Hospital Asset Management Market
Hospital Asset Management Market (Product - Real time Location Systems (RTLS), Radio-frequency Identification (RFID), Ultrasound, Infrared; Application - Patient Management, Staff Management, Instrument Management, and Supply Chain Management) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global Hospital Asset Management market for the historical period 2017, base year 2018 and forecast period 2019–2027, focus on improved and optimized workflow, productivity, and safety and lowering capital assets as well as operational expenditure are projected to drive the global hospital asset management market during the forecast period
- According to the report, the global hospital asset management market was valued at US$ 5,986.5 Mn in 2018 and is anticipated to expand at a CAGR of 9.5% from 2019 to 2027
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Reduction in Inventory while Improving Return on Investment: Key Drivers
- Efficient use of wide range of information technology-based hospital asset management solutions in various tasks such as equipment tracking, automating maintenance, observing instrument utilization rates enables smooth adoption of business analytics intelligence software in healthcare centers. This, in turn, provides substantial return on investment if compared to cost of installation of these systems.
- This enables healthcare centers such as hospitals to use financial resources in better way and gain significant returns
- According to the 2022 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.
Improved and Optimized Workflow, Productivity, and Safety by Using Hospital Asset Management Solutions to Boost Market Growth
- Use of automated workflows management & business analytics to improve workflow is increasing exponentially from last few years.
- These hospital asset management solutions offer various advantages such as reducing amount of paperwork admissions & discharges, nurse rounding and maintenance of capital equipment.
- In October 2017, Ascom announced the launch of Ascom Digistat Vitals app which enables hospitals to reduce double documentations and reduce scoring & associated errors. This application provides faster availability of vitals and clinical scores in electronic medical records.
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Privacy Concern on Patient and Equipment Database to Hamper Market
- Use of healthcare IT solutions comes with a risk of possible data breaches. According to a research study published in The American Journal of Managed Care in 2018, in the U.S., IT incident i.e. hacking affected 4,685,426 individuals during 2009-2016, followed by theft affecting 1,161,476 individuals.
Global Hospital Asset Management Market: Competitive Landscape
- This report profiles major players in the global hospital asset management market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global hospital asset management market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global hospital asset management market are
- AWAREPOINT CORPORATION
- CenTrak (Halma plc)
- GE Healthcare (General Electric Company)
- Honeywell International Inc.
- Impinj, Inc.
- Sonitor Technologies
- STANLEY Healthcare (Stanley Black & Decker, Inc.)
- ZIH Corp
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Global Hospital Asset Management Market: Key Developments
Key players in the global hospital asset management market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global hospital asset management market. A few expansion strategies adopted by players operating in the global hospital asset management market are:
- In March 2018, CenTrak announced the launch of IRUS, world’s first Hybrid Ultrasound-Gen2IR sensing technology for use in preoperative and post-anesthesia care units, infusion areas, and emergency departments
- In February 2018, STANLEY Healthcare and Sonitor Technologies announced their partnership to integrate the latter’s novel Sense High Definition Ultrasound indoor positioning technology into the former’s AeroScout Real-Time Location System (RTLS) platform
- In February 2017, STANLEY Healthcare announced the launch of cloud-based subscription service for its MobileView Analytics platform for asset management and environmental monitoring applications
- In February 2017, Impinj, Inc. announced partnership and platform integration with STANLEY Healthcare (Stanley Black & Decker, Inc.). STANLEY Healthcare is expected to integrate the RAIN RFID Platform with its MobileView real-time location system (RTLS) software platform, and market the Impinj-STANLEY Healthcare solution as part of STANLEY Healthcare’s extensive portfolio.
The report on the global hospital asset management market discussed individual strategies, followed by company profiles of manufacturers of hospital asset management solutions. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global hospital asset management market.
TMR’s report on the global hospital asset management market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global hospital asset management market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global hospital asset management market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global hospital asset management market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global hospital asset management market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global hospital asset management market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global hospital asset management market.
The report delves into the competitive landscape of the global hospital asset management market. Key players operating in the global hospital asset management market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global hospital asset management market that have been profiled in this report.
Key Questions Answered in Global Hospital asset management Market Report
- What is the scope of growth of product companies in the global hospital asset management market?
- What will be the Y-o-Y growth of the global hospital asset management market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global hospital asset management market?
- Will North America continue to be the most profitable market for hospital asset management providers?
- Which factors are anticipated to hamper the growth of the global hospital asset management market during the forecast period?
- Which are the leading companies in the global hospital asset management market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global hospital asset management market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global hospital asset management market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the hospital asset management market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the hospital asset management market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global hospital asset management market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global hospital asset management market more reliably and accurately.
Regional Segmentation of Hospital asset management Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
The global hospital asset management market has been segmented as follows: