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United States Healthcare Asset Management Market

United States Healthcare Asset Management Market

United States Healthcare Asset Management Market, By Product (Radiofrequency Identification, Real-Time Location Systems and Others); By Application (Staff Management, Equipment Tracking, Patient Tracking, Supply Chain Management and Others); By End-User (Hospitals, Laboratories and Others); Trend Analysis, Competitive Market Share & Forecast, 2022-2028

  • Published Date: August 2022
  • Report ID: BWC22289
  • Available Format: PDF
  • Page: 120

Report Overview

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.

United States Healthcare Asset Management Market - Industry Trends & Forecast Report 2028

United States Healthcare Asset Management Market exhibiting a CAGR of 36.2% during the forecast period 2022 - 2028. The market is growing due to the increased patient admissions and increased incidence and prevalence of chronic diseases. This calls for the use of healthcare asset management systems for effective running and management of beds, patients, equipment, inventory, and machinery to reduce the workload of the healthcare workers. All healthcare organizations aim to provide improved quality of care with access to a safe, clean, and well-maintained medical environment; this is expected to drive the United States Healthcare Asset Management Market during the forecast period 2022-2028.

Healthcare Asset Management - Overview

Healthcare Asset Management is the process of planning, acquiring, maintaining, operating, and disposing of a healthcare organization's machinery, equipment, and physical assets. It is a highly-systematic and cost-effective system for the constructive management of medical equipment and supplies. WHO estimated that 10-20% of a hospital's mobile assets are lost during their productive life. To prevent this, healthcare asset management is adopted by healthcare organizations. 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.

United States Healthcare Asset Management Market Forecast and Trends

Growth Drivers

Incorporation of Artificial Intelligence and Machine Learning

The latest trend of technology adoption incorporates the use of artificial intelligence and machine learning in healthcare asset management software. This will enable the system to sort, categorize and store data effectively and efficiently. Moreover, remote monitoring, the Internet of Things, and online mobile solutions have also been incorporated, which will eliminate the need for printouts, reduce waste, and reduce repair time. According to TRIMEDX's IoMT security platform (2022), hospitals fully utilize only 40–50% of their devices. The waste of time in searching for lost assets can be reduced by using modern healthcare asset management software, which uses artificial intelligence and machine learning.

Adoption in the Pharmaceutical Industry

The production, sales, and distribution of pharmaceutical products are regulated by the Food and Drug Administration (FDA). All pharmaceutical companies are bound to follow these regulations to achieve the paramount goal, that is, the responsibility of patient care. During the pandemic, people were using hand sanitizers, masks, gloves, etc., to prevent contracting the virus. Therefore, the pharmaceutical companies and hospitals became the prime production and healthcare centers. The demand for Healthcare Asset Management solutions in Pharmaceutical Industry increased to manage the operations effectively and provide quality care to patients. Drug counterfeiting is a public health hazard that includes deliberate and fraudulent production of mislabeled, spurious, and inefficacious pharmaceutical products. These drugs not only waste consumers' income but also raise concerns about the safety of patients. Healthcare Asset Management Solution such as radiofrequency identification (RFID) devices are helpful for supervising drug suppliers as it ensures systematic supply chain management of pharmaceutical products.

Restraints

High Cost of Initial Installation and Implementation

The use of modern healthcare asset management software requires appropriate infrastructure for wireless technology. Hospital management faces an investment dilemma as the cost of shifting from wired to wireless technology is very high. For example, the cost for radiofrequency identification (RFID) from hardware to implementation can be broken down into equipment cost, installation cost, tag cost, software cost, ongoing license cost, maintenance cost, and integrator cost, which sums up to USD 200,000-USD 600,000 for a medium-sized hospital (Yao et al.).

Impact of COVID-19 on United States Healthcare Asset Management Market

The United States Healthcare Asset Management market was impacted positively during the Covid-19 pandemic. The sudden rise in infections led to lockdown restrictions, and precautionary measures were taken up to contain the spread of the novel coronavirus. As the hospitals lacked sophisticated tracking technology, it was difficult to track potentially exposed healthcare workers for the prevention and control of disease in the hospital setting. Therefore, the demand for healthcare asset management increased. Technological progress, cost containment, and increased access are an integral part of healthcare asset management. 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.

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. This is attributed to the increased technological development, product modernization, incorporation of artificial intelligence, cheap costs, and tracking effectiveness.

United States Healthcare Asset Management Market - By Application

Based on application, the United States Healthcare Asset Management Market is segmented into staff management, equipment tracking, patient tracking, supply chain management, and others. Amidst the segmentation, the equipment tracking segment accounted for the largest market share in 2021 due to the adoption of asset management software in the pharmaceutical industry. On the other hand, the staff management segment is expected to grow with the highest CAGR during the forecast period due to increased demand for real-time location software. This will enhance the monitoring of hospital staff so as to provide improved quality of care to patients.

