Hospital Asset Management Market Size, Share, Trends, Growth, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Visopon Research Reports, the global hospital asset management market size surpassed US$ 5.9 billion in 2019 and to reach US$ 13.6 billion by 2027 with a CAGR of 9.6% from 2020 to 2027.

Focus on improved and optimized workflow, productivity, and safety and lowering capital assets as well as operational expenditure are projected to drive the global hospital asset management market during the forecast period.

Overview

  • Hospital asset management solutions consists of products such real-time location systems (RTLS), radio-frequency identification (RFID),ultrasound, and infrared
  • The real-time location systems (RTLS) segment comprises Wi-Fi, ZigBee, and UWB. These applications can be used for indoor as well as staff & patient management, outdoor tracking of motion and equipment usage tracking
  • North America dominated the global hospital asset management market in 2019 and the trend is anticipated to continue during the forecast period. Rise in emphasis on improving the quality of patient care and exponential increase in adoption of healthcare IT tools and technologies for patient management are various factors expected to drive the market in North America.
  • Asia Pacific is likely to be a highly lucrative market for hospital asset management and it is expected to expand at a high CAGR during the forecast period

Increase in Use in Hospitals to Enhance Patient and Resident Experience to Drive Market

  • Use of asset management solutions in hospitals has numerous advantages in providing best quality services and improving patient management. It  has the potential of completely putting an end to patient waiting rooms, as technology based tags or badges are able to manage patients without any waiting time or queuing
  •  A simple radio-frequency Identification tags offers number of benefits to healthcare professionals and enable to improve caregiver-patient interaction which is achieved by monitoring patient location and reducing nurse round intervals
  • Motion sensing patient management solutions changed the dynamics of patient management, helping to minimize burden on healthcare worker and deliver best diagnostic & treatment services.

Real-Time Location Systems (RTLS) Segment to Dominate Market

  • Based on product, the global hospital asset management market has been divided into real-time location systems (RTLS), radio-frequency identification (RFID), ultrasound tags, and infrared tags
  • The RTLS segment dominated the global hospital asset management market in 2019 and the trend is projected to continue during the forecast period. Data capture, visualization, integration, and analysis are various specifications of RTLS and has the ability to perform various tasks. These properties of the segment projected to increase its use in the market, thereby accelerating the growth of the segment during the forecast period.

Generic Hospital Asset Management to be Highly Lucrative Segment

  • In terms of application, the global hospital asset management market has been classified into staff management, patient management, supply chain management and instrument management.
  • The instrument management segment dominated the hospital asset management market due rise in emphasis on instrument tracking, counterbalance misplaced or lost devices in healthcare centers and focus on healthcare resource management.

North America to Dominate Global Market

  • In terms of region, the global hospital asset management market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hospital asset management market in 2019, followed by Europe.
  • North America accounted for major share of the global hospital asset management market in 2019, owing to rise in demand for technologically advanced systems and increasing need for higher efficiency and patient safety system in health care facilities.
  • The hospital asset management market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to rapid growth in healthcare facilities in developing economies such as India, China, Indonesia, Vietnam, South Korea, emphasis on improving healthcare infrastructure by public as well as private hospital organizations

Competitive Landscape

  • The global hospital asset management market is fragmented in terms of number of players. Key players in the global market include Ascom, AWAREPOINT CORPORATION, CenTrak (Halma plc), Ekahau, GE Healthcare (General Electric Company), Honeywell International Inc., Impinj, Inc.,Sonitor Technologies, STANLEY Healthcare (Stanley Black & Decker, Inc.), and ZIH Corp among others

Market Segmentation

By Type

    • Real-time Location Systems (RTLS)
    • Radio-frequency Identification (RFID)
    • Ultrasound Tags
    • Infrared Tags

By Application

    • Staff Management
    • Patient Management
    • Supply Chain Management
    • Instrument Management

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific          
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

VRR’s report on the global hospital asset management market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global hospital asset management market for the period 2017–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global hospital asset management market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global hospital asset management market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global hospital asset management market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global hospital asset management market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global hospital asset management market.

The report delves into the competitive landscape of the global hospital asset management market. Key players operating in the global hospital asset management market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global hospital asset management market that have been profiled in this report.

Key Questions Answered in Global Hospital asset management Market Report

  • What is the scope of growth of product companies in the global hospital asset management market?
  • What will be the Y-o-Y growth of the global hospital asset management market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global hospital asset management market?
  • Will North America continue to be the most profitable market for hospital asset management providers?
  • Which factors are anticipated to hamper the growth of the global hospital asset management market during the forecast period?
  • Which are the leading companies in the global hospital asset management market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global hospital asset management market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global hospital asset management market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the hospital asset management market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the hospital asset management market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global hospital asset management market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global hospital asset management market more reliably and accurately.


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