Hospital Asset Management Market Size to Develop Lucratively by 2023

In hospitals, the key assets include people, devices, and medication. However, the management of thousands of expensive mobile equipment is labor-intensive and challenging. Asset management is thus of prime importance across hospitals owing to its significant impact on staff productivity, assets performance, operations, and lifestyle costs. Asset tracking is a potential area of improvement for hospitals that can be achieved with quantitative results. With the help of asset management solutions, hospitals are able to improve service quality while reducing managing costs and risk of non-compliance.

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Hospital asset management solutions are equipped with various technologies such as radio-frequency identification (RFID), infrared, ultrasound, and Wi-Fi based real-time location systems (RTLS). The RFID technology is extensively used across the pharmaceutical sector where manufacturers and distributors are able to precisely track drug products through the supply chain. The U.S. Food and Drug Administration (FDA) introduced guidelines for the implementation of RFID technology in November 2004 to ensure the safety and security of drug supply across the health care industry. For staff management and to provide better service to patients, RTLS is widely used for nurse call automation and real-time locating of patients. RTLS tags are also implemented to monitor, track, and manage strategic assets such as ventilators for critical care, cardiac monitoring devices, machinery for ultrasound diagnostics, and others.

The increasing number of complex equipment in modern-day hospitals, along with the growing incidences of drug counterfeiting and supply chain issues have boosted the demand for hospital asset management solutions. The declining cost of hardware utilized in various systems such as RTLS and their extensive usage across the health care industry have also augmented the growth of the global hospital asset management market.

However, initial investment requirements, operational and technical issues, and privacy and ethical concerns will hamper the growth of the global hospital asset management market. Various initiatives taken by government institutions to decrease operational costs at government-run hospitals are expected to define the future outlook of the global hospital asset management market.

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Hospital asset management includes staff management, patient management, temperature and humidity monitoring, and equipment management. With the growing demand to manage vast supplies of medical equipment across hospitals, equipment management has emerged as one of the largest application segments in the global hospital asset management market.

The global hospital asset management market has been segmented into four key regions: North America, Asia Pacific, Europe, and Rest of the World. In North America, the robust health care infrastructure has propelled the demand for hospital asset management solutions. North America and Europe are the leading regions in the global hospital asset management market. Various government initiatives to boost the health care industry and rising demand for efficient supply chain management in Asia Pacific will fuel the demand for hospital asset management software in the region in the coming years. India and China will significantly contribute toward the growth of the market in the region owing to the standardization of RFID technology through various government initiatives.

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Some of the prominent players in the global hospital asset management market are GE Healthcare, IBM Corporation, Tyco International Ltd., AeroScout Inc., Vizbee RFID Systems Ltd., Infor, Awarepoint Corporation, Motorola Solutions Inc., Trimble Navigation Ltd., Ekahau Inc., Siemens Healthcare, Versus Technology Inc., Sonitor Technologies Inc., and Zebra Technologies Corporation.

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