The growth of the healthcare asset management market is driven by need for better asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, and decline in prices of RFID Tags.
What the Market Looks Like?
Predicted to grow at a CAGR of 31.4% during the forecast period, the global Healthcare Asset Management Market is estimated to reach USD 35.19 Billion by the end of 2023. In 2018, North America to dominate the healthcare asset market .
Based on application is segmented into hospital asset management and pharmaceutical asset management. The hospital asset management segment is estimated to be the largest segment in 2018. The growing need for effective asset management in hospitals, expanding application areas of asset management solutions and the availability of technologically advanced products are some of the major factors driving the growth of this segment.
Based on type, RFID hardware market is further segmented into tags, readers/interrogators, antennas, and accessories. RFID tags are expected to account for the largest share of the RFID hardware market in 2018. The large share can primarily be attributed to the increasing acceptance of RFID in pharmaceutical companies, declining prices of RFID tags, and the availability of technologically advanced products in the market.
Based on product, the healthcare asset management market is segmented into radio frequency identification (RFID) devices, real-time location systems (RTLS), and ultrasound & infrared tags. Of all these product segments, the RFID devices segment is expected to account for the largest share of the healthcare asset management market in 2018. RTLS on the other hand is expected to register the highest CAGR during the forecast period owing to the higher precision and accuracy offered by RTLS for tracking and monitoring assets in healthcare facilities.
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What Drives the Market?
The growth of the global market for Healthcare Asset Management is primarily influenced by the following factors:
- Need for Better Asset Management in Hospitals
- Acceptance of Asset Management Solutions in the Pharmaceutical Industry
- Decline in Prices of RFID Tags
While the healthcare asset management market represents significant growth opportunities, market growth may be hindered due to the high cost of RFID readers.
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Geographical growth scenario of Healthcare Asset Management Market
Geographically, the Healthcare Asset Management market has been studied for North America, Europe . The market is dominated by North America, followed by Europe. The dominance of the North American market is attributed to factors such as growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and the presence of key players in the region.
Leading market players and strategies adopted
The prominent players in the Healthcare Asset Management market include AiRISTA Flow (US), Elpas (US), CenTrak, Inc.(US), ThingMagic [A Novanta Company (US)], Sonitor (Norway), Stanley Healthcare (US), Versus Technology, Inc. (US), Zebra Technologies (US), GE Healthcare (US), and IBM Corporation (US).
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