)
  • Hardware
    • Tags/Badges
    • Readers/Interrogators
  • Software
  • Services

By Application

• Pharmaceutical Asset Management
  • Drug Anti-counterfeiting
  • Supply Chain Management
• Hospital Asset Management
  • Equipment Tracking and Management
  • Patient Management
  • Temperature and Humidity Control
  • Staff Control
  • Infection Control and Hand Hygiene Compliance

By End Use

• Hospitals
• Laboratories
• Others

Regional Analysis

North America dominated the healthcare asset management market with 36% of the revenue share in 2023. High rates of technology use, excellent healthcare infrastructure, and constructive government initiatives are the main drivers of the region. As part of the broader modernization of healthcare delivery, the U.S. Department of Health and Human Services allocated $6.5 billion for digital health in 2023, including funds for asset management systems. Due to stricter laws governing the tracking of medical devices and a greater emphasis on patient safety, Europe is anticipated to have substantial growth over the projection period. The implementation of unique device identification (UDI) system standards by the European Medicines Agency (EMA) is encouraging the use of asset management solutions in healthcare facilities across the region.

Asia-Pacific is emerging to be a fast-growing market in which China and India are making huge investments to build health infrastructures and adopt health technologies digitally. The Indian government initiated the National Digital Health Mission in 2020 with a view to making a comprehensive digital health ecosystem to promote asset management solutions in health care in that country.

Recent Development

• In October 2023, healthcare technology company Vytal rolled out an asset management platform, which is one of the solutions to the problems that plague the healthcare sector. The platform incorporates AI and IoT technologies to upgrade infrastructure management and reduce workforce fatigue while increasing profit margins in the healthcare sector.
• Leading clinical asset management provider TRIMEDX launched GeoSense, a real-time location system (RTLS) made especially for medical settings, in April 2024. By providing accurate medical equipment tracking, this advanced solution helps healthcare organizations streamline their asset management procedures and boost operational effectiveness.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Adoption Rates, 2023

5.2 User Demographics, By User Type and Roles, 2023

5.3 Feature Analysis, by Feature Type

5.4 Cost Analysis, by Software

5.5 Integration Capabilities

5.6 Regulatory Compliance, by Region

6. Competitive Landscape

7. Healthcare Asset Management Market Segmentation, by Product

8. Healthcare Asset Management Market Segmentation, by Application

9. Healthcare Asset Management Market Segmentation, by End Use

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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