The report offers actionable and valuable insights on the Hospital Asset Management market. The latest report by Fact.MR provides details on the present scenario of the Hospital Asset Management market across various regions along with the historic data and forecast of the Hospital Asset Management market. The report also includes information on the sales and demand of Hospital Asset Management across various industries and regions. Market dynamics including latest trends, challenges, growth opportunities, and drivers for is also provided in the Hospital Asset Management market report.
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.
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.
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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.
By Application :
- Staff Management
- Patient Management
- Supply Chain Management
- Instrument Management
By Product :
- Real-time Location Systems (RTLS)
- Radio-frequency Identification (RFID)
- Ultrasound Tags
- Infrared Tags
By Key Regions :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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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.
- 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%.
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.
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“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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