Healthcare Asset Management - Market Insights, Competitive Landscape, and Market Forecast - 2032

Healthcare Asset Management Market by Product (RFID Tags, RTLS Tags, Healthcare Asset Management Software, and Others), Application (Asset Tracking & Performance Management, Workflow Automation, Patient Tracking, Inventory & Supply Chain Management, and Others), End-User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Research Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the rising need for enhanced operational efficiency and the growing focus on patient safety and care

The healthcare asset management market was valued at USD 16,799.24 million in 2024, growing at a CAGR of 19.27% during the forecast period from 2025 to 2032 to reach USD 68,349.68 million by 2032. The demand for healthcare asset management is witnessing significant growth, driven by the increasing need to enhance operational efficiency. Additionally, the growing emphasis on patient safety and quality care further bolsters the adoption of these systems. Moreover, rapid technological advancements and innovative product developments by industry players are key contributors to the positive growth trajectory of the healthcare asset management market. These factors are collectively expected to propel market expansion during the forecast period from 2025 to 2032.

Healthcare Asset Management Market Dynamics:

The growing emphasis on patient safety and quality care is driving the growth of the market. According to data from the Global Patient Safety Report by WHO in 2024, nearly one in ten patients is harmed in healthcare, translating into over three million deaths globally each year. More than half of this harm is preventable through appropriate care.

According to data from Healthcare Excellence Canada in 2024, approximately 1 in 17 hospital stays involved at least one harmful event, amounting to 150,000 incidents out of 2.5 million hospital stays recorded in Canada during 2023-2024. These statistics underscore the critical need for improved patient safety and operational efficiency in healthcare facilities. Healthcare asset management (HAM) systems are pivotal in addressing these challenges by ensuring that medical equipment is properly located and tracked. Additionally, patient tracking systems within HAM solutions enhance safety by monitoring patient movement throughout the facility, thereby preventing incidents such as patient wandering or delays in care.

The rising need for enhanced operational efficiency is further fostering market growth. As per data from RAIN Alliance in August 2024, over 800 hospitals in the United States utilized RFID tags to track medical equipment and enhance operational efficiency.

Additionally, approximately 80 billion items were tagged with RFID devices across various sectors, including healthcare, in the United States in 2024. Healthcare asset management (HAM) systems enable real-time tracking of critical equipment and significantly reduce time spent searching for devices, ensuring their timely availability and optimal utilization. Consequently, HAM systems enhance workflow efficiency, minimize resource wastage, and improve patient care delivery.

However, data security and privacy concerns, high initial implementation costs leading to financial and economic risks, among others are some of the key constraints that may limit the growth of the healthcare asset management market.

Healthcare Asset Management Market Segment Analysis:

Healthcare Asset Management Market by Product (RFID Tags, RTLS Tags, Healthcare Asset Management Software, and Others), Application (Asset Tracking & Performance Management, Workflow Automation, Patient Tracking, Inventory & Supply Chain Management, and Others), End-User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Research Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the healthcare asset management market, the RTLS tags category is estimated to account for the largest market share in the healthcare asset management market in 2024. This can be attributed to the growing adoption of real-time location system (RTLS) tags in asset tracking and management and the various advantages and applications provided by the RTLS tags. RTLS tags revolutionize healthcare asset management by providing real-time tracking of critical medical assets such as infusion pumps, ventilators, and wheelchairs. This ensures these vital resources are readily available when needed, particularly during emergencies. By monitoring equipment usage patterns, hospitals can optimize resource allocation, avoiding underutilization and unnecessary over-purchasing, which significantly reduces operational costs.

RTLS minimizes equipment loss, theft, and misplacement by tagging and tracking assets, allowing healthcare staff to locate devices quickly. This time-saving capability enhances workflow efficiency and ensures uninterrupted patient care during critical situations. Moreover, RTLS systems play a vital role in maintaining patient safety. They track sterilization and usage cycles of reusable equipment, ensuring compliance with hygiene standards and reducing infection risks. Additionally, RTLS supports staff management by monitoring movement within the facility, enabling better task delegation and workflow optimization.

Further, product launches by key players are also driving the market growth. For instance, in March 2024, CenTrak introduced its innovative Bluetooth low energy (BLE) multi-mode platform, a cutting-edge real-time location system (RTLS) designed to enhance healthcare operations. This advanced solution supports the adoption of location-based services, offering robust functionality for applications such as staff duress alerts and asset tracking.

North America is expected to dominate the overall healthcare asset management market:

North America is projected to dominate the healthcare asset management market in 2024, driven by several key factors. The region's healthcare organizations are increasingly prioritizing operational efficiency and patient safety, fueling demand for advanced asset management solutions. Additionally, technological advancements and innovative product developments by leading industry players further contribute to market growth. The presence of a well-established and sophisticated healthcare infrastructure also positions North America as a leader in adopting these solutions, solidifying its significant market share.

