The Hospital Asset Management Market will grow at a CAGR of 9.5% during the forecast period, according to TMR

Transparency Market Research

Benefit from increased return on investment (RoI), a key demand driver in the hospital asset management market; opportunities in the Asia-Pacific Market are expected to increase remarkably in the near future

ALBANY, NY, March 21, 2022 (GLOBE NEWSWIRE) — The growing trend of automating asset management workflows in healthcare facilities is driven by the need to improve overall productivity and patient safety, attracting investments in the hospital asset management market. Hospitals rely on asset management plans to optimize the operation of healthcare equipment and physical infrastructure, leading to improved quality of care. The hospital asset management market is expected to grow at a CAGR of 9.5% during the forecast period 2019-2027.

The trend of rapid digitization of hospital operational workflows has catalyzed the implementation of various cost-effective asset management systems. The commercialization of medical equipment management applications in particular has expanded the possibilities of the hospital asset management market.

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Bluetooth Low Energy (BLE)/WiFi-based real-time asset tracking system is gaining traction in hospitals for various applications including staff and patient management, equipment usage tracking, and outdoor tracking movements, according to the TMR study on the hospital asset management market. Managing critical equipment helps hospitals meet regulatory guidelines and comply with healthcare standards.

Key Findings from the Hospital Asset Management Market Research

  • Growing implementation of RTLS for multiple applications to support massive lucrative avenues: The use of real-time location system (RTLS) is increasing in hospitals for tracking medical staff, patients and other assets, thus generating huge revenue streams in the asset management market hospitable. Hospitals have benefited from the penetration of WiFi and RFID. The implementation of RTLS is expected to grow in several developing and developed countries. Growing spending on WiFi infrastructure has catalyzed the outlook for the hospital asset management market. Advancements in BLE/WiFi-based beacons are driving the market outlook. Additionally, RFID has gained popularity in asset and inventory tracking, bolstering the implementation of RFID-based hospital asset management platforms.

  • Patient safety is the key foundation for widespread adoption: The indispensable role of hospital asset management plans in patient safety has boosted the popularity of products in the hospital asset management market, the TMR study notes. The healthcare industry has become keen to increase its spending on asset management programs to meet its compliance requirements and support patient safety. A good example is the popular use of barcodes to reduce medication errors in patients.

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Hospital Asset Management Market: Key Drivers

  • The global healthcare industry is keen to promote infrastructure as an integral part of complying with safety laws and regulations. Hospitals, therefore, consider asset management plans to be essential for complying with patient safety regulations as well as for quality of care, thus acting as a key driver of the hospital asset management market.

  • Advancements in healthcare informatics have boosted the penetration of business analytics intelligence software in healthcare centers, thereby broadening the horizon of hospital asset management technologies. It should be noted that the increasing number of IoT-based healthcare devices is widening the way in the hospital asset management market.

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Hospital Asset Management Market: Regional Growth Dynamics

  • North America held a significant share of the global hospital asset management market in 2018. Considerable implementation of solutions to meet patient safety standards and maximize return on inventory investment in a growing number of hospitals propelled revenue generation.

  • The Asia-Pacific hospital asset management market is witnessing vast lucrative opportunities. India, China, Vietnam, South Korea and Indonesia are expected to bring substantial revenue gains to the regional market over the forecast period (2019-2027). Realizing the multiple benefits of effective asset management in a healthcare facility is driving demand across the region.

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Hospital Asset Management Market: Key Players

Some of the Major Hospital Asset Management Market Players Are

The global hospital asset management market has been segmented as follows:

  • Global Hospital Asset Management Market, By Type

  • Global Hospital Asset Management Market, By Application

    • Staff management

    • Patient management

    • Supply chain management

    • Instrument management

  • Global Hospital Asset Management Market, By Region

    • North America

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

      • The rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia and New Zealand

      • Rest of Asia-Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East and Africa

Modernization of healthcare in terms of infrastructure and services has pushed the healthcare industry to new heights, stay updated with Latest Health Industry Research Reports by Transparency Market Research:

Hospital Asset Tracking and Inventory Management Systems Market: The demand for hospital asset tracking and inventory management systems has increased due to the commercialization of the healthcare industry. The advantage of the medical services sector has led a few elements to invest resources in this area. Track the assets related to the medical care field, and this factor has given impetus to the development of the global hospital asset tracking and inventory management systems market.

Electronic Health Records Market: The Electronic Health Records Market was valued at US$26,126.3 million in 2018 and is projected to grow at a CAGR of 4.8% from 2019 to 2027. (EHR) helps health workers register patients. related data electronically. Patient data may include demographics, medications, medical histories, vital signs, diagnostic test results, and imaging reports.

Smart Health Products Market: The global smart health products market is expected to grow at a significant rate of 8.8% during the forecast period from 2019 to 2027. The global smart health products market is expected to grow to reach valuation of 80.3 billion US dollars. at the end of the forecast period, i.e., 2027. The research report also informs that the global smart health products market was valued at US$ 37.5 billion at the beginning of the forecast period , i.e. in 2018.

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