July 23, 2020

Hospital Asset Management Market Expected to Witness a Sustainable Growth by 2026

Set to chart a robust growth rate of about 12% (CAGR) from 2018 to 2026, the global hospital asset management market is on an upward trajectory. By the end of the forecast period, the market would have grown to a value of USD 15 billion from its value of USD 6 billion in the year of 2018.

It is significant to note here that the market is witnessing growth in both the developing as well as the developed regions of the world. And, a prominent reason behind this growth is increase in tag installation for various applications. This helps in limiting costs related to operations as well as reducing capital expenditure.

One of the most notable factors that are leading hospitals to this is the fact that budget allocation had plummeted 1975 onward, especially in the last few years. However, the pressure has not decreased on these institutions. In fact, it has increased manifold as incidence of chronic illnesses have increased and so have number of people aged 65 and above.

As a result, hospitals are focusing on improving efficiency to reduce workflow burden and alleviating pressure of rapidly increasing patient population. As processes are optimized, patient satisfaction increases and unnecessary costs are eliminated.

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It, therefore, comes as no surprise that technology plays a crucial role here. Players in the market are therefore focused on its advancement and adoption. This has in the last few years enhanced utilization rates of a number of medical devices. These are inclusive of wheelchairs and IV pumps.

Additionally, it is worthy of mentioning that the market is slightly fragmented and key players include Infor, Datalogic S.p.A., Sanitag, ASAP Systems, Real Asset Management Ltd. (MRI Software), Kellton Tech Solutions Ltd., Versus Technology, Inc., IBM, TeleTracking Technologies, Inc., Cerner Corporation, and others. Players are coming up with varied growth strategies in order to grow and carve off a larger share of the market growth. Mergers and acquisitions and innovation are notable strategies.

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Real Time Location Systems to See Increase in Demand over the Forecast Period

The global hospital asset management market is segmented on the basis of product and application. The former category is sub-segmented as Real Time Location Systems (RTLS, Infrared, Ultrasound, and Radio Frequency Identification (RFID). On the basis of applications, the divisions include supply chain management, instrument management, staff management, and patient management.

In the product type category, it is significant to note that the RTLS sub-category would grow at a notable pace, especially the solutions based on Wi-Fi enabled RTLS. Players operating in the segment have an impressive portfolio and are trying to improve technology and product to lay claim to a larger share of the market. Besides, another factor that is helping the popularity grow is that of superior information encryption that is possible with this. Furthermore it is capable of reducing workload on staff and integrating a number of distinct workflows. As players come up with better variants of products, cost effective and performance enhancing, the segment would grow further.

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Developed Region like North America to Hold Prominent Share of Global Hospital Asset Management Market

The report on global hospital asset management covers prominent regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. North America and Europe will capitalize upon its mature healthcare infrastructure and high technological advancement and adoption. New opportunities would however emerge in developing regions of the world. Countries such as India, China and the GCC would witness massive digitalization, leading to growth in the market. In Asia Pacific region, governments are playing a significant role in helping the regional market grow.

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