According to data from the Patient Safety Authority in April 2024, approximately 287,997 patient harm reports were submitted to the Pennsylvania Patient Safety Reporting System, with 96% originating from hospitals. Additionally, serious harm event reports in the United States increased from 20.6% in 2021 to 25.0% in 2022.

According to data from The White House in September 2023, nearly one in four Medicare patients' experienced adverse events during their hospital stays. This significant rise in patient harm incidents has amplified the demand for healthcare asset management solutions. These systems are essential for enhancing patient safety by enabling real-time tracking of patient locations and nearby medical devices, ensuring timely interventions and reducing risks. This growing emphasis on patient safety is a key driver for the expansion of the market, thus significantly enhancing operational efficiency and bolstering the healthcare asset management market's expansion in the region.

Healthcare Asset Management Market Key Players:

Some of the key market players operating in the healthcare asset management market include CenTrak, Inc., GE HealthCare, IBM, Sonitor Technologies, Zebra Technologies Corp., Siemens, Securitas Healthcare LLC, Infor, Tyco Security Products, AiRISTA, Ekahau, Inc., PcsInfinity Private Limited, Novanta Inc., Oracle, Midmark Corporation, Qualer, Honeywell International Inc., Impinj, Inc., HP Development Company, L.P, Koninklijke Philips N.V., and others.

Recent Developmental Activities in the Healthcare Asset Management Market:

• In April 2023, GE HealthCare launched ReadySee, an advanced asset management and network supervision solution designed to enhance operational efficiency and cybersecurity. By leveraging real-time data analytics, ReadySee transforms raw data into actionable insights, enabling healthcare providers to streamline the tracking and management of medical devices and infrastructure. The solution automates the identification and location of devices, eliminating time-consuming manual processes.
• In October 2021, Sonitor and Cancard entered into a strategic distribution agreement for the Canadian market. Through this collaboration, Cancard gains the exclusive opportunity to bring Sonitor's comprehensive portfolio of equipment, real-time location systems (RTLS), and software products to Canada. These advanced RTLS solutions, widely used in hospitals, long-term care facilities, and other industrial settings, will help enhance operational efficiency, improve asset tracking, and enable real-time location data for critical resources.

Key Takeaways from the Healthcare Asset Management Market Report Study

• Market size analysis for current Healthcare Asset Management Market size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global Healthcare Asset Management market.
• Various opportunities available for the other competitors in the Healthcare Asset Management Market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current Healthcare Asset Management market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Healthcare Asset Management market growth in the coming future?

Target Audience who can be benefited from this Healthcare Asset Management Market Report Study

• Healthcare Asset Management product providers
• Research organizations and consulting companies
• Healthcare Asset Management related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Healthcare Asset Management
• Various end-users who want to know more about the Healthcare Asset Management Market and the latest technological developments in the Healthcare Asset Management Market.

Frequently Asked Questions for the Healthcare Asset Management Market:

1. What are Healthcare Asset Management?

• Healthcare Asset Management (HAM) refers to the strategic process of efficiently tracking, monitoring, and managing medical equipment, devices, supplies, and other critical assets within healthcare facilities. These systems ensure that resources are optimally utilized and available when needed, enabling healthcare providers to deliver timely and effective care.

2. What is the market for Healthcare Asset Management?

• The healthcare asset management market was valued at USD 16,799.24 million in 2024, growing at a CAGR of 19.27% during the forecast period from 2025 to 2032 to reach USD 68,349.68 million by 2032.

3. What are the drivers for the Healthcare Asset Management market?

• The healthcare asset management market is slated to witness prosperity owing to factors such as the increasing need to enhance operational efficiency. Asset management systems are pivotal in streamlining healthcare operations, reducing equipment misplacement, and optimizing resource utilization. Additionally, the growing emphasis on patient safety and quality care further bolsters the adoption of these systems. Moreover, rapid technological advancements and innovative product developments by key industry players are key contributors to the positive growth trajectory of the healthcare asset management market. These factors are collectively expected to propel market expansion during the forecast period from 2025 to 2032.

4. Who are the key players operating in the Healthcare Asset Management market?

• Some of the key market players operating in the healthcare asset management market include CenTrak, Inc., GE HealthCare, IBM, Sonitor Technologies, Zebra Technologies Corp., Siemens, Securitas Healthcare LLC, Infor, Tyco Security Products, AiRISTA, Ekahau, Inc., PcsInfinity Private Limited, Novanta Inc., Oracle, Midmark Corporation, Qualer, Honeywell International Inc., Impinj, Inc., HP Development Company, L.P, Koninklijke Philips N.V., and others.

5. Which region has the highest share in the Healthcare Asset Management market?

• North America is projected to dominate the healthcare asset management market in 2024, driven by several key factors. The region's healthcare organizations are increasingly prioritizing operational efficiency and patient safety, fuelling demand for advanced asset management solutions. Additionally, technological advancements and innovative product developments by leading industry players further contribute to market growth. The presence of a well-established and sophisticated healthcare infrastructure in the region is promoting the adoption of these solutions. These are the key factors driving the growth of the healthcare asset management market in North America.