(PharmaNewsWire.Com, May 04, 2021 ) According to the latest research report – “Healthcare Asset Management Market by Product (RFID (Active, Passive), RTLS, Ultrasound, Infrared), Application (Hospital (Equipment, Patient Monitoring, Staff Management, Hand Hygiene), Pharma (Drug Counterfeiting, Supply Chain)) - Global Forecast to 2023”
[147 Pages Report] The healthcare asset management market is expected to reach USD 35.19 billion by 2023 from USD 6.89 billion in 2017, at a CAGR of 31.4%.
The growth of the Hospital Asset Management market is driven by need for better asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, and decline in prices of RFID Tags.
Browse in-depth TOC on " Hospital Asset Management Market”
120 - Market data Tables
39 - Figures
147 - Pages
Hospital Asset Management Market Drivers
Need for better asset management in hospitals
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.
Acceptance of asset management solutions in the pharmaceutical industry
The use of radiofrequency identification (RFID) 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 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 as compared to 3,002 cases in 2015 and 2,177 cases in 2014.
Target Audience for this Report:
RTLS/RFID hardware and software vendors Pharmaceutical companies Healthcare providers Government agencies Research and consulting firms Venture capitalists Based on type, the Hospital 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.
In March 2018, Elpas launched its Eiris Softare Version 5.0.7, Eiris In January 2017, Novanta Corporation (US) acquired ThingMagic business from Trimble (US). This acquisition helped Novanta to expand their RFID portfolio to address the growing need for improvements in workflow solutions, patient safety, anti-counterfeiting, and asset tracking on medical markets.
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