Healthcare Asset Management Market is projected to grow at a CAGR of 46.9% during the forecast period to 2029

Healthcare asset management entails efficiently and cost-effectively managing and maintaining machinery, equipment, and physical assets. Pumps, plumbing, compressors, wheelchairs, refrigeration, generators, condensers, mobile beds, heating, ventilation, and air conditioning (HVAC), and other hospital systems are typically included. It saves time and money, increases asset utilization, locates equipment faster, keeps the right inventory on hand, and promotes employee communication.

Data Bridge Market Research analyses that the healthcare asset management market was valued at USD 17.10 billion in 2021 and is expected to reach USD 370.81 billion by 2029, registering a CAGR of 46.9% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Some of the major players operating in the healthcare asset management market AiRISTA Flow, Inc. (US), CenTrak Inc. (US), Novanta Inc. (US), Sonitor Technologies (Norway), STANLEY Healthcare (US), VERSUS TECHNOLOGIES (US), Zebra Technologies Corporation (US), General Electric Company (US), IBM (US), Siemens Healthcare GmbH (Germany), Aeroscout Industrial (US), Awarepoint Corporation (US), Radianse (US), Midmark Corporation (US), McKesson Corporation (US), Cerner Corporation (US),Motorola Solutions, Inc. (US), and Infor, Inc. (US), among others.

Healthcare Asset Management Market Dynamics
Drivers
Rising prevalence of fake drugs will propel the growth rate of market during the forecast period.
According to the World Health Organization (WHO), approximately 250,000 children die each year as a result of the use of forged malaria and pneumonia medications. RFIDs and other healthcare asset management systems assist ensure that pharmaceuticals entering pharmacies and hospitals are genuine. RFID tags can readily be buried into medicine labels, allowing for drug tracking throughout the supply chain.

Increasing demand for better asset management in hospitals will drive the market's growth rate.
The increase in demand for better asset management in hospitals will cushion the growth rate of healthcare asset management market. Healthcare organizations all over the world are adopting effective asset management systems and technologies as a result of mounting pressure to effectively manage their existing staff. The majority of healthcare companies spend a significant amount of their cash on hospital equipment tracking.

Furthermore, the reduction in the prices of radiofrequency identification (RFID) tags will act as a major factor influencing the growth of healthcare asset management market. Also, rise in the level of disposable incomes in developing and developed countries and increasing expenditure on healthcare infrastructure are the major market drivers that will further escalate the growth of healthcare asset management market. Another significant factor that will cushion the healthcare asset management market's growth rate is the growing focus of manufacturers on the adoption of advanced technologies. The rise in the number of chronic diseases and increasing concerns for patient safety will flourish the growth rate of hospital asset management market.

Opportunities
Rising acceptance of asset management solutions in pharmaceutical industry will create new market opportunities in coming years
The global healthcare asset management market is being driven by the rising acceptance of asset management solutions in pharmaceutical industry. In recent years, the pharmaceutical sector has increased its radiofrequency identification (RFID) usage. In international pharmaceutical manufacture and distribution, the technology has evolved into a systematic aspect of supply chain management.

Moreover, the development of IOT based healthcare asset management and advancement in healthcare asset management device technology will provide beneficial opportunities for the healthcare asset management market growth. Additionally, the increasing demand from emerging markets and technological advancements will further expand the healthcare asset management market's growth rate in the future.

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Global Healthcare Asset Management Market Scope
The healthcare asset management market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product
Radiofrequency Identification (RFID) Devices
Real-Time Location Systems (RTLS)
Ultrasound and Infrared Tags
On the basis of product, the healthcare asset management market is segmented into radiofrequency identification (RFID) devices, real-time location systems (RTLS), ultrasound and infrared tags. Radiofrequency identification (RFID) devices is further sub segmented into hardware, software and services. Hardware is further sub segmented into passive tags and active tags. Active tags is further sub segmented into readers/interrogators, antennas and accessories. Real-time location systems (RTLS) is further sub segmented into hardware, software and services. Hardware is further sub segmented into tags/badges and readers/interrogators.

Application
Hospital Asset Management
Pharmaceutical Asset Management
On the basis of application, the healthcare asset management market is segmented into hospital asset management, pharmaceutical asset management. Hospital asset management is further sub segmented into equipment tracking and management, patient management, temperature and humidity monitoring, staff management and infection control and hand hygiene compliance. Pharmaceutical asset management is further sub segmented into drug anti-counterfeiting and supply chain management.

Healthcare Asset Management Market Regional Analysis/Insights
The healthcare asset management market is analysed and market size insights and trends are provided by country, product and application as referenced above. The countries covered in the healthcare asset management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the healthcare asset management market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the availability of quality infrastructure for clinical and laboratory research in this region. Additionally, rising adoption of low cost medical systems in clinical diagnostic laboratories will flourish the market's growth rate in this region.
Asia-Pacific is expected to grow during the forecast period due to technological expansion of developing countries and increasing number of middle age population in this region. Rising expenditure on healthcare infrastructure and the emergence of unmet market demand will propel the market's growth rate in this region.

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The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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