Global Health Care Asset Management Market: Introduction
Proper asset management for health care facilities is key to ensuring value-based care, including effective patient care. Over the years, health care providers have recognized the benefits of implementing platforms for asset management, thereby propelling the global health care asset management market. Key objectives of deploying such technologies are ensuring timely regulatory compliance, managing asset risks, reduce operational and capital costs, and ensure a safe working environment for health care workers. Demand for software in automating all workflows in asset management is a key driver of the global market. A significant amount of resources, including time, is wasted in relocating mission-critical equipment, thereby burdening the clinicians with the tasks that can be best left for other health care staff. The business propositions that keep fueling the global health care asset management market is focus on quality patient care at affordable cost. The safety and cleanliness of health care environments is key to ensuring proper environment of care. Moreover, focus on preventive maintenance care and optimizing the asset lifecycle has intensified over the years in the backdrop of value-based care, thereby driving product development. This has allowed facility managers to minimize asset downtime and improve productivity, including staff productivity. Another area where health care asset management is expected to make a substantive bearing is in managing medical waste disposal, which has become a key concern for health care systems in industrialized countries.
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Key Drivers of Global Health Care Asset Management Market
Rise in Health Awareness
The health care industry is fundamentally different than the retail and manufacturing industries. Compliance with rules and regulations regarding safety of medical instruments and pharmaceutical drugs is of utmost importance in the industry. Asset management solutions help these end-users to validate their regulatory compliance, reduce inventory, optimize supply chain, improve productivity of staff, and increase the quality of patient care. Diseases compromise health welfare, reduce productivity, but are often tolerated. Poverty, lack of awareness, and unsafe medicines aggravate the situation. Increase in awareness and training in participatory development are required for health care professionals who determine how programs for poor population are designed and implemented. Spreading public awareness will become an increasingly important function for national health services. It must be directed at all levels of the public – producers, consumers, traders, transporters, processors, wholesalers, retailers and travelers, and it must include decision-makers from all levels of government, private industry, and organizations.
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Reduction in Inventory while Improving Return on Investment
Efficient use of a range of information technology-based hospital asset management solutions in various tasks such as equipment tracking, automating maintenance, and observing instrument utilization rates enables smooth adoption of business analytics intelligence software in health care centers. This, in turn, provides substantial return on investment if compared to cost of installation of these systems. This enables health care centers, such as hospitals, to use financial resources in a better way and gain significant returns. According to the 2024 Hospital Vision Study conducted by ZIH Corp, nearly 55% of the hospitals mentioned reduction in patient care cost due to implementation of asset management solutions.
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North America to Account for Major Share of Global Health Care Asset Management Market
Developed markets such as the U.S. and Germany are projected to dominate their respective regions owing to strong presence of major players, who have established long-term partnerships with key professional end-users. The market in Asia Pacific is projected to expand at a high CAGR in terms of revenue from 2024 to 2031. This is attributed to improving health care infrastructure, rise in adoption of cloud-based intelligent business analytics software including asset management, surge in demand for improvement in quality of patient care among urban population, and increase in number of local manufacturers offering advanced asset management solutions for the health care industry.
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Key Players Operating in Global Health Care Asset Management Market
The global health care asset management market is highly consolidated owing to the presence of small number of key players.
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