Healthcare asset management market projected to reach $166.82 billion by 2032, driven by technology
From GlobeNewswire: 2025-01-08 08:00:00
The Healthcare Asset Management Market is projected to grow from USD 25.7 billion in 2023 to USD 166.82 billion by 2032, with a CAGR of 23.1%. Factors driving this growth include technological advancements, patient safety concerns, and operational efficiency. Government initiatives, such as the USD 600 million allocation by the US HHS, also contribute to market expansion.
RFID technology dominated the market in 2023, accounting for 64% of revenue share. Hospitals, with a 58% market share, are the leading end-users of asset management solutions. Implementing asset management systems in hospitals can increase equipment usage rates by 20% and decrease equipment search time by 25%. North America led the market in 2023, with 36% revenue share, driven by technology use and government initiatives.
In Asia-Pacific, China and India are investing heavily in healthcare infrastructure and digital health technologies, driving market growth. With the adoption of unique device identification system standards by the European Medicines Agency, Europe is expected to see significant growth due to stricter regulations on medical device tracking. The Healthcare Asset Management Market is poised for substantial expansion globally. The Indian government launched the National Digital Health Mission in 2020 to improve healthcare asset management. In October 2023, Vytal introduced an asset management platform using AI and IoT. TRIMEDX rolled out GeoSense in April 2024, a real-time location system for medical settings, enhancing asset tracking and operational efficiency in healthcare.
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Read more at GlobeNewswire: Healthcare Asset Management Market Size to Surpass USD