Healthcare Asset Management Market Size

Healthcare Asset Management Market Analysis

The healthcare asset management market is expected to register a CAGR of 30% over the forecast period. Healthcare asset management is a systematic and cost-effective strategy to plan, acquire, operate, and dispose of a healthcare organization's equipment and physical assets. The primary factors that encourage adopting healthcare asset management in healthcare organizations are keeping track of medical devices, high operating costs, time savings, enhanced patient care, higher staff productivity, significant cost savings, and intense maintenance.

• Real-time location systems (RTLS) and radio frequency identification devices are crucial instruments for healthcare asset management (RFID). The increased demand for improving efficiency and the rising integration of cloud computing, electronic health records, and other digital systems in hospitals is driving the market. However, low awareness and innovation in this sector in low and middle-income countries is a significant challenge for the Healthcare Asset Management Industry.
• Hospitals are increasingly adopting automated workflows and intelligent business analytics to ease the burden on their staff to improve workflow bottlenecks. Real-time Location Systems (RTLS) are poised to find widespread usage in healthcare asset management systems. The ability to manage multitasking involved in data capturing, integration, visualization, and analysis to enhance reliability is anticipated to drive market growth.
• Furthermore, the growing focus on existing assets' effective management along with the workforce has propelled numerous facilities of medical worldwide to adopt efficient management technologies and solutions of investments, therefore enlarging market growth of healthcare asset management.
• In urgent circumstances, the patient's state can change in a matter of seconds, and if the effectiveness of the operations is poor, the patient could perish. An additional driver of the asset management market in the healthcare system is the growing demand to increase hospital operational efficiency. However, the outdated healthcare infrastructure and worries over data privacy are a few factors that prevent using these technologies.
• The COVID-19 pandemic has brought the entire world to a grinding halt. Businesses have either shut down or are operating at a diminished capacity. With production cycles impacted, supply chains are being distorted, leading to shortages of consumer products.