The global healthcare asset management market is poised to achieve remarkable growth, with projections estimating it to reach a staggering USD 35.19 billion by the year 2023. This exponential growth is primarily attributed to several key factors, including the pressing need for more effective asset management within hospitals, the increasing adoption of asset management solutions within the pharmaceutical industry, and a significant decline in the prices of Radio Frequency Identification (RFID) tags.

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Market Drivers

Need for Better Asset Management in Hospitals

Hospitals worldwide are facing mounting pressures to optimize their existing resources efficiently. This has led healthcare organizations across the globe to embrace innovative asset management solutions and technologies actively. A substantial portion of healthcare budgets is allocated to tracking hospital equipment, and inefficient asset management practices can have dire consequences. An alarming example comes from Louisiana State University (LSU) hospitals, where approximately USD 6 million worth of state-owned hospital equipment went missing. Even newly purchased equipment could not be properly tracked. Such incidents not only waste valuable time but also compromise the quality of patient care. According to a recent survey conducted by the Nursing Times, over one-third of nurses spend at least an hour searching for equipment during an average hospital shift, impacting budgets and patient care quality.

Acceptance of Asset Management Solutions in the Pharmaceutical Industry

The pharmaceutical industry has witnessed a significant uptick in the utilization of Radio Frequency Identification (RFID) technology. RFID has become an integral part of supply chain management in international pharmaceutical production and distribution. The proliferation of counterfeit drugs poses a substantial threat to healthcare systems worldwide, driven largely by the online sale of pharmaceuticals. The Pharmaceutical Security Institute (PSI) reported a 5% increase in cases of pharmaceutical counterfeiting, theft, and diversion in 2016 compared to the previous year. In 2016, 3,147 cases were reported, emphasizing the growing need to combat this issue. RFID technology plays a crucial role in safeguarding the pharmaceutical supply chain and countering drug counterfeiting.

Research Methodology

This comprehensive report analyzes the global healthcare asset management market, covering the years from 2018 to 2023. The research process involved gathering qualitative and quantitative information from various sources on both the demand and supply sides. Key industry figures, including CEOs, vice presidents, marketing directors, technology and innovation directors, and other key executives from healthcare asset management market players, were interviewed to obtain crucial insights. The market estimation process employed both top-down and bottom-up approaches to validate the market size of the healthcare asset management market and its submarkets. All factors impacting the market were thoroughly examined, verified through primary research, and analyzed to provide the final quantitative and qualitative data. This data was combined with detailed inputs and analysis from MarketsandMarkets to create this comprehensive report.

Key Players in the Healthcare Asset Management Market

The healthcare asset management market is characterized by the presence of numerous significant players, including:

  • 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)
  • IBM Corporation (US)

Target Audience for this Report

This report caters to various stakeholders in the healthcare asset management market, including:

  • RTLS/RFID hardware and software vendors
  • Pharmaceutical companies
  • Healthcare providers
  • Government agencies
  • Research and consulting firms
  • Venture capitalists

Recent Developments in the Healthcare Asset Management Market

Product Launches

  • In March 2018, Elpas unveiled Eiris Software Version 5.0.7.
  • Versus Technology introduced the Clearview Mini, a wearable wrist RTLS Badge.

Agreements and Partnerships

  • In February 2018, Sonitor Technologies partnered with Stanley Healthcare (US) to integrate Sonitor Sense, a high-definition ultrasound-based Indoor Positioning System (IPS), into Stanley Healthcare’s existing AeroScout RTLS platform.
  • In June 2017, Zebra Technologies (US) collaborated with GE Healthcare (US) to introduce Encompass, a Wi-Fi-based asset management solution for mobile assets and inventory management.

Acquisitions

  • In January 2017, Novanta Corporation (US) acquired ThingMagic, a division of Trimble Inc. (US). This acquisition enabled Novanta to expand its RFID portfolio and address the growing demand for workflow solutions, patient safety, anti-counterfeiting, and asset tracking in the medical markets.
  • In March 2016, AiRISTA Flow acquired Ekahau (US), a leading provider of Wi-Fi-based location services and workforce solutions.

Expansions

  • In June 2017, IBM opened four new IBM cloud data centers in London, California, and Sydney, catering to England, the US, and Australia.
  • In April 2017, IBM inaugurated the IBM Watson Health Center in Helsinki, Finland, as part of a landmark collaboration agreement with Tekes, the Finnish Funding Agency.