April 20, 2024

Healthcare Asset Management Market Propelled by the Growing Need to Track and Monitor Medical Equipment

Healthcare asset management involves the tracking, monitoring, and maintenance of valuable medical equipment across healthcare organizations. It helps healthcare providers maintain diagnostic imaging machines, medical and surgical equipment, facility management systems and other medical devices in optimal condition. This ensures maximum uptime and utilization of devices, reduces repair costs, and improves patient safety.

The global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Billion 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 major trends propelling the growth of the healthcare asset management market is the growing need to track medical equipment across different locations and departments. With the increasing number of medical devices and their mobility within healthcare facilities, it has become challenging for providers to keep track of devices and their maintenance needs. This can lead to costly mistakes and losses. Healthcare asset management solutions help track the location, usage, and maintenance history of devices through real-time technologies like RFID and sensors. This ensures equipment availability, prevents thefts and losses, schedules maintenance optimally, and improves patient outcomes through better management of medical equipment and technologies.

SWOT Analysis
Strength: Healthcare asset management solutions help optimize utilization of assets and resources. This improves patient care quality and clinical outcomes.
Weakness: High initial investment and infrastructure requirement for implementation of advanced healthcare asset management solutions.
Opportunity: Growing need to improve operational efficiency and reduce healthcare costs is driving demand for innovative asset management solutions.
Threats: data privacy and security concerns can limit adoption of cloud-based healthcare asset management systems.

Key Takeaways
The global Healthcare Asset Management Market is expected to witness high growth. The global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 Billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030.

Regional analysis

North America dominated the global market in 2022 with over 30% revenue share. availability of advanced healthcare infrastructure and growing hospital investments are major factors contributing to the large market size. Asia Pacific is expected to grow at the fastest CAGR of over 18% during the forecast period driven by increasing healthcare expenditure, growing medical tourism, and rising focus on improving healthcare facilities in emerging countries.

Key players:
Key players operating in the Healthcare Asset Management market are Stanley Black & Decker Inc., Aeroscout Industrial, GE Healthcare, Midmark Corporation, Zebra Technologies. Key players focus on the approval and commercialization of their drugs, expansion of production facilities, and mergers and acquisitions to strengthen their market position and increase revenue share.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it