Healthcare Asset Management Market is Estimated to Witness High Growth Owing to Opportunity Increased Demand For Medical Resource Optimization

Healthcare asset management helps hospitals and healthcare organizations achieve maximum utilization and return on investment from medical equipment, facilities and real estate assets. It enables healthcare providers to effectively track, locate and maintain valuable medical assets to ensure they are fully optimized. The rising costs of medical equipment and need to improve operational efficiency is driving increased adoption of healthcare asset management solutions.

The global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity: Increased demand for medical resource optimization is one of the major opportunities for the growth of healthcare asset management market. Healthcare organizations are under constant pressure to optimize utilization of medical equipment and other assets while controlling costs. Asset management solutions help track equipment usage, automate maintenance scheduling and ensure assets are deployed where most needed. This significantly improves return on investments. With healthcare costs continuing to rise globally, asset management is enabling greater efficiency and savings for providers. It allows real-time visibility and analytics into asset usage across locations. This provides opportunities to right-size inventories, schedule repairs efficiently and avoid waste. The growing need to optimize medical resources and assets will continue driving demand for specialized healthcare asset management solutions over the forecast period.

Porter’s Analysis

Threat of new entrants: The healthcare asset management market requires high R&D investment and regulatory approvals which makes it difficult for new players to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of existing key players offering diversified product portfolio.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and raw materials.
Threat of new substitutes: Threat of substitutes is moderate due to presence of alternative management solutions.
Competitive rivalry: Intense due to large number of global and regional players operating in the market.

SWOT Analysis

Strength: Established distribution network and large customer base. Varied product offerings catering to diverse healthcare needs.
Weakness: High R&D and marketing costs incurred to develop and market new products. Stringent regulatory approvals delay product launches.
Opportunity: Rising healthcare expenditure in emerging nations presents lucrative growth prospects. Expanding applications in therapeutic areas augur well.
Threats: Threat from generic products once blockbuster drugs lose patent exclusivity. Reimbursement issues in certain regions act as a challenge.

Key Takeaways

The global healthcare asset management market is expected to witness high growth. The global Healthcare Asset Management Market is estimated to be valued at US$ 44.16 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030.

North America dominates the market currently owing to stringent regulatory mandates and high healthcare spending. Asia Pacific region represents a lucrative market for healthcare asset management. Countries such as China, India, South Korea and Japan are major growth contributors owing to their large patient population and improving healthcare infrastructure. In addition, rising medical tourism and strengthening economy in the region will aid the expansion of the Asia Pacific healthcare asset management market during the forecast period.

Key players: Key players operating in the healthcare asset management market are GE Healthcare (US), Siemens Healthineers (Germany), Airista Flow (US), IBM Corporation (US), Elpas (US), CenTrak, Inc. (US), Sonitor Technologies (US), Stanley Healthcare (US), Zebra Technologies Corporation (US), Midmark Corporation (US). Key players focus on the approval and commercialization of their drugs and solutions to strengthen their market position.