A new report titled "Hospital Asset Management Market Estimated to Grow at a CAGR of 12 % during Forecast Period 2018-2026" has been included in the enormous research repository of Market Research Reports Search Engine (MRRSE) that compiles various facets of the Hospital Asset Management market at a global level portraying a holistic analysis of the marketplace along with intelligence on key participants. The report covers an unbiased analysis on various market aspects, emphasizing major trends giving direction to the market, key opportunities paving new growth avenues, key drivers pushing the market’s growth and challenges and restraints hindering the market for Hospital Asset Management across the globe.
Of late, the global market for hospital asset management has been observing tremendous surge in its market size and is expected to remain doing so over the next few years. The increasing awareness about the benefits offered by hospital asset management solutions, such as the optimization of workflow, productivity, and safety, higher return on investment, and the decrease in inventory, is boosting the growth of this market, substantially.
This research report is aimed at offering clear and in-depth information about the global market for hospital asset management by carrying out a thorough analