ALBANY, N.Y., March 21, 2022 (GLOBE NEWSWIRE) — The increasing trend of automation of asset management workflows in healthcare facilities is pivoted on the need for improving overall productivity and patient’s safety, attracting investments in hospital asset management market. Hospitals are leveraging asset management plans to optimize the working of healthcare equipment and physical infrastructures, leading to improved quality of care. The hospital asset management market to advance at CAGR of 9.5% during the forecast period of 2019–2027.
The rapidly growing trend of digitalization of hospital operational workflows has been catalyzing the implementation of various cost-effective asset management systems. The commercialization of medical equipment management apps in particular has expanded the avenues in the hospital asset management market.
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Real-time asset tracking system based on Bluetooth Low Energy (BLE)/WiFi are gathering traction in hospitals for various applications notably staff & patient management, equipment usage tracking, and outdoor tracking of motion, finds the TMR study on the hospital asset management market. Management of mission-critical equipment empowers hospitals to meet regulatory guidelines and compliance to healthcare norms.
Key Findings of Hospital Asset Management Market Study
- Growing Implementation of RTLS for Multiple Applications to Underpin Massive Lucrative Avenues: The use of real-time location system (RTLS) is rising in hospitals for tracking medical staff, patients, and other assets, thus generating enormous revenue streams in the hospital asset management market. Hospitals have benefitted from the penetration of WiFi and RFID. The implementation of RTLS is expected to grow in several developing and developed nations. The growing spending on WiFi infrastructure has catalyzed prospects of the hospital asset management market. Advancements in BLE/WiFi-based tags are boosting the market outlook. In addition, RFID have gained popularity in tracking assets and inventory, reinforcing the implementation of RFID-based hospital asset management platforms.
- Patient Safety Key Underpinning of Widespread Adoption: The indispensable role of hospital asset management plans in patient safety has spurred the popularity of products in the hospital asset management market, note the TMR study. The healthcare industry has become keen on growing their spending on asset management programs as means to meet their compliance requirements and support patient safety. A case in point is the popular use of barcodes to reduce medication administration errors in patients.
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Hospital Asset Management Market: Key Drivers
- The healthcare industry globally is keen on promoting infrastructure as integral to meeting compliance with safety laws and regulations. Hospitals thus find asset management plans as central to complying with patient safety regulations as well as quality of care, thus acting as a key driver of the hospital asset management market.
- Strides made in healthcare IT has spurred the penetration of business analytics intelligence software in healthcare centers, thus expanding the horizon of hospital asset management technologies. Of note, growing number of IoT-based healthcare devices is expanding the avenue in the hospital asset management market.
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Hospital Asset Management Market: Regional Growth Dynamics
- North America held a major share of the global hospital asset management market in 2018. Considerable implementation of solutions for meeting patient safety norms and maximizing returns on investment on inventory in growing number of hospitals have propelled revenue generation.
- The Asia Pacific hospital asset management market is witnessing vast lucrative opportunities. India, China, Vietnam, South Korea, and Indonesia are expected to contribute substantial revenue gains to the regional market during the forecast period (2019–2027). Realization of multiple benefits of effective asset management in a healthcare facility is spurring the demand across the region.
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Hospital Asset Management Market: Key Players
Some of the key players in the hospital asset management market are
- ZIH Corp
- Sonitor Technologies
- Impinj, Inc.
- Honeywell International Inc.
- GE Healthcare (General Electric Company)
- CenTrak (Halma plc)
The global hospital asset management market has been segmented as follows:
- Global Hospital Asset Management Market, by Type
- Real-time Location Systems (RTLS)
- Radio-frequency Identification (RFID)
- Ultrasound Tags
- Infrared Tags
- Global Hospital Asset Management Market, by Application
- Staff Management
- Patient Management
- Supply Chain Management
- Instrument Management
- Global Hospital Asset Management Market, by Region
- 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
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