Hospital workflow related to admission of patients, discharges and equipment maintenance are important to ensure patient satisfaction and for enhancing hospital efficiency. Fortunately, over time, hospitals have incorporated automated workflow processes in order to streamline operations and reduce burden on its staff.
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Asset management is important in ensuring safety and security of hospital employees thus reducing operational costs and capital asset expenditure. On the back of these trends, the global hospital asset management market is poised to grow healthily, at a CAGR of 13.2% during the forecast period (2020-2026). The market is set to reach a valuation of US$ 15 Bn. Enhancing patient satisfaction and increasing the return on investments are also important growth drivers for the market.
Key Takeaways of the Global Hospital Asset Management Market Study:
- Real-time location system solutions are anticipated to be utilized exhaustively across hospitals. This is primarily due to multitasking in data capturing, visualization, integration and analysis along with reduction in capital expenditure. The segment is anticipated to capture nearly 70% of the global hospital asset management market, growing impressively at a CAGR of 15.2% in the forecast period.
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- However, Radio-frequency Identification (RFID) solutions shall acquire greater usage, due to its affordability, at-location tracking of inventory and widespread usage in supply chain management. Projections indicate a market share of two-fifth and a CAGR of 7.7% across the forecast period.
- By application, the instrument management segment is anticipated to surpass others during the forecast period. High rate of adoption of RFID and RTLS based tags to reduce the economic burden associated with theft shall leverage the segment. The segment shall expand at a CAGR of 14.7%, capturing almost half of the global hospital asset management market.
- By region, North America is poised to be the hegemon of the global hospital asset management market. This is stimulated by increased adoption of RTLS technologies in patient tracking, asset tracking and staff location. Majority of patient monitoring in North America is done using the RTLS based on RFID-Wi-Fi combination. Anticipated CAGR for the region is 13.2%.
- Asia-Pacific is set to demonstrate attractive growth opportunities, burgeoned by increasing focus on good health by public and private hospitals. Consequently, a number of key players are competing in the region, developing innovative solutions and providing software for surveillance. Anticipated CAGR for the region is 14.1%.
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“Technological advancements such as integration into Wireless Local Area Networks as well as development of infrared, ultrasound and Wi-Fi RFID based RTLS are important developments for market expansion by key manufactures. Moreover, collaborations among prominent market players to develop new technologies is anticipated to leverage the global hospital asset management market,” concludes a Fact.MR analyst.
Technologically Enhanced Solutions to act as Key Growth Levers for Market Players:
The global hospital asset management market is highly fragmented. A wide range of key technological solution-based companies prevail in the market. These include, but are not limited to, ZIH Corp, STANLEY Healthcare, GE Healthcare, AWAREPOINT Corporation, Ascom, Impinj, Inc., Sanitag, ASAP Systems and Real Asset Management Ltd.
Players such as STANLEY Healthcare are concentrating on business expansion through organic strategies and new product launches. For instance, in 2018, STANLEY Healthcare and Sonitor Technologies partnered to integrate the novel Sense High Definition Ultrasound indoor positioning technology with AeroScout RTLS system, a brainchild of STANLEY.
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Likewise, less prominent players like Ascom focus on launching innovative in-class products. Its product portfolio concentrates on four major applications: telephonic/voice services, alarming, professional messaging and localization in healthcare environment. Its solutions include Digistat and Ascom Unite Connect.
The novel coronavirus pandemic has only served to burgeon growth prospects for the global hospital asset management market. As the number of infections increase, the capacity of hospitals and other healthcare settings to accommodate the patients is coming under increasing strain. As a result, the demand for hospital assets such as ventilators, beds, respirators, real-time location system trackers and essential medical equipment is rising.
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