Real-time Location Systems (RTLS) are poised to find widespread usage in hospitals asset management systems. The ability to manage multitasking involved in data capturing, visualization, integration and analysis to enhance reliability is anticipated to drive Hospital Asset Management market growth. Moreover, reduction in capital expenditure and improvement in workflow organization has boosted the popularity of RTLS devices. Projections indicate a staggering CAGR of 15.2%, capturing nearly 70% of the market.
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The Radio-frequency Identification (RFID), hospital asset management solutions shall surge in popularity, owing to its application in supply chain management and inventory tracking. In the latter case, the at-time location is tracked, which reduces the need for continuous location tracking. RFID is also an affordable option as compared to RTLS. The RFID segment is forecast to capture two-fifth of the overall hospital asset management market, expanding at a CAGR of 7.7% during the forecast period.
Global Hospital Asset Management Market Regional Insights
North America is anticipated to dominate the global hospital asset management segment throughout the forecast period. Increased adoption of RTLS asset management and hospital asset management with IoT for patient tracking, staff location, asset tracking and throughput are projected to drive the growth of the market. Patient tracking is a foremost concern for hospitals in order to ensure their safety and care. The RTLS-based on Wi-Fi RFID combined technology is a very useful method to track mobile patients in specific areas in North America. Anticipated CAGR for the North-American hospital asset management is a staggering 13.2%.
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Asia-Pacific is foreseen to record a high growth trajectory during the forecast period. Increased focus on improving healthcare by public and private hospitals has prompted key manufacturers to establish their business operations in the Asia-Pacific. Players are concentrating on developing innovative solutions to support existing infrastructure of hospitals. Players such as STANLEY Healthcare, Awarepoint Corporation and ZIH Corp are offering solutions to track devices which include software application and development. A healthy CAGR of 14.1% is predicted for the Asia-Pacific market.
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The Hospital Asset Management market report answers important questions which include:
- What does the status of the Hospital Asset Management market look like after the forecast period?
- Which region has the highest contribution to the global Hospital Asset Management market and why?
- Which players remain at the top of the global Hospital Asset Management market?
- What opportunities are available for the Hospital Asset Management market players to expand their production footprint?
- Which segment has the maximum impact on the global Hospital Asset Management market?
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