Hospital Asset Management Market: Instrument Management Segment to Register Above Average Growth Rate
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 market 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.
The administration of hospital assets is a significant element of a hospital facility's adequate and effective operation. Implementing an asset management program in hospitals provides different advantages other than saving time and money. The alternatives provided in the last few days are more flexible and scalable and can be tailored to suit their needs. The worldwide management of hospital assets is growing quickly in advanced and developing geographies, primarily because the installation of tags in a number of apps is quickly expanding with a view to cutting operational and capital costs.
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In terms of the development in the supply chains management problems and rising incidences of drug counterfeiting, the market is anticipated to show a profitable increase during the forecast period. Hardware is anticipated to drive this market in the next few years by increasing adoption of asset management methods because of the software cost reduction.
Key Developments Influencing the Global Hospital Asset Management Market:
- The implementation of next-generation product solutions integrating various workflows and providing easy user interfaces for enhancing regular job in the hospital is a main technological trend among important players working in the world of hospital asset management. For example, the Clearview Mini, a wearable RTLS badge, was introduced in March 2018 by Versus Technology. In the worldwide hospital asset management industry, the growth of such products will be very promising for the coming years.
- Novanta bought Trimble's ThingMagic Company. This purchase helped Novanta grow its RFID portfolio to tackle the increasing need for workflow alternatives, patient safety, counterfeits and medical market monitoring. For efficient asset management, GE Healthcare has purchased CHCA analysis. Such prominent acquisitions will probably well bode well for the global hospital asset management market.
Technological advances in hospitals should give players in the Hospital Asset Management Market important growth possibilities.
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Real-time Location Systems Segment to Account for Over Half the Market Share
The report offers detailed segmentation of the global hospital asset management market based on product and application. In terms of product, the real-time location systems (RTLS) segment is poised to account for major share of the global market in terms of revenue between 2018 and 2026. Factors attributed to high market share of the segment include strong brand presence of key players offering proprietary product technologies and technical advantages such as the ability of outdoor asset tracking, information encryption service, and tamper evident sensor, among others.
Instrument Management Segment to Register Above Average Growth Rate
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 anticipated to expand at a moderate growth rate during the forecast period. Intense competition between established companies as well as new entrants is likely to result in affordable asset tags during the forecast period. This in turn is expected to increase installation rate of hospital asset management solutions for instrument management.
Developing Countries Witnessing Government Support for Digitalization in Public Hospitals
Increased government focus on reducing workload of nurses and doctors and rise in focus of hospital administration to ensure patient as well as staff safety fuel the growth of the hospital asset management market in developing regions. In July 2016, the King Hamad University Hospital in Bahrain installed nearly 1,200 asset tags to locate wheelchairs, ultrasound equipment, and IV pumps to improve operational efficiency and response time. Increase in installation of hospital asset management solutions for instrument management is spurring the growth of the global hospital asset management market.
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Fragmented Market, with Tier I Players Accounting for Nearly 25.0% Market Share
The report also provides profiles of prominent players operating in the global hospital asset management market. These include Ascom, Awarepoint Corporation, CenTrak, Ekahau, GE Healthcare, Honeywell International, Inc., Impinj, Inc., Sonitor Technologies, STANLEY Healthcare, and ZIH Corp. The global hospital asset management market is significantly fragmented and tier I companies accounted for nearly 25.0% market share in 2017. Strategic partnerships for research and product development has been a characteristic trend among the major players in the global hospital asset management market.
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