Growing pressure to better manage their existing workforce 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 were also not properly tracked. Thus, wastage of time in 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 healthcare asset management market is attributed to factors such as growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products.
How much is the Healthcare Asset Management Market worth?
The global Healthcare Asset Management market is projected to reach USD 35.19 billion by 2023 from USD 8.98 billion from 2018, at a CAGR of 31.4%. Need for better asset management in hospitals, acceptance of asset management solutions in pharmaceutical industry, and decline in prices of RFID Tags are the factors driving the growth of the healthcare asset management market. North America is expected to register the highest growth rate during the forecast period mainly due to growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and the presence of key players in the region.
RFID Tags segment is expected to dominate the RFID products market in 2018.
Based on type, the healthcare asset management market is segmented into tags, readers/interrogators, antennas, and accessories. In 2018, the RFID tags segment is expected to dominate the market. The growth of this market is attributed to the increasing acceptance of RFID in pharmaceutical companies, declining prices of RFID tags, and the availability of technologically advanced products in the market.
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Based on type, the passive RFID tag segment is projected to grow at the highest CAGR during the forecast period.
Based on type, RFID tags market is segmented into passive tags and active tags. In 2018, the passive RFID segment is expected to account for the largest share of the market; also, this segment is expected to register highest CAGR during the forecast period owing to the low cost of passive tags in comparison with active tags. Also, passive tags do not require an external source of energy, owing to which they are more widely adopted. Hospitals segment is estimated hold the largest share of the market in 2017.
North America is expected to dominate the Healthcare Asset Management market in 2018
This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period mainly due to growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and the presence of key players in the region.
Geographically, the Healthcare Asset Management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2018, followed Europe. The dominance of the North American market is attributed to factors such as growing patient safety concerns, acceptance of healthcare asset management solutions in hospitals, increasing need to tackle drug counterfeiting, technologically advanced products, and the presence of key players in the region.
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Leading Companies
The major players in the market include AiRISTA Flow (US), Elpas (US), CenTrak, Inc. (US), ThingMagic [A Novanta Company (US], Sonitor (Norway), Stanley Healthcare (US), Versus Technology, Inc. (US), Zebra Technologies (US), GE Healthcare (US), and IBM Corporation (US).
