Hospital Asset Management Market: Increase in Use in Hospitals to Enhance Patient and Resident Experience to Drive Market

Transparency Market Research (TMR) has published a new report titled, ‘Hospital Asset Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global hospital asset management market was valued at US$ 5,986.5 Mn in 2018 and is projected to expand at a CAGR of 9.5% from 2019 to 2027.

Overview

  • Hospital asset management solutions consists of products such real-time location systems (RTLS), radio-frequency identification (RFID),ultrasound, and infrared
  • The real-time location systems (RTLS) segment comprises Wi-Fi, ZigBee, and UWB. These applications can be used for indoor as well as staff & patient management, outdoor tracking of motion and equipment usage tracking
  • North America dominated the global hospital asset management market in 2018 and the trend is anticipated to continue during the forecast period. Rise in emphasis on improving the quality of patient care and exponential increase in adoption of healthcare IT tools and technologies for patient management are various factors expected to drive the market in North America.
  • Asia Pacific is likely to be a highly lucrative market for hospital asset management and it is expected to expand at a high CAGR during the forecast period

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Increase in Use in Hospitals to Enhance Patient and Resident Experience to Drive Market

  • Use of asset management solutions in hospitals has numerous advantages in providing best quality services and improving patient management. It has the potential of completely putting an end to patient waiting rooms, as technology based tags or badges are able to manage patients without any waiting time or queuing
  • A simple radio-frequency Identification tags offers number of benefits to healthcare professionals and enable to improve caregiver-patient interaction which is achieved by monitoring patient location and reducing nurse round intervals
  • Motion sensing patient management solutions changed the dynamics of patient management, helping to minimize burden on healthcare worker and deliver best diagnostic & treatment services.

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Real-Time Location Systems (RTLS) Segment to Dominate Market

  • Based on product, the global hospital asset management market has been divided into real-time location systems (RTLS), radio-frequency identification (RFID), ultrasound tags, and infrared tags
  • The RTLS segment dominated the global hospital asset management market in 2018 and the trend is projected to continue during the forecast period. Data capture, visualization, integration, and analysis are various specifications of RTLS and has the ability to perform various tasks. These properties of the segment projected to increase its use in the market, thereby accelerating the growth of the segment during the forecast period.

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Generic Hospital Asset Management to be Highly Lucrative Segment

  • In terms of application, the global hospital asset management market has been classified into staff management, patient management, supply chain management and instrument management.
  • The instrument management segment dominated the hospital asset management market due rise in emphasis on instrument tracking, counterbalance misplaced or lost devices in healthcare centers and focus on healthcare resource management.

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North America to Dominate Global Market

  • In terms of region, the global hospital asset management market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hospital asset management market in 2018, followed by Europe.
  • North America accounted for major share of the global hospital asset management market in 2018, owing to rise in demand for technologically advanced systems and increasing need for higher efficiency and patient safety system in health care facilities.
  • The hospital asset management market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to rapid growth in healthcare facilities in developing economies such as India, China, Indonesia, Vietnam, South Korea, emphasis on improving healthcare infrastructure by public as well as private hospital organizations

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Competitive Landscape

  • The global hospital asset management market is fragmented in terms of number of players. Key players in the global market 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 among others

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