Healthcare Asset Management Market

Based on Product-

The market is divided into two types of products: radio frequency identification (RFID) and real-time location systems (RTLS). During the analysis period, the RFID segment is expected to take the lead. Due to the rising deployment of RFID tags in recent years, the category is expected to rise at a significant rate. Due to the price reduction, RFID tag adoption is at an all-time high. As radiofrequency identification-based technologies have become more affordable over time, numerous healthcare institutions have begun to implement RFID technology in their facilities. These products include electronic identifying technology that use small, low-cost passive tags. As a result, the aforementioned elements will bolster segmental growth.

Over the projection period, the Real-time location systems (RTLS) segment is expected to rise at a profitable compound yearly growth rate. It is utilized in a medical facility to automatically identify and track the whereabouts of people or assets in real time. Due to the continuous technological improvements in RTLS solutions, the segment is expected to increase positively. One of the most notable technology advancements in such asset management solutions is the wireless RTLS tags that may be affixed or worn by patients for effective data tracking via infrared, ultrasound, and radiofrequency devices. As a result, rising adoption rates along with technological developments in these solutions will drive up product demand over the projection period.

Based on Application-

Due to the growing usage of asset management solutions in medical settings, the hospital asset management category is expected to hold the largest share. Since hospitals and doctors' offices have a lot of equipment that needs to be looked after and maintained over time. These asset management solutions enable physicians to maintain a regular track on their equipment, allowing them to better care for patients in need. Another important element driving the growth of the Healthcare Asset Management Market is the government's increased attempts to incorporate asset management in practically every hospital setting. According to the World Health Organization (WHO), even hospitals with simple operational requirements and only a few complex assets require competent healthcare asset management.

North America Region Acquires the Largest Market Share of the Global Healthcare Asset Management Market

North America acquired the largest market share during the year 2021 with a share of 39.50%. In terms of market share and revenue, North America dominates the Healthcare Asset Management Market and will continue to do so during the projection period. This is owing to the region's availability of high-quality clinical and laboratory research infrastructure. Furthermore, the growing use of low-cost medical systems in clinical diagnostic laboratories will boost the market's growth rate in this area. The market is expanding as a result of the region's well-developed healthcare infrastructure, increased commercial and public Research and Development (R&D) investments, high healthcare spending, and rising hospitalization rates. Furthermore, the presence of major industrial companies in the region, like IBM Corporation, GE Healthcare, Tyco International, and Infor, assures reduced costs and more options for clients.