Hospital Asset Management Market Escalates amid Deepening Smart Technology Penetration: Fact.MR

Monotony and tediousness associated with manual record keeping is compelling hospitals to invest in automated tracking solutions, leading to a widening berth for asset management solutions

ROCKVILLE, MD / ACCESSWIRE / February 8, 2021 / Fact.MR: Award winning market research company Fact.MR’s report on the hospital asset management market forecasts a highly optimistic outlook through 2021, a prediction carried forward as a result of an exponential spike registered through 2020 with the outbreak of the COVID-19 pandemic. Growth across the next 10 years is also slated to be strong, experiencing a robust CAGR through 2031.

The market has been acquiring stupendous gains since the pre-pandemic times, as hospitals and other healthcare settings increasingly seek to leverage advanced workflow management solutions to enhance operational efficiency. Additionally, patient safety and staff security have acquired immense precedence in recent years. Hence, key healthcare companies are emphasizing on developing precision-based and highly integrated asset management software.

Key healthcare providers are capitalizing on real-time location systems and radio frequency identification technologies to better manage their caregiving services. Prominent solutions providers such as Siemens, offers RTLS based asset tracking and management services through its ENLIGHTED platform, resulting in cost savings up to 85% across an area spanning over 410 million square feet.

“Hospital asset management service providers are actively collaborating with prominent data security solutions players and digital software platforms vendors to incorporate smart asset management approaches, thereby alleviating the burden associated with manual tracking and management practices,” comments a Fact.MR analyst.

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Key Takeaways from Fact.MR’s Hospital Asset Management Market Study

• Instrument management to acquire center-stage, driven by heightened theft reduction initiatives
• By product, RTLS deployment to acquire precedence, followed by RFID solutions to enhance supply chain and inventory management
• U.S to emerge as a lucrative market, attributed to growing demand for patient tracking and management
• Strict hospital asset management regulations to increase uptake across U.K., expected to register steady annual growth
• Germany and France to emerge as key hospital asset management hubs, given the rising number of hospital management educational programs
• Asia Pacific to be the key growth engine, with India and China emerging as primary revenue ecosystems

Hospital Asset Management Market- Prominent Drivers

• Growing need to streamline workflow is increasing scope of digital hospital asset management solutions
• Rising cybersecurity breaches due to attacks like ransomware is compelling hospitals to beef up electronic health records protecting, driving growth
• Service providers are capitalizing on the dual combination of Wi-Fi RFID based RTLS systems to develop new products

Hospital Asset Management Market- Key Restraints

• Heightened initial implementation costs discourages small and medium-scale healthcare settings from adopting advanced asset management systems
• Rapidly evolving nature of cybersecurity breaches is compelling organizations to constantly upgrade existing security apparatuses which is expensive

Discover more about the hospital asset management market with 87 figures and 19 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/4783/hospital-asset-management-market

Competitive Landscape

The global hospital asset management market appears highly fragmented, attributed to the presence of various small, medium and large-scale manufacturers. Some prominent players profiled include ZIH Corp, Stanley Healthcare, GE Healthcare, Awarepoint Corporation, Honeywell International Inc., Cisco Systems Inc., Ekahau, Sonitor Technologies, Siemens Healthineers AG and Ascom.

Leveraging artificial intelligence to provide state-of-the-art patient and staff care lies at the core of most manufacturers. In May 2020, for instance, Stanley Healthcare partnered with Cisco Systems Inc. to deploy real-time location system (RTLS) based hospital monitoring solutions to help healthcare workers cope with COVID-19 treatment and also helped procure additional medical equipment supplies.

On similar line, GE Healthcare offers a dynamic asset performance management platform which helps reduce total cost of ownership, improve capital allocation and asset efficiency, increase labor productivity and augment revenue generation. The platform provides access to data and analytics to predict, maintain, locate and analyze assets to help optimize utilization, increase availability and reduce operating costs.

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More Insights on the Hospital Asset Management Market

The research study on the global hospital asset management market by Fact.MR incorporates an unbiased assessment of key factors. Market statistics have been presented on the basis of Product (Real-time Location System (RTLS), Radio-frequency Identification (RFID), Ultrasound Tags and Infrared Tags) and Application (Staff Management, Patient Management, Supply Chain Management and Instrument Management) across five major regions.

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