Market Overview
The Global "Hospital Asset Management Market" is expected to grow at a high CAGR of 30.1% during the forecasting period (2021-2028).
The hospital assets management system is the structure that helps to manage and guard the hospital equipment. This structure uses computerized software systems to monitor the situation on the hospital premise. Technology solutions are becoming progressively popular in the market owing to rising concerns about security. It gives a competitive advantage to hospitals by positioning their campus as a secure and monitored place. This system also helps to obey regulatory standards. Mounting pressure to better manage their prevailing workforce has forced healthcare organizations across the globe to implement effective asset management solutions and technologies. Asset management is important in ensuring hospital employees' safety and security, thus reducing operational costs and capital asset expenditure.
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Market Dynamics
The market is driven by the growing need for better asset management in hospitals. Growing pressure to manage their existing workforce better has compelled healthcare organizations across the globe to adopt effective asset management solutions and technologies. Most healthcare organizations spend a large portion of their budget on tracking hospital equipment. For example, it was reported that ~USD 6 million worth of state-owned hospital equipment was found to be missing in Louisiana State University (LSU) hospitals; newly purchased equipment from the hospital was also not properly tracked. Thus, waste of time searching for lost assets and poor asset management practices can lead to serious consequences.
According to a recent survey conducted by the Nursing Times, more than one-third of nurses spend at least an hour locating equipment during an average hospital shift. This not only impacts budgets but also compromises the quality of patient care provided.
The use of radiofrequency identification in the pharmaceutical industry has grown in recent years. The technology has emerged to become a systematic part of supply chain management in international pharmaceutical production and distribution. Drug counterfeiting is a significant threat to healthcare systems across the globe. Over the years, the number of new cases of drug counterfeiting has grown significantly. This can primarily be attributed to the Internet-based sales of pharmaceuticals. According to the Pharmaceutical Security Institute (PSI), in 2016, there was a 5% increase in the number of cases of pharmaceutical counterfeiting, theft, and diversion. In 2016, 3,147 cases were reported compared to 3,002 cases in 2015 and 2,177 cases in 2014. This factor is driving the growth of the market in the forecast period.
Efficient use of a wide range of information technology-based hospital asset management solutions in various tasks such as equipment tracking, automating maintenance, observing instrument utilization rates enables smooth adoption of business analytics intelligence software in healthcare centers. This, in turn, provides a substantial return on investment if compared to the cost of installation of these systems. This factor is driving the growth of the market in the forecast period.
However, the high cost associated with implementing the system and the availability of new technologies is expected to hamper the market growth.
With the COVID-19 pandemic outbreak, the world is set to witness a huge rise in hospital assets intake. The rise in the number of patients in the hospital for treatment and isolation has created an urgent demand for hospital assets such as ventilators, beds, respirators, real-time location system trackers, and essential medical equipment is rising. This factor will positively influence market growth in the forecast period.
Segment Analysis
– By Type
· Real-Time Location Systems *
· Radio-Frequency Identification
· Ultrasound
· Infrared
– By Application
· Patient Management
· Staff Management
· Instrument Management
· Supply Chain Management
Geographical Presentation
By region, the global hospital asset market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global hospital gowns market and is expected to grow at the highest CAGR during the forecast period. The growth of the market in the region is attributed to growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and key players in the region. This is stimulated by the increased adoption of RTLS technologies in patient tracking, asset tracking, and staff location. The majority of patient monitoring in North America is done using the RTLS based on the RFID-Wi-Fi combination.
Efficient use of a wide range of information technology-based hospital asset management solutions in various tasks such as equipment tracking, automating maintenance, observing instrument utilization rates enables smooth adoption of business analytics intelligence software in healthcare centers. This, in turn, provides a substantial return on investment if compared to the cost of installation of these systems in North America.
The Asia-Pacific region is expected to have the third-largest share due to the increasing healthcare infrastructure development in this region, and raising awareness about patient safety and hygiene standards are some of the factors anticipated to drive the market. 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. An increase in hospital asset management solutions for instrument management is spurring the global hospital asset management market's growth.
In February 2018, Sonitor Technologies partnership with Stanley Healthcare. With this partnership, Stanley Healthcare will integrate Sonitor Sense (a high definition ultrasound-based IPS system) into its existing AeroScout RTLS platform.
Competitive Analysis
The global hospital asset market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Ascom, Awarepoint Corporation, CenTrak, Ekahau, GE Healthcare, Honeywell International, Inc., Impinj, Inc., Sonitor Technologies, STANLEY Healthcare, and ZIH Corp are the leading market players with significant market share. The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market.
The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to expand their presence and meet the rising demand for treating peripheral neuropathy across the globe. For instance,
In March 2018, CenTrak announced the launch of IRUS, the world’s first Hybrid Ultrasound-Gen2IR sensing technology for preoperative and post-anesthesia care units, infusion areas, and emergency departments.
In February 2018, STANLEY Healthcare and Sonitor Technologies announced their partnership to integrate the latter’s novel Sense High Definition Ultrasound indoor positioning technology into the former’s AeroScout Real-Time Location System (RTLS) platform.
In February 2017, Impinj, Inc. announced a partnership and platform integration with STANLEY Healthcare (Stanley Black & Decker, Inc.). STANLEY Healthcare is expected to integrate the RAIN RFID Platform with its MobileView real-time location system (RTLS) software platform and market the Impinj-STANLEY Healthcare solution as part of STANLEY Healthcare’s extensive portfolio.
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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.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1926OverviewHospital asset management solutions consists of products such real-time location systems (RTLS), radio-frequency identification (RFID),ultrasound, and infraredThe real-time location systems (RTLS) segment comprises Wi-Fi, ZigBee, and UWB.
