Need for better asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, and decline in prices of RFID Tags are driving the growth of the healthcare asset management market.
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%.
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.
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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.
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.
While the healthcare asset management market represents significant growth opportunities, market growth may be hindered due to the high cost of RFID readers.
The healthcare asset management market is marked by the presence of several big and small players. Prominent players offering healthcre asset mangement market include 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).
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