The healthcare asset management market is projected to reach USD 35.19 billion by 2023 from USD 8.98 billion from 2018, at a CAGR of 31.4%. The growth of the healthcare asset management market can be attributed to need for better asset management in hospitals, acceptance of asset management solutions in pharmaceuticals, and decline in prices of RFID tags. However, the high cost of RFID readers is the major factors restraining the growth of this market.
Most key players adopted product launches as their primary growth strategy between 2015 and 2018. The healthcare asset management market is marked by the presence of several big and small players. Prominent players offering healthcare asset management products include AiRISTA Flow (US), Elpas (US), CenTrak, Inc. (US), ThingMagic [A Novanta Company (US)], Sonitor (Norway), Stanley Healthcare (US), Versus Technology, Inc. (US), Zebra Technologies (US), GE Healthcare (US), and IBM Corporation (US).
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Stanley Healthcare is one of the leading players in the healthcare asset management market. The leading position of the company is attributed to its strong brand image and product portfolio. Its portfolio includes sensor tags, sensor badges, resident tags and patients, patient tags and badges, and asset tags and software-mobile view platform. The company has a strong geographic presence in the US, Europe, emerging markets, and the RoW. This strong network enables Stanley Healthcare to distribute products across the globe. In the past three years, the company adopted product launches, agreements, and partnerships to maintain its leading position in the market.
AiRISTA Flow is one of the prominent players in the healthcare asset management market. The company provides identification & track and trace solutions using passive, active, and semi-active RFID, RTLS, GPS, BLE, and other technologies. These solutions cater to the wide range of applications such as asset tracking, personal safety, hand hygiene compliance, temperature monitoring, and workflow & process capture. With its recent acquisition of the RTLS business of Ekahau, Inc. in October 2017, the company strengthened their presence in the healthcare asset management market. To sustain its leading position in the market, the company focuses on adopting partnerships, agreements, and collaborations. In line with this, AiRISTA Flow (US) signed a distribution agreement with inTechnology Distribution (Australia) to distribute AiRISTA’s RTLS technology across the APAC region.
Zebra Technologies is one of the prominent players engaged in manufacturing and developing hardware (tags, sensors, and readers) for the healthcare asset management market. To capitalize on the growth opportunities of the market, Zebra primarily focuses on enhancing their product offerings. Some of the recent products introduced by the company include DS8100-HC series scanners and TC51-HC mobile computer (June 2017), Zebra OneCare (June 2015), and Operational Visibility Services (OVS) (June 2015).
Healthcare Asset Management Market by Product (RFID (Active, Passive), RTLS, Infrared, Ultrasound Tags), Application (Hospitals (Equipment, Staff Management, Patient Monitoring), Pharmaceuticals (Drug Counterfeiting, Supply Chain)) - Global Forecast to 2020
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