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 periodRequest COVID Analysis on Hospital Asset Management Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1926 Increase in Use in Hospitals to Enhance Patient and Resident Experience to Drive MarketUse 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 queuingA 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 intervalsMotion sensing patient management solutions changed the dynamics of patient management, helping to minimize burden on healthcare worker and deliver best diagnostic & treatment services.Real-Time Location Systems (RTLS) Segment to Dominate MarketBased 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 tagsThe RTLS segment dominated the global hospital asset management market in 2018 and the trend is projected to continue during the forecast period.
These properties of the segment projected to increase its use in the market, thereby accelerating the growth of the segment during the forecast period.Request Customization on Hospital Asset Management Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=1926Generic Hospital Asset Management to be Highly Lucrative SegmentIn 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.North America to Dominate Global MarketIn 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 2019to 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 organizationsBuy Hospital Asset Management Report – https://www.transparencymarketresearch.com/checkout.php?rep_id=1926=SCompetitive LandscapeThe global hospital asset management market is fragmented in terms of number of players.
This report studies the global market size of HospitalAsset Management in key regions likeNorth America, Europe, Asia Pacific, Central & South America and MiddleEast & Africa, focuses on the consumption of Hospital Asset Management in these regions.
This report also studies the global marketstatus, competition landscape, market share, growth rate, future trends, marketdrivers, opportunities and challenges, sales channels, distributors and Porter’sFive Forces Analysis.
Market size split by Region
Rest of Central & South America
Do Inquiry Before Accessing Global Hospital AssetManagement Market Report at https://www.orbisresearch.com/contacts/enquiry-before-buying/2448755 .
Focuses on the key global Hospital Asset Management manufacturers, to define,describe and analyze the sales volume, value, market share, market competitionlandscape, SWOT analysis and development plans in next few years.
The latest trending report Global Hospital Asset Management Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The global Hospital Asset Management market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 6.6% in the forecast period of 2020 to 2025 and will expected to reach USD 3996.3 million by 2025, from USD 3092.4 million in 2019.The Hospital Asset Management market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.Final Report will cover the impact of COVID-19 on this industry.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/31890-hospital-asset-management-market-analysis-reportThe major players covered in Hospital Asset Management are:Johnson Controls InternationalSiemens healthcareInforIBM corporationEkahau Inc.CenTrakSonitor technologies Inc.GE healthcareMotorola solutions Inc.Vizbee RFID systems Ltd.Midmark RtlsSTANLEY HealthcareZebra technologies corporationTrimble navigation Ltd.By Type, Hospital Asset Management market has been segmented into:Real-time location systems (RTLS)Radio-frequency identification (RFID)UltrasoundInfraredBy Application, Hospital Asset Management has been segmented into:Patient ManagementStaff ManagementInstrument ManagementSupply Chain ManagementThe report offers in-depth assessment of the growth and other aspects of the Hospital Asset Management market in important countries (regions), including:North America (United States, Canada and Mexico)Europe (Germany, France, UK, Russia and Italy)Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)South America (Brazil, Argentina, Colombia)Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)Download Free Sample Report of Global Hospital Asset Management Market @ https://www.decisiondatabases.com/contact/download-sample-31890There are 14 Chapters to deeply display the Global Hospital Asset Management market.1 Hospital Asset Management Market Overview2 Company Profiles3 Market Competition by Players4 Market Size by Regions5 North America Hospital Asset Management Revenue by Countries6 Europe Hospital Asset Management Revenue by Countries7 Asia-Pacific Hospital Asset Management Revenue by Countries8 South America Hospital Asset Management Revenue by Countries9 Middle East & Africa Revenue Hospital Asset Management by Countries10 Market Size Segment by Type11 Global Hospital Asset Management Market Segment by Application12 Global Hospital Asset Management Market Size Forecast (2021-2025)13 Research Findings and Conclusion14 AppendixPurchase the complete Global Hospital Asset Management Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-31890Other Reports by DecisionDatabases.com:Global Asset Management Systems Market 2020 by Company, Regions, Type and Application, Forecast to 2025Global Asset Management IT Solution Market 2020 by Company, Regions, Type and Application, Forecast to 2025Global Asset Integrity Management Systems (AIMS) Market 2020 by Company, Regions, Type and Application, Forecast to 2025About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
DecisionDatabases.com is proficient in providing syndicated research report, customized research reports, company profiles and industry databases across multiple domains.Our expert research analysts have been trained to map client’s research requirements to the correct research resource leading to a distinctive edge over its competitors.
We provide intellectual, precise and meaningful data at a lightning speed.For more detailsDecisionDatabases.comE-Mail: [email protected]: +91 9028057900Web: https://www.decisiondatabases.com/News Source – https://www.industrynewsengine.com/2020/11/12/global-hospital-asset-management-market-worth-3996-3-million-usd-by-2025/
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.OverviewHospital asset management solutions consists of products such real-time location systems (RTLS), radio-frequency identification (RFID),ultrasound, and infraredThe 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 trackingNorth 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 periodRequest Brochure of Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1926Increase in Use in Hospitals to Enhance Patient and Resident Experience to Drive MarketUse 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 queuingA 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 intervalsMotion sensing patient management solutions changed the dynamics of patient management, helping to minimize burden on healthcare worker and deliver best diagnostic & treatment services.Real-Time Location Systems (RTLS) Segment to Dominate MarketBased 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 tagsThe RTLS segment dominated the global hospital asset management market in 2018 and the trend is projected to continue during the forecast period.
These properties of the segment projected to increase its use in the market, thereby accelerating the growth of the segment during the forecast period.Request for Analysis of COVID19 Impact on Hospital Asset Management Market - https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1926Generic Hospital Asset Management to be Highly Lucrative SegmentIn 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.North America to Dominate Global MarketIn terms of region, the global hospital asset management market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
