The global healthcare asset management market is poised to witness significant growth, with a projected value of USD 35.19 billion by the year 2023. This surge in market value can be attributed to the pressing need for improved asset management in healthcare facilities, the increasing adoption of asset management solutions in the pharmaceutical industry, and a decline in the prices of RFID tags.
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Defining the Landscape
The primary objectives of this study are multi-faceted:
- To define, describe, and forecast the global healthcare asset management market based on product, application, and region.
- To provide comprehensive insights into the major factors influencing market growth, including drivers, restraints, opportunities, and industry-specific challenges.
- To conduct a strategic analysis of micro-markets, identifying individual growth trends, future prospects, and their contributions to the overall market.
- To analyze opportunities within the market for stakeholders and provide insights into the competitive landscape for market leaders.
- To forecast the size of market segments in North America, Europe, Asia, and the Rest of the World (RoW).
- To strategically profile key players, comprehensively analyzing their product portfolios, market positions, and core competencies.
- To monitor and analyze competitive developments such as acquisitions, new product launches, expansions, agreements, partnerships, and collaborations in the healthcare asset management market.
Driving Factors
1. Need for Better Asset Management in Hospitals
Healthcare organizations worldwide are grappling with the necessity of improving asset management within their facilities. A significant portion of their budgets is allocated to tracking hospital equipment, and instances of missing equipment are not uncommon. For example, Louisiana State University (LSU) hospitals reported that approximately USD 6 million worth of state-owned hospital equipment had gone missing, and newly purchased equipment was not adequately tracked. Inefficient asset management practices not only waste time but also compromise the quality of patient care. A survey by the Nursing Times revealed that more than one-third of nurses spend at least an hour during an average hospital shift searching for equipment, impacting budgets and patient care quality.
2. Acceptance of Asset Management Solutions in the Pharmaceutical Industry
The use of radiofrequency identification (RFID) in the pharmaceutical industry has witnessed substantial growth in recent years, with the technology becoming an integral part of international pharmaceutical production and distribution supply chains. The rising threat of drug counterfeiting worldwide has contributed to the adoption of RFID technology. Internet-based sales of pharmaceuticals have led to a significant increase in cases of pharmaceutical counterfeiting, theft, and diversion. According to the Pharmaceutical Security Institute (PSI), there was a 5% increase in such cases in 2016, with 3,147 cases reported, compared to 3,002 cases in 2015 and 2,177 cases in 2014.
Key Players in the Market
The healthcare asset management market boasts a diverse range of players, both large and small. Prominent companies offering healthcare asset management products include:
- AiRISTA Flow (US)
- Elpas (US)
- CenTrak, Inc. (US)
- ThingMagic [A Novanta Company (US)]
- Sonitor (Norway)
- Stanley Healthcare (US)
- Versus Technology, Inc. (US)
- Zebra Technologies (US)
- GE Healthcare (US)
- IBM Corporation (US)
Notable Developments
Product Launches
- In March 2018, Elpas unveiled Eiris Software Version 5.0.7.
- The same month, Versus Technology introduced Clearview Mini, a wearable wrist RTLS Badge.
Agreements and Partnerships
- In February 2018, Sonitor Technologies and Stanley Healthcare (US) announced a partnership to integrate Sonitor Sense (a high-definition ultrasound-based IPS system) into Stanley Healthcare's AeroScout RTLS platform.
- In June 2017, Zebra Technologies (US) and GE Healthcare (US) formed an alliance to introduce Encompass, a Wi-Fi-based asset management solution for mobile assets and inventory management.
Acquisitions
- In January 2017, Novanta Corporation (US) acquired ThingMagic business from Trimble Inc. (US), expanding its RFID portfolio to address various healthcare-related needs.
- In March 2016, AiRISTA Flow acquired Ekahau (US), a leading provider of Wi-Fi-based location services and workforce solutions.
Expansions
- In June 2017, IBM opened four new IBM cloud data centers, two in London, one in California, and one in Sydney.
- In April 2017, IBM established the IBM Watson Health Center in Helsinki, Finland, as part of a five-year collaboration agreement with Tekes, the Finnish Funding Agency.
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Future Outlook
While the healthcare asset management market holds significant growth potential, the high cost of RFID readers may act as a hindrance to market expansion. Nevertheless, with the increasing need for efficient asset management in healthcare and the growing threat of pharmaceutical counterfeiting, the market is expected to continue its upward trajectory. North America currently dominates the market, with key players contributing to its growth. As the demand for healthcare asset management solutions rises globally, the industry is poised for a promising future.
