Hospital Asset Management Market is Projected to Expand at a CAGR of 12.0% From 2018 to 2026
Hospital Asset Management Market – Snapshot
The global hospital asset management market is projected to surpass the value of US$ 6.0 Bn in 2018 and is likely to expand at a CAGR of more than 12.0% during the forecast period from 2018 to 2026. The global hospital asset management is expanding at a rapid pace in both developed as well as developing geographies, mainly due to rapidly increasing installations of tags across multiple applications with an objective of reducing operational and capital expenditure. There has been a continuous trend of reduction in budget allocation to hospitals from the overall health care spending budget in developed geographies. For example, in 1975, hospitals accounted for more than half of the health care budget spending in Canada. However, this share shrunk down to less than one third in 2012. Despite a decrease in budget allocations, hospitals have been witnessing elevating pressure to provide better services to rapidly increasing number of patients. This is imposing a significant workflow burden on hospital administrations for increasing efficiency through workflow optimization and patient satisfaction. Adoption of advanced technologies in the hospital asset management market is enhancing utilization rates of mobile medical devices such as IV pumps, wheelchairs, etc. and leading to improvements in staff and inventory management efficiency and increase in patient quality of care.
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The global hospital asset management market can be segmented based on product and application. In terms of product, the global hospital asset management market has been classified into real-time location systems (RTLS), radio-frequency identification (RFID), ultrasound, and infrared. The real-time location systems (RTLS) segment is expected to expand at a rapid pace owing to robust product portfolio of Wi-Fi-based RTLS solutions of major market players and ability of information encryption, which favours integration of multiple workflows and reduces staff workload. Increase in launches of cost-effective products by emerging players is likely to further fuel the segment. For instance, in April 2015, Redpoint Positioning Corporation announced the launch of a breakthrough RTLS platform at the RFID Journal LIVE! 2015 held in San Diego, U.S.
In terms of application, the global hospital asset management market has been categorized into patient management, staff management, instrument management, and supply chain management. The instrument management segment is likely to expand at an above average growth rate during the forecast period. This is attributed to rise in adoption of technologically advanced products due to increase in awareness about installation of asset tracking solutions for the purposes of equipment tracking and maintenance and rise in focus of hospital administrations on reducing direct and indirect operational expenditures associated with misplacement or theft of mobile medical devices.
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Based on geography, the global hospital asset management market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Developed regions with established healthcare IT infrastructure are dominating the global hospital asset management market in terms of value. Developing countries such as China, India, and GCC countries are witnessing rapid development in the area of digitalization in the health care sector through continuous support from government initiatives and rise in demand for better care from a rapidly urbanizing population. The rapidly increasing number of installations of real-time hospital asset management solutions in these countries and strong market presence of local manufacturers in the RFID product segment, which offer affordable solutions, are some of the major factors driving the expansion of the global hospital asset management market during the forecast period.
Some of the major companies operating in the global hospital asset management market and profiled in the report include Ascom, AWAREPOINT CORPORATION, CenTrak (Halma plc), Ekahau, GE Healthcare (General Electric Company), Honeywell International Inc., Impinj, Inc., Sonitor Technologies, STANLEY Healthcare (Stanley Black & Decker, Inc.), and ZIH Corp. The market is highly fragmented, with several prominent regional market players operating in the global hospital asset management market. Key regional players are 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. A key technological trend observed among major market players operating in the global hospital asset management market is the introduction of next-generation product solutions that integrate multiple workflows and provide simple user interfaces for improving routine hospital work.