Hospital Asset Management Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2026

Global Hospital Asset Management Market Overview

Workflow in hospitals is highly repetitive and time-consuming, involving large amount of paperwork concerning admissions, discharges, equipment maintenance and nurse rounding among others. These are critical to ensure patient satisfaction and improving hospital efficiency. In order to ease the burden on its staff, hospitals are increasingly adopting automated workflows and intelligent business analytics to improve workflow bottlenecks.

Hospital asset management services is important in ensuring safety of the hospital staff. Moreover, hospital asset management plans help to reduce operational and capital asset expenditure. An example of this is the Real Time Location System (RTLS) which helps track mobile device, thus reducing unwanted incidences of theft. Based on these abovementioned trends, the global hospital asset management market is anticipated to expand robustly at a CAGR of 13.2% during the forecast period (2020-2026), reaching a valuation of US$ 15 Bn by 2026-end.

Global Hospital Asset Management Market Product Insights

Real-time Location Systems (RTLS) are poised to find widespread usage in hospitals asset management systems. The ability to manage multitasking involved in data capturing, visualization, integration and analysis to enhance reliability is anticipated to drive market growth. Moreover, reduction in capital expenditure and improvement in workflow organization has boosted the popularity of RTLS devices. Projections indicate a staggering CAGR of 15.2%, capturing nearly 70% of the market.

The Radio-frequency Identification (RFID), hospital asset management solutions shall surge in popularity, owing to its application in supply chain management and inventory tracking. In the latter case, the at-time location is tracked, which reduces the need for continuous location tracking. RFID is also an affordable option as compared to RTLS. The RFID segment is forecast to capture two-fifth of the overall hospital asset management market, expanding at a CAGR of 7.7% during the forecast period.

Global Hospital Asset Management Market Regional Insights

North America is anticipated to dominate the global hospital asset management segment throughout the forecast period. Increased adoption of RTLS asset management and hospital asset management with IoT for patient tracking, staff location, asset tracking and throughput are projected to drive the growth of the market. Patient tracking is a foremost concern for hospitals in order to ensure their safety and care. The RTLS-based on Wi-Fi RFID combined technology is a very useful method to track mobile patients in specific areas in North America. Anticipated CAGR for the North-American hospital asset management is a staggering 13.2%.

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Asia-Pacific is foreseen to record a high growth trajectory during the forecast period. Increased focus on improving healthcare by public and private hospitals has prompted key manufacturers to establish their business operations in the Asia-Pacific. Players are concentrating on developing innovative solutions to support existing infrastructure of hospitals. Players such as STANLEY Healthcare, Awarepoint Corporation and ZIH Corp are offering solutions to track devices which include software application and development. A healthy CAGR of 14.1% is predicted for the Asia-Pacific market.

Global Hospital Asset Management Market Technology Insights

The global hospital asset management market is highly fragmented, with a plethora of companies offering hospital asset management plans. Some important market players include ZIH Corp, STANLEY Healthcare, GE Healthcare, AWAREPOINT Corporation, Ascom, Impinj, Inc., Sanitag, ASAP Systems and Real Asset Management Ltd. Some important marketing strategies practiced by the companies are: introducing new tags with complete integration into WLAN infrastructure; development of infrared, ultrasound and Wi-Fi RFID (Combined) based RTLS and key collaborations among prominent market players for development of new products.

Players such as STANLEY Healthcare concentrate on business expansion through organic strategies and new product launches such as hospital asset management software. 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. Presently, STANLEY markets the AeroScout T12 Tag and the AeroScout T14 Staff Badge among a host of other services.

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.

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COVID-19’s Impact on Hospital Asset Management:

The COVID-19 pandemic has brought the entire world to a grinding halt. Businesses have either shut down or are operating at a diminished capacity. With production cycles getting impacted, supply chains are being distorted, leading to shortages of consumer products. On the healthcare front, hospitals and key companies are diligently caring for the sick and the infected. Unfortunately, the rate of infections far exceed the capacities of hospitals and other healthcare settings in terms of patient accommodation. On the back of this trend, the hospital asset management market is poised to experience an upsurge.

As more people are admitted to hospitals, the demand for hospital assets such as beds, ventilators, respirators, real-time location systems to monitor patient-caregiver interaction, and other advanced devices is burgeoning. Leading market players, therefore, are accelerating their production rates. Stanley Healthcare, for instance, has deployed various solutions to manage COVID-19 infections. These include Arial Emergency Call Bundles which rapidly deploy Wi-Fi based emergency call. These are being used in new patient-care facilities or non-traditional areas of existing hospitals and Asset Management Bundles to track equipment used for COVID-19.

Analyst’s Viewpoint:

“The global hospital asset management market is anticipated to gain significant traction in the forecast period. The existing COVID-19 pandemic only serves to fuel growth prospects, attributed to the increased demand for hospital assets to treat new patients. Moreover, North America and the Asia-Pacific regions promise lucrative growth opportunities.”

Global Hospital Asset Management Market: Report Scope:
The recent report compiled by Fact.MR on the global hospital asset management market incorporates a six-year forecast period, ranging from 2020 to 2026. The report explicates on vital dynamics such as the drivers, opportunities and restraints for the growth of the hospital asset management market. The analysis has been conducted based on the following segments: Product and Application. The segmental analysis incorporates projections on future revenue and market shares along with a yearly growth forecast.

A regional landscape has also been provided, incorporating the abovementioned segmental analyses across five geographies (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa). In the final section, a competitive landscape has been provided, detailing the profiles of key market players, their revenue share, product portfolio, mergers and acquisition and future growth prospects in the form of a SWOT analysis.