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.
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.
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.
Primary sources from the demand side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the healthcare asset management market.
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The healthcare asset management market is marked by the presence of several big and small players. Prominent players offering healthcare asset management products 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).
Based on product, the healthcare asset management market is segmented into radiofrequency identification (RFID) devices, real-time location systems (RTLS), and ultrasound & infrared tags. Of all these product segments, the RFID devices segment is expected to account for the largest share of the healthcare asset management market in 2018. RTLS on the other hand is expected to register the highest CAGR during the forecast period owing to the higher precision and accuracy offered by RTLS for tracking and monitoring assets in healthcare facilities.
Based on type, RFID hardware market is further segmented into tags, readers/interrogators, antennas, and accessories. RFID tags are expected to account for the largest share of the RFID hardware market in 2018. The large share can primarily be 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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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.
The market is dominated by North America, followed by Europe. 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.
While the healthcare asset management market represents significant growth opportunities, market growth may be hindered due to the high cost of RFID readers.