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

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