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.
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 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%. North America is projected to grow at the highest CAGR during the forecast period. 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.
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.
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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.
The global Pharmaceutical Asset Management Market, by application is segmented into hospital asset management and pharmaceutical asset management. The Drug Counterfeit 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 Ultrasound market owing to the need for better asset management in hospitals.
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Which are the key players in the Hospital Asset Management Market and how intense is the competition?
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).
• 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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