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The healthcare asset management market involves managing and tracking expensive medical equipment to maximize their utilization and minimize repair and maintenance costs. Medical devices such as CT scanners, MRI machines, ultrasound machines and x-ray equipment cost millions of dollars and require proper upkeep to ensure high performance. Asset management solutions help healthcare providers with inventory management, purchase and repair/service history of devices. This enables better resource planning and utilization.
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 key trends:
One of the key trends in the healthcare asset management market is the growing adoption of cloud-based solutions. Cloud technology helps reduce maintenance costs associated with on-premise servers and provides remote access and monitoring capabilities. During the pandemic, healthcare providers widely adopted cloud-based solutions as these provided flexibility for remote working. Major asset management vendors are focusing on developing advanced cloud-based platforms with features like predictive maintenance, equipment utilization analytics and remote equipment monitoring. Another significant trend is the integration of IoT and sensor technology in medical equipment. IoT enables real-time tracking of device usage, location and performance metrics. This helps optimize repair/replacement cycles and minimize downtime. Many players are introducing asset tags and sensors compatible with their management platforms to capitalize on this growing opportunity.
Porter’s Analysis
Threat of new entrants: The healthcare asset management market requires high initial investments and has significant compliance requirements which pose moderate threat to new entrants.
Bargaining power of buyers: The presence of several buyers in the market gives them significant bargaining power over suppliers. However, the need for specialized asset management services limits their bargaining power to some extent.
Bargaining power of suppliers: A few large players cater to the demand for healthcare asset management solutions globally, giving them moderate bargaining power over buyers.
Threat of new substitutes: There exist no close substitutes for specialized healthcare asset management solutions. Hence, the threat from substitutes is low.
Competitive rivalry: The market is moderately competitive with the presence of multiple regional and global players.
Key Takeaways
The global Healthcare Asset Management Market is expected to witness high growth over the forecast period. The market is expected to reach a value of over 76 Bn by 2030 from 44 Bn in 2023, expanding at a robust CAGR of around 15%.
Regional analysis: North America dominates the global market and is expected to continue its dominance owing to advanced healthcare facilities and rising adoption of asset management solutions in the region. Asia Pacific is expected to witness the fastest growth over the forecast period led by countries like China and India.
Key players: Key players operating in the Healthcare Asset Management Market include Key players focus on the approval and commercialization of their drugs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
