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.

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To ensure sustainability and growth in this highly competitive market, various prominent players are focusing on adopting inorganic growth strategies such as acquisitions. This helps them to enhance their product portfolio, increase their customer base, strengthen their geographic presence, and gain a competitive edge in the market. Some of the recent developments in this regard are listed below:

• In January 2017, Novanta acquired the ThingMagic business division of Trimble. This helped Novanta to expand its RFID portfolio.
• In March 2016, AiRISTA Flow acquired Ekahau, a leading provider of Wi-Fi-based location services and workforce solutions.
• In February 2016, Halma plc (UK) acquired CenTrak, a leading provider of RTLS solutions for real-time monitoring of patients, staff, and medical equipment.

Based on product, the market is segmented into Radiofrequency identification (RFID) devices, Real-time location systems (RTLS), and ultrasound & infrared tags. Among these, RTLS segment is expected to register the highest growth rate during the forecast period owing to the higher precision and accuracy offered by RTLS for tracking and monitoring assets in healthcare facilities.

Based on application, the healthcare asset management market is segmented into hospital asset management and pharmaceutical asset management. The hospital asset management segment is estimated to be the largest segment. Also, this application segment is expected to witness highest growth rate during the forecast period. Factors such as expanding application areas of asset management solutions and the availability of technologically advanced products are some of the major factors driving the growth of this application segment.

Based on type, the hospital asset management market is segmented into equipment tracking and management, patient management, temperature and humidity control, staff management, and infection control and hand hygiene compliance. In 2018, the equipment tracking and management is expected to account for the largest share as well as expected to grow at highest CAGR during the forecast period. Need for efficient equipment management is a key factor driving market growth. Apart from these, the need to improve patient safety, growing adoption of RFID devices across various healthcare facilities, and government initiatives to encourage the implementation of RFID systems are also supporting the growth of the market.

Among the four regional segments covered in the healthcare asset management market—North America, Europe, Asia, and the Rest of the World (RoW), Asia is expected to grow at the highest CAGR during the forecast period. The high growth of this regional segment is attributed to the growing drug counterfeiting concerns, government support in implementing RFID solutions in Asian economies, and partnerships between industry players and healthcare facilities for the development of advanced asset management solutions.