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(Health-NewsWire.Net, June 12, 2020 ) 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.
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%. 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. The global healthcare asset management market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest share of this market majorly 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.
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Based on product, the RTLS tag segment is projected to grow at the highest CAGR in 2018
Based on product, the hospital asset management market is segmented into radiofrequency identification (RFID) devices, real-time location systems (RTLS), and ultrasound & infrared tags. Of all these product segments, the RFID devices segment is expected to account for the largest share of the healthcare asset management market in 2018. RTLS on the other hand is expected to register the highest CAGR during the forecast period owing to the higher precision and accuracy offered by RTLS for tracking and monitoring assets in healthcare facilities.
RFID Tags segment is expected to dominate the RFID products market in 2018.
Based on type, the RFID 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.
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.
Based on application, the market is segmented into hospital asset management and pharmaceutical asset management
The global healthcare asset management market, by application is segmented into hospital asset management and pharmaceutical asset management. The hospital asset management segment is estimated to be the largest segment in 2018. The growing need for effective asset management in hospitals, expanding application areas of asset management solutions and the availability of technologically advanced products are some of the major factors driving the growth of this segment. Hospital asset management market is further segmented into equipment tracking and management, patient management, temperature and humidity control, staff management, and Infection Control and hand hygiene compliance. In 2018, the equipment tracking and management is expected to account for the largest share of the hospital asset management market owing to the need for better asset management in hospitals.
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North America to dominate the healthcare asset market in 2018
In 2018, North America is expected to dominate the market followed by Europe. The large share of this region 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.
Who are the leading vendors operating in Pharmaceutical Asset Management Market?
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).
Stanley Healthcare is one of the leading players in the healthcare asset management market. The leading position of the company is attributed to its strong brand image and product portfolio. Its portfolio includes sensor tags, sensor badges, resident tags and patients, patient tags and badges, and asset tags and software-mobile view platform. In the past three years, the company adopted product launches, agreements, and partnerships to maintain its leading position 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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