Healthcare Asset Management Market Trends and Future Forecast for 2023 to 2028

A report by Global Market Studies has shown a CAGR of 30.6% for the Healthcare Asset Management Market between 2023-2028, expected to expand to a value of USD 83.2 billion by 2028.

In a medical setting, asset management is considered a cost-effective, highly-systematic process for planning, acquiring, deploying, operating, maintaining, and disposing of various physical assets of the healthcare organization. Asset management helps to provide healthcare facilities with a registry to manage and track their inventory. This improves patient care and reduces costs along with maintaining operational efficiencies. 

An asset management solution for the healthcare industry typically covers everything from ward management, layout, facilities management, intensive care, operation care, etc. Maximum utilization of physical assets to improve the quality of care given to the patients is an essential part of a well-organized hospital. Increasing focus to better handle the existing assets and workforce has compelled several medical facilities across the globe to adopt effective asset management technologies and solutions, thus promoting healthcare asset management market growth.

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Market Dynamics

Drivers & Opportunities:

The healthcare asset management market is expanding due to factors such as hospitals needing better asset management, the pharmaceutical industry increasingly accepting asset management solutions and RFID tag prices falling. Furthermore, an increase in disposable income and the decline in RFID tag prices will contribute to the growth of the global healthcare asset management market. 

Rising instances of fake medications and increased demand for better asset management in hospitals has accelerated the growth rate of the global healthcare asset management market. 

Restraints & Challenges:

Implementing a healthcare asset management system can be expensive and healthcare asset management systems need to be integrated with existing hospital information systems, such as electronic health records, to be effective. This integration can be challenging, time-consuming and difficult to afford.

Healthcare asset management systems generate sensitive data, including patient information and equipment usage data. Securing this data is crucial to maintaining patient privacy and avoiding potential legal and financial liabilities. Often it is also observed that medical professionals are resistant to change and implementing a new system may require significant training and education.

Moreover, healthcare asset management systems need to comply with various regulatory requirements, such as HIPAA and FDA regulations, which can be complex and time-consuming. Some asset management technologies, such as RFID and RTLS, may have limitations in certain environments in areas with heavy interference or where line-of-sight is obstructed.

Recent Developments:

  • In March 2022, Crothall Healthcare’s Healthcare Technology Solutions (HTS) division acquired ABM’s clinical engineering organization. The Clinical Engineering group of ABM will be under the control of Crothall’s Healthcare Technology Solution business, which will use its knowledge and expertise to enhance operations, as the entire lifecycle of medical devices in a hospital is managed and overseen by Crothall Healthcare.
  • In March 2022, Sodexo collaborated with University Hospitals to offer comprehensive primary care and community-based services. Sodexo aimed to provide a range of services under this arrangement, including resource and construction management, technical control over healthcare, patient diet, retail food and management of resources

Key Players

IBM, GE Healthcare, Zebra Technologies Corporation, Stanley Healthcare, CenTrak, Inc., AeroScout Inc., Versus Technology Inc. and Infor Inc. are some of the leading companies in the healthcare asset management sector.

Frequently Asked Questions

1) What is the projected market value of the Healthcare Asset Management Market?

– The Healthcare Asset Management Market is expected to reach a value of USD 5.3 billion by 2028

2) What is the estimated CAGR of the Healthcare Management Market over the 2023 to 2028 forecast period?

– The Healthcare Asset Management Market is expected to grow at a CAGR of approximately 30.6% from 2023 to 2028.

3) Who are the key players in the Healthcare Asset Management Market?

– IBM, GE Healthcare, Zebra Technologies Corporation, Stanley Healthcare, CenTrak, Inc., AeroScout Inc., Versus Technology Inc., and Infor Inc. are some of the leading companies in the healthcare asset management sector.

About Global Market Studies

Global Market Studies is a leading global market research and data services consultancy, providing actionable, objective, bespoke insights to business all over the world across multiple industry verticals also we are specialised in Healthcare market research reports and analysis. With a team of highly-experienced and domain-specific research and data experts focused on high-quality research, we are able to deliver to our clients high-quality market intelligence. Using cutting-edge, proprietary research tools we help our clients identify new market opportunities, apprehend risk early-on, maximize revenue sources and enter disruptive markets. Through a suite of impactful solutions developed using the knowledge of emerging markets, Global Market Studies is able to add real value to clients’ decision-making process so they may stay ahead of change and develop that much-needed competitive edge. We are a global market research company underpinned by quality analysis and unmatched experience combining our forte of swift turnarounds that suit your deadlines along with an ever-growing network of researchers and analysts.

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