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.
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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%.
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.
“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.”
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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.
Global Hospital Asset Management Market Segmentation
Fact.MR has studied the global hospital asset management market with detailed segmentation on the basis of product, application, and key regions.
- Staff Management
- Patient Management
- Supply Chain Management
- Instrument Management
- Real-time Location Systems (RTLS)
- Radio-frequency Identification (RFID)
- Ultrasound Tags
- Infrared Tags
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Global Hospital Asset Management Market
The recent study by Fact.MR on global Hospital asset management market offers a 6-year forecast between 2020 and 2026. The study analyzes crucial trends that are currently determining the growth of the global hospital asset management market.
This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the provision of hospital asset management solutions. The study also provides dynamics that are responsible for influencing the future status of the global hospital asset management market over the forecast period.
A detailed assessment of the global hospital asset management market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the global hospital asset management market along with their product portfolio enhances the reliability of this comprehensive research study.
Global Hospital Asset Management Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in the global hospital asset management market across the globe.
A comprehensive estimate on the global hospital asset management market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of global hospital asset management devices during the forecast period. Price point comparison by region with global average price is also considered in the study.
Global Hospital Asset Management Market: Analysis on Market Size Evaluation
The global hospital asset management market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for global hospital asset management is available in terms of “US$ Mn” for value, along with market attractiveness evaluation in the report. A Y-o-Y growth contrast on prominent hospital asset management segments, along with market attractiveness evaluation has been incorporated in the report.
Global Hospital Asset Management Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the global hospital asset management market report, which have helped to deliver projection on the regional markets. These chapters include the regional macros (economic and business environment outlook), which are expected to have a momentous influence on the growth of global hospital asset management market during the forecast period.
Country-specific valuation on demand for global hospital asset management solutions has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. Detailed breakup in terms of value for emerging countries has also been included in the report.
Global Hospital Asset Management Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of global hospital asset management solutions along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the production of global hospital asset management solutions, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit the report readers to take preemptive steps in advancing their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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