Healthcare asset management offers a practical solution for the optimization and effective use of medical devices, managing inventory, reducing the chances of human error. Over the past few years, the healthcare asset management is growing pervasively mainly due to the growing healthcare sector and the increasing number of pharmaceutical companies.
Furthermore, the growing concerns of drug counterfeiting and the increasing acceptance of advanced technologies in the healthcare sector are escalating the market on the global platform.
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Recognizing the impressive growth records, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global healthcare asset management market will garner exponential accruals by 2023 registering a staggering CAGR of 18.2% during the assessment period (2018-2023).
Vendors offering healthcare asset management services have been continually implementing the innovating ideas as a foray to improve the customer experience. Market players are targeting healthcare facilities of all sizes, offering affordable options for all users and their digital asset needs. These solutions provide low-cost options and the rapid deployment of services. However, to ensure security, pharma-companies need to comply with government regulations.
The medical devices industry is gradually focusing on the digital medium to market their products. The popularity of the Internet and widespread use of mobile devices, along with rising online usages, together have encouraged companies to consider these solutions as an add-on factor to boost development initiatives.
On the other hand, factors such as increasing concerns about patient safety, accuracy issues associated with the devices, expensive healthcare asset management tools, and poor implementation due to organizational and infrastructure problems are expected to impede the market growth during the assessment period.
Healthcare Asset Management Market –Segments
The market can be segmented into four key dynamics for enhanced understanding;
By Products : Real-Time Location Systems (RTLS), Radiofrequency Identification (RFID) Devices and Ultrasound & Infrared Tags among others.
By Applications : Hospital Asset Management and Others.
By End-Users : Hospital, Laboratory, and Pharmaceutical, among others.
By Regions : Europe, North America, APAC and Rest-of-the-World.
Healthcare Asset Management Regional Analysis
Globally, the North American region accounts for the leading market for healthcare asset management with the largest market share. Factors substantiating the market growth include high adoption rate of advanced technologies, increasing demand for new technology to stop drug counterfeiting along with the presence of a huge network of healthcare service providers and a well-established healthcare system.
With the substantial investments transpired into the field of technological development, fervent market players are offering cutting-edge technologies. Simultaneously, availability of a well-established infrastructure in the region provides impetus to the market growth, allowing faster implementation of advanced technologies. The U.S. and Canada are the markets in the region owing to the increasing technological advancements in these countries. The region is projected to retain its hegemony in the global market, continuing with the same growth trends.
The European region accounts for the second-largest market for healthcare asset management owing to the demand from the burgeoning healthcare sector. Certainly, the resurging economy is playing a vital role in the growth of the market supporting the proliferation of healthcare facilities in the region.
Moreover, factors such as government funding support coupled with increasing research and development in the healthcare sector drive the market growth in the region. Furthermore, increasing cases of drug counterfeiting is propelling the growth of healthcare asset management services
The Asia Pacific region is rapidly emerging as a promising market for healthcare asset management, witnessing a healthy growth. Factors such as the growing healthcare sector increasing with population and urbanization coupled with the improving economy in the region foster the market growth.
Growing markets of APAC countries such as China and India are driving the market growth, attracting the international players in the region. The high uptake of technology in the region is also one of the driving forces of the market growth. Asia Pacific market has been valuing greatly over the past few years which are likely to continue further over the forecast period.
Furthermore, factors such as the increasing demand for easy to use asset management software, increasing digitalization, and investments in healthcare and expansions by market players in the region are fuelling the market growth.
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Healthcare Asset Management Market – Competitive Analysis
The healthcare asset management market is adorned by numerous major players having the geographical presence with the lion’s share in the market. Well-established vendors operating in the digital asset management market compete based on pricing, innovation, service, reputation. However, the significant growth and the immense revenue generation opportunities that the APAC market is demonstrating is attracting several entrants to the market. The cooperation strategy within the ecosystem is enabling the technology integrators to enter into a licensing agreement with the digital asset management technology providers.
The market leaders profiled in the MRFR analysis include Airista Flow, cenTrak, IBM Corporation, GE Healthcare, Infor Inc., Intelligent InSites, Tyco Security Products., Motorola Solutions, Inc., JADAK (a Novanta Company), Radianse, Sonitor Technologies, Siemens Healthineers, Stanley Black & Decker, Inc., and Ekahau, Inc.
Industry/ Innovation /Related News:
October 12, 2018 – First Health Advisory Solutions (US), a leader in medical device security services, and Zingbox (US), a leading provider of the most widely deployed healthcare Internet of Things (IoT) analytics platform, announced a strategic partnership to offer comprehensive security & operations solutions for connected healthcare assets.
The partnership is expected to offer a unified approach to manage the ever-increasing reliance on the Internet of Medical Things (IoMT). This will further relieve healthcare delivery organizations of operational and technical challenges of identifying, securing and maintaining all types of connected assets.
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