Healthcare Asset Management Market is Expected to Reach USD 29,602 Million by 2020

Date: 2015-08-16

“The healthcare asset management market is expected to reach USD 29,602 million by 2020 from USD 6,700 million in 2015, growing at a CAGR of 34.6% during the forecast period. The primary factors contributing to the growth of the global healthcare asset management market are high concerns for patient safety, decreasing cost of hardware, technological advancements, increasing use in the pharmaceutical industry, and increasing use in hospitals to enhance staff productivity. On the other hand, technical and operational challenges coupled with privacy and ethical issues, initial investment requirements, and RFID tag accuracy concerns are the factors restraining the growth of the market. 

The global healthcare asset management market has been further segmented on the basis of products, applications, and regions. On the basis of products, the healthcare asset management market is categorized into Radiofrequency Identification (RFID) components in hospitals, RFID components in the pharmaceutical industry, Wi-Fi-based Real-time Location Systems (RTLS), and infrared and ultrasound tags. The RFID in hospitals product segment is expected to dominate the healthcare asset management market in 2015. The need to improve patient safety, supply chain productivity, and cost reduction of operations propels the growth of this market segment

On the basis of applications, the healthcare asset management market is segmented into hospitals and pharmaceuticals. The hospitals market is subsegmented into equipment management, staff management, patient management, and temperature and humidity monitoring. The pharmaceuticals market is segmented into anti-drug counterfeiting and supply chain management. 

On the basis of region, the healthcare asset management market is further segmented into North America, Europe, Asia, and RoW. The healthcare asset management market is dominated by North America, which accounted for the largest share 62.7% of the market. The increasing number of hospitals in the U.S. adopting the asset management technology and technological advancements in the region are the major factors behind the large share of this regional segment. 

Asia is considered to be the fastest-growing region of the healthcare asset management market. The growth of this market can be attributed to increasing government support for healthcare asset management. Many of the companies in Asia are capable of manufacturing cheap tags based on the standards embraced by Engineering, Procurement and Construction global (EPC global), the international standards group. Experts opine that Asian governments, including those in China, Japan, and South Korea, are actively promoting RFID. In Asia, RFID research and testing is funded by individual countries, typically on a project-by-project basis. 

Apart from comprehensive geographic and market sizing, the report also provides a competitive landscape; company profiles that comprise basic views on the key players in the healthcare asset management market; and product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.

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