United States Healthcare Asset Management Market
United States Healthcare Asset Management Market to Grow at a CAGR of 36.2% until 2028
Published | 16 August 2022
United States Healthcare Asset Management Market is growing to facilitate easy tracking of beds, patients, equipment, machinery, reduce the workload on the healthcare staff, and effectively manage the consumables inventory. The growth of United States Healthcare Asset Management Market is also fueled by the aim to improve operations, control risk, reduce delays, and reduce costs in providing quality healthcare to patients in healthcare organizations.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Healthcare Asset Management Market is projected to grow at a CAGR of 36.2% during the forecast period (2022-2028). The United States Healthcare Asset Management Market is booming because of the escalating need to reduce the workload on the healthcare staff and effectively manage inventory due to the increasing incidence and prevalence of chronic diseases. Healthcare Asset Management is a highly-systematic and cost-effective system of planning, acquiring, maintaining, operating, and disposing of a healthcare organization's machinery, equipment, and physical assets. It helps to improve operations, ensure data privacy, increase awareness, control risk, reduce cost, reduce delays experienced by patients and staff, improve the profitability of the facility, reduce the chances of drug counterfeiting, and ensures patient satisfaction. Therefore, the growth of the United States Healthcare Asset Management Market is driven by the provision of improved quality of care with access to a safe, clean, and well-maintained medical environment.
Increased Patient Admissions in Hospital and Shortage of Staff to Drive Market Growth
According to the Worldometer, the USA ranks as the third largest country by population and is home to thousands of patients with chronic, lifestyle, and life-threatening diseases. To keep up with the increasing patient admissions, it is imperative to adopt a healthcare asset management system that will accurately track patients, beds, equipment, and machinery. This will prevent any confusion among the hospital staff, and the chances of patients getting skipped will be eliminated. According to an American College of Healthcare Executives survey 2021, personnel shortages are the top concern of hospital CEOs. Moreover, according to a survey by the Nursing Times, more than one-third of nurses spend at least an hour locating equipment during an average hospital shift. A novel and innovative product called radiofrequency identification (RFID) bands were introduced to facilitate patient tracking and equipment tracking. These are worn on wrists, storing all relevant information such as name, medical history, allergies, tests, etc. These systems will improve operations, reduce delays experienced by patients and staff, reduce the chances of drug counterfeiting, and eventually ensure patient satisfaction. Therefore, improving the quality of care in healthcare organizations is expected to drive the growth of the Healthcare Asset Management Market.
High Cost of Initial Installation and Implementation to Limit the Market Growth
The high cost of initial installation and implementation of the modern healthcare asset management software hinders the growth of the market. The cost for RFID can be broken down into equipment cost, installation cost, tag cost, software cost, ongoing license cost, maintenance cost, and integrator cost. Moreover, it requires appropriate infrastructure for wireless technology, which is highly cost-inclusive.
United States Healthcare Asset Management Market - By Product
Based on product, the United States Healthcare Asset Management Market is segmented into Radiofrequency Identification (RFID), Real-Time Location Systems (RTLS), and Others. Amidst the segmentation, the Radiofrequency Identification (RFID) segment accounted for the largest market share in 2021 due to the technological advancements in RFID. Moreover, the same segment is expected to grow with the highest CAGR during the forecast period 2022-2028 due to the increased technological development, incorporation of artificial intelligence, cheap costs, and tracking effectiveness.
Impact of COVID-19 on United States Healthcare Asset Management Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The United States Healthcare Asset Management market was positively affected during the Covid-19 pandemic. The demand for healthcare asset management systems increased due to increased patient admissions, shortage of staff, and lack of sophisticated tracking technology. It was difficult to track potentially exposed healthcare workers for the prevention and control of disease in the hospital setting. In April 2020, SwipeSense distributed free asset tracking tags to its hospital partners to track the usage of equipment and medications. These tags also had the ability to tell which equipment had come in contact with Covid infected patients.
Competitive Landscape
The key players operating in United States Healthcare Asset Management Market are IBM Corporation, GE Healthcare, Zebra Technologies Corporation, CenTrak Inc, Jadak-A Novanta Company, Airista Flow Inc, Sonitor Technologies, Stanley Healthcare, and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, acquisitions, and partnerships to expand their customer reach and gain a competitive edge in the overall market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Healthcare Asset Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Healthcare Asset Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: August 2022
United States Healthcare Asset Management Market is growing due to the increased incidence and prevalence of chronic diseases. For easy tracking of beds, patients, equipment, machinery, to reduce the workload on the healthcare staff, and effectively manage the consumables inventory, healthcare asset management systems are need of the hour. Therefore, the aim to provide low-cost quality healthcare with access to safe, clean, and well-maintained medical environment is fueling the growth of United States Healthcare Asset Management Market.
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