HEALTHCARE ASSET MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Healthcare Asset Management Market Drivers:

Growing focus on assets management to drive market growth

One of the key factors expected to augment the growth of the global healthcare asset management market during the forecast period is the growing focus on assets management. For instance, Asset management is a systematic approach to the governance of medical assets. It involves tracking and managing medical equipment, supplies, and other assets within a healthcare facility. In November 2022, Vizient, Inc. and Handle Global teamed up to launch a capital asset management system to help healthcare organizations manage their capital expenses and equipment. The system also helps improve equipment lifecycle planning, procurement, and asset utilization.

Drug counterfeiting to underpin market growth

Another factor which is driving growth of the global healthcare asset management market is the increasing concerns about drug counterfeiting worldwide. For instance, counterfeit drugs are now available anywhere in the world and is a worldwide concern. A counterfeit drug is a drug produced and sold with the intent to deceptively represent its origin, authenticity, or effectiveness. According to the World Health Organization (WHO), over 11% of medications sold in developing countries are counterfeit, resulting in 144,000 additional deaths annually from imitation antibiotics and anti-malarial drugs alone. This in turn is driving the market growth.

Global Healthcare Asset Management Market Opportunities:

Rise in implementation of RFID (Radio Frequency Identification) technology is expected to offer significant growth opportunities for players in the global healthcare asset management market. For instance, RFID technology is an extremely attractive, versatile anti-counterfeiting, anti-tampering solution. It adapts easily to the most diverse IT environments, making it ideal even for SMEs. The World Health Organization and the Food and Drug Administration (FDA) suggested the use RFID to enhance both the quality of supply chain to eliminate the counterfeit or fake drugs in the global market. Moreover, RFID tags allows medical facilities or healthcare organizations to effectively manage equipment, inventory, and reduce human error.

Rise in adoption of asset management solutions is expected to offer lucrative growth opportunities for players in the healthcare asset management market. For instance, in May 2023, GE HealthCare launched ReadySee, a new asset management & network supervision solution, and Portrait Mobile Monitoring solution. ReadySee is designed to transform data into actionable insights about devices and infrastructure; eliminate manual efforts to locate such devices; and self-manage cybersecurity protocols to help identify vulnerabilities, and help protect sensitive patient health information. The Portrait Mobile Monitoring solution addresses the needs of wireless and wearable monitoring with a platform that leverages novel technologies that are deployed on a hospital’s IT infrastructure.

Global Healthcare Asset Management Market Restraints:

Data privacy concerns to hinder market growth

One of the key factors expected to hinder growth of the global healthcare asset management market is the concerns regarding data privacy. Data breaches can not only expose patient information in the healthcare industry but also put data integrity and availability at risk. The most common threats to data privacy and security include data theft, unauthorized access, improper disposal of data, data loss, hacking IT incidents, and more. Data privacy in healthcare entails correct way of handling and protecting sensitive patient data from various cybersecurity threats.

Lack of awareness to hamper market growth

Another factor which is hampering the growth of the global healthcare asset management market is the low awareness in low & middle-income countries. For instance, when it comes to the usage of the right technology to track and manage their assets, the healthcare industry lags behind other industries. Moreover, lack of awareness, especially in low and middle-income countries, is limiting the use of healthcare asset management. The most significant benefit of hospital asset management is that it helps healthcare organizations improve the way they care for their patients.