Healthcare Asset Management Market 2023: Increasing Demand for Efficient Management Practices Report
The global healthcare asset management market is projected to reach USD 35.19 billion by 2023 from USD 8.98 billion from 2018, at a CAGR of 31.4%. Need for better asset management in hospitals, acceptance of asset management solutions in pharmaceutical industry, and decline in prices of RFID Tags are the factors driving the growth of the healthcare asset management market.
The healthcare asset management market is segmented into tags, readers/interrogators, antennas, and accessories. In 2018, the RFID tags segment is expected to dominate the market. The growth of this market is 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.
The passive RFID segment is expected to account for the largest share of the market; also, this segment is expected to register highest CAGR during the forecast period owing to the low cost of passive tags in comparison with active tags. Also, passive tags do not require an external source of energy, owing to which they are more widely adopted.
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In 2023, North America is expected to dominate the market followed by Europe. The large share of this region 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.
While the healthcare asset management market represents significant growth opportunities, market growth may be hindered due to the high cost of RFID readers. The healthcare asset management market is marked by the presence of several big and small players. Prominent players offering healthcre asset mangement 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).
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.