Healthcare Asset Management Market Indicates Notable CAGR growth by 2023

Posted by vinit sawant on April 13th, 2021

Market Highlights

Healthcare asset management is used to reduce human error in the healthcare sector and to increase the efficient use of available resources. The increasing demand for easy to use healthcare asset management services, growing acceptance of new technology in the healthcare sector and growing concerns about patient safety are the major factors driving the growth of the Healthcare asset management market.

Additionally, increasing R&D spending and aggressive strategies adopted by the top players, such as mergers and acquisitions, are contributing to the growth of the market. For instance, in March 2018, Motorola solutions announced the acquisition of Avigilon for USD 1 billion. By this acquisition Motorola will get access to Avigilon’s public safety, government and commercial customers.

The healthcare asset management market size is expected to grow during the forecast period (2018–2023) at a CAGR ~18.2%.

The high costs associated with installation, patient safety, and issues related to device accuracy are likely to hinder the market growth during the forecast period.

Regional Analysis

The market in the Americas is expected to dominate the Healthcare asset management market during the forecast period owing to the increasing awareness and acceptance about new technology in healthcare sector along with the increasing expenditure on the healthcare sector, and well-established network of healthcare Centers/Hospitals in the region.

The European market is expected to be the second-largest due to government funding and support of the healthcare sector, coupled with increasing research and development. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to technological development, increasing digitization and favorable government initiatives for healthcare facilities.

The market in the Middle East & Africa is likely to account for the smallest share of the healthcare management market. But increasing drug counterfeiting cases can boost the market growth. According to WHO, this region is badly affected by drug counterfeiting and 41% of cases of drug counterfeiting are from this region.

Key Players

Some of the key players in the healthcare asset management market are cenTrak, Airista Flow, GE Healthcare, IBM Corporation, Infor Inc., Tyco Security Products., Intelligent InSites, Motorola Solutions, Inc., Radianse, JADAK(a Novanta Company), Siemens Healthineers, Sonitor Technologies, Stanley Black & Decker, Inc., Ekahau, Inc.