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Healthcare Asset Management Market Size Worth USD 100.5 Billion by 2027 at 31.5% CAGR - Report by Market Research Future (MRFR)

Healthcare Asset Management Market Insights and Industry Analysis by Product (Radiofrequency Identification (RFID) Devices, and Others), Application (Hospital Asset Management and Others), End-User (Hospital, Laboratory, Pharmaceutical, and Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2027

/EIN News/ -- New York, US, July 29, 2021 (GLOBE NEWSWIRE) -- Healthcare Asset Management Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Healthcare Asset Management Market Information by Product, Application, End User and Region - Forecast till 2027”, the market is anticipated to reach USD 100.5 Billion by 2027 registering a CAGR of 31.5%.

Market Scope:

The healthcare industry is undergoing changes, with BYOD becoming more prevalent, financing rivalry increasing, and new technologies such as cloud use. The growth of marketing assets (pictures, video, etc.) has wreaked havoc in healthcare firms' marketing departments. Most other industries have less strict security and compliance standards than these firms. Healthcare asset management makes use of technology like Radiofrequency Identification (RFID) and is crucial for optimizing and effective usage of medical devices, inventory management, and eliminating human error.

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Competitive Dynamics:

Because the top market participants control such a large portion of the market, competition is fierce. In order to offer a viable solution, developers must have a better grasp of the process. It also necessitates strong collaboration among healthcare stakeholders during development, as well as modification to meet the needs of the end user.

Some of the Key Players in the Healthcare Asset Management Market are:

  • CenTrak
  • Airista Flow
  • GE Healthcare
  • IBM Corporation
  • Infor Inc.
  • Tyco Security Products.
  • Intelligent InSites
  • Motorola Solutions Inc.
  • Radianse
  • JADAK (a Novanta Company)
  • Siemens Healthineers
  • Sonitor Technologies
  • Stanley Black & Decker Inc.
  • Ekahau Inc.

Market Drives

The market is predicted to rise due to rising concerns about patient safety, the need to boost the efficiency of available resources, and acceptance of modern technologies in the healthcare industry. Furthermore, increased R&D spending and strategies used by leading companies, such as new product development, are driving the market forward. The growing need for better asset management in hospitals, the growing adoption of asset management solutions in the pharmaceutical industry, and the decreasing costs of radiofrequency identification (RFID) devices tags are all expected to boost the growth of the healthcare asset management market in the forecast period. Increases in the price of radiofrequency identification (RFID) device readers, on the other hand, are expected to stifle the expansion of the healthcare asset management market over the forecast period.

Furthermore, IoT-based healthcare asset management (IOT-HAM), expanding application areas for healthcare asset management systems, and technical improvements will all create significant chances for the healthcare asset management market to grow in the coming years.

Market Restraints:

During the assessment period, increased worries about patient safety, device accuracy issues, high installation costs of healthcare asset management technologies, and poor implementation due to organizational and infrastructure issues may stymie market expansion.

Browse In-depth Market Research Report (85 Pages) on Healthcare Asset Management:

COVID-19 Analysis

The continuous COVID-19 outbreak is wreaking havoc on the manufacturing industry. Manufacturing supply chains, vendors, and financiers are all feeling the strain, as are on-floor operations. As a result, effective healthcare asset management is a must, as asset downtime or failure is unavoidable in any condition. This necessitates continual and real-time inspection of equipment in manufacturing lines, which is presently almost impossible due to COVID-19-induced social distance constraints.

Market Segmentation

The healthcare asset management market has been segmented on the basis of product, application, and end-user.

On the basis of product, the market has been classified as real-time location systems (RTLS), radiofrequency identification (RFID) devices and ultrasound & infrared tags.

The radiofrequency identification (RFID) devices have been classified as hardware, and software and services. the hardware segment has been divided tags, readers/interrogators, and accessories.

The market, by end-user, has been segmented into Hospital/Clinic, Laboratories, Pharmaceutical companies, Biotechnology.

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Regional Insights:

Because of the widespread adoption of advanced technology, rising demand for new technology to combat fake drugs (drug counterfeiting), and the presence of a well-established healthcare system as well as a large network of healthcare service providers, the Americas are expected to dominate the healthcare asset management market.

The European market for healthcare asset management is predicted to be the second-largest. Government financing and support for the healthcare industry, as well as increased research and development, are driving market expansion in this region. Furthermore, increased occurrences of medicine counterfeiting are driving up demand for healthcare asset management services, which is contributing to the market's growth in this area.

Due to rising demand for easy-to-use asset management software, increased digitalization in the region, and investments in healthcare and expansions by market participants in the region, Asia-Pacific is likely to be the fastest-growing healthcare asset management market during the projection period.

Due to an underdeveloped healthcare industry, insufficient medical facilities, and a lack of technical understanding, the Middle East and Africa market is predicted to account for the smallest share of the healthcare asset management market.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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