United States Healthcare Asset Management Market - By End User

Based on end users, the United States Healthcare Asset Management Market is segmented into hospitals, laboratories, and others. Amidst the segmentation, the hospital segment accounted for the largest market share in 2021 due to the increased patient admissions during the Covid-19 pandemic. This led to the widespread adoption of healthcare asset management systems to accurately track patients, beds, equipment, and machinery. The same segment is expected to grow with the highest CAGR during the forecast period as healthcare staff, and physicians need to manage and monitor a large number of assets.

Competitive Landscape

The United States Healthcare Asset Management Market is highly fragmented, with the presence of several companies in the country. 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.

Recent Development

  • In January 2022, Francisco Partners announced that they would acquire healthcare data and analytics assets from IBM, including Health Insights, MarketScan, Clinical Development, Social Program Management, Micromedex, and imaging software offerings.

 

  • In June 2021, Midmark RTLS announced the launch of the Bluetooth Low Energy (BLE) asset tracking solution. BLE is a low-cost, cloud-based RTLS technology aimed at improving patient care.

 

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Estimated Year - 2022
Forecast – 2022 – 2028
Facts Covered Revenue in USD Million
Product Service/Segmentation By Product, By Application, By End User
Key Players IBM Corporation, GE Healthcare, Zebra Technologies Corporation, CenTrak Inc, Jadak-A Novanta Company, Airista Flow Inc, Sonitor Technologies, Stanley Healthcare and other prominent players.

 

By Product

  • Radiofrequency Identification (RFID)
  • Real-Time Location Systems (RTLS)
  • Others

By Application

  • Staff Management
  • Equipment Tracking
  • Patient Tracking
  • Supply Chain Management
  • Others

By End-User

  • Hospitals
  • Laboratories
  • Others
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Products
    2. Quantitative Research
      1. Primary and Secondary Products
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. United States Healthcare Asset Management Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Porter’s Five Forces Analysis
      1. Bargaining End-use Industry of Suppliers
      2. Bargaining End-use Industry of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
    4. Recent Development
    5. PESTEL Analysis
  5. United States Healthcare Asset Management Market Overview
    1. Market Size & Forecast by Value, 2018-2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product
        1. Radiofrequency Identification (RFID)
        2. Real-Time Location Systems (RTLS)
        3. Others
      2. By Application
        1. Staff Management
        2. Equipment Tracking
        3. Patient Tracking
        4. Supply Chain Management
        5. Others
      3. By End-User
        1. Hospitals
        2. Laboratories
        3. Others
  6. Competitive Landscape
    1. List of Key Players and their Offerings
    2. Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  7. Impact of Covid-19 Across Healthcare Asset Management Market
  8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. IBM Corporation
    2. GE Healthcare
    3. Zebra Technologies Corporation
    4. CenTrak Inc
    5. Jadak-A Novanta Company
    6. Airista Flow Inc
    7. Sonitor Technologies
    8. Stanley Healthcare
    9. Other Prominent Players
  9. Key Strategic Recommendations

 

Note:

Financial information in case of non-listed companies will be provided as per availability, and the segmentation and companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

 Figure 1        United States Healthcare Asset Management Market Segmentation

Figure 2        United States Healthcare Asset Management Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        United States Healthcare Asset Management Market Size, By Value (USD Million), 2018-2028

Figure 5        United States Healthcare Asset Management Market Share, By Product, By Value, 2018-2028

Figure 6        United States Healthcare Asset Management Market Share, By Application, By Value, 2018-2028

Figure 7        United States Healthcare Asset Management Market Share, By End-User, By Value, 2018-2028

 

List of Tables

 

Table 1         United States Healthcare Asset Management Market Size, By Product, By Value, 2018-2028         

Table 2         United States Healthcare Asset Management Market Size, By Application, By Value, 2018-2028                               

Table 3         United States Healthcare Asset Management Market Size, By End-User, By Value, 2018-2028                                         

Table 4         IBM Company Overview                                            

Table 5         IBM Financial Overview                                            

Table 6         GE Healthcare Company Overview                                       

Table 7         GE Healthcare Financial Overview                                        

Table 8         Zebra Technologies Corporation Company Overview                                   

Table 9         Zebra Technologies Corporation Financial Overview                                     

Table 10        CenTrak Inc Company Overview                                          

Table 11        CenTrak Inc Financial Overview                                           

Table 12        Jadak-A Novanta Company Company Overview                                          

Table 13        Jadak-A Novanta Company Financial Overview                                          

Table 14        Airista Flow Inc Company Overview                                      

Table 15        Airista Flow Inc Company Financial Overview                                            

Table 16        Sonitor Technologies Company Overview  

Table 17        Sonitor Technologies Financial Overview

Table 16        Stanley Healthcare Company Overview    

Table 17        Stanley Healthcare Financial Overview                                  

                            

 

 

Market Segmentation

By Product

  • Radiofrequency Identification (RFID)
  • Real-Time Location Systems (RTLS)
  • Others

By Application

  • Staff Management
  • Equipment Tracking
  • Patient Tracking
  • Supply Chain Management
  • Others

By End-User

  • Hospitals
  • Laboratories
  • Others
No data available

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