Companies to adopt Next-generation Product Solutions to drive demand for the Global Hospital Asset Management
Published On : Nov 22, 2018 | Category : Healthcare
The global market for hospital asset management in developing and developed countries is rising rapidly primarily due to the installation rate of asset tags in all the applications. This is done with an end objective of reducing operating and capital expenditure. Also, the global market for hospital asset management is estimated to offer attractive growth opportunities as the issues in supply chain management increases along with growing cases of drug counterfeiting. Asset management techniques in hospitals is expanding as the cost of hardware and software has reduced over past few years. These factors are projected to drive the market for hospital asset management in the forecast period.
The hospital equipment is managed and protected by the hospital asset management system. Automated software systems are used to monitor and check the environment of the hospitals. The global market for hospital asset management was valued at US$6 bn in the year 2018 and is estimated to grow at a CAGR of 12% throughout the forecast period 2018-2026. Few of the leading market players operating in the hospital asset management include AWAREPOINT CORPORATION, Ascom, Ekahau, CenTrak (Halma plc), Honeywell International Inc., General Electric Healthcare, Sonitor Technologies, ZIH Corp., and STANLEY Healthcare. The biggest trend observed by these market players is the installation of future-generation product solutions embedded with new technologies.
Real-time Location System to Expand Rapidly with the Launch of Cost-effective Products in Hospital Asset Management Market
The global market for hospital asset management is bifurcated as per application and product. As per product, the hospital asset management is segmented into radio-frequency identification (RFID), real-time location systems (RTLS), infrared, and ultrasound. The real-time location system RTLS in healthcare and pharmaceuticals sector is primed to hold majority of the market share during the forecast period. This is primarily due to the strong existence of leading players granting various services such as information encryption, tamper evident sensors, and external asset tracing. These services result in focusing on different workflows and helps in reduction of workload for the hospital faculty. The World Health Organization WHO also opined that with the extensive use of RFID, the quality of supply chain will enhance and will eventually remove fake drugs from the hospitals.
As per application, the hospital asset management market is divided into instrument, patient, supply chain, and staff management. Among these, the instrument management is estimated to reflect high growth rate due to the rising adoption of technologically driven advanced products. Also, with the increasing competition among key and new market players, cost-effective asset tags are expected to be seen in the forecast period.
China, India, and GCC Countries to expand significantly owing to Constant Support from Government.
Based on regions, the global market for hospital asset management is divided into Europe, North America, Latin America, Middle East and Africa, and Asia Pacific. Well-developed IT infrastructure in healthcare is leading the hospital asset management market globally. North America was accounted for the largest market share in 2014 due to the increasing number of diagnostic laboratories. In Asia Pacific, countries such as India, China, and countries under GCC are witnessing digital development in the healthcare sector. This has been achieved with the continuous support from government and increasing population in this region. With the rapid installations of hospital asset management solutions and existence of large local players with cost-effective solutions, this market is likely to expand in the coming years. Increasing awareness and demand for efficient supply chain management are expected to drive the demand for hospital asset management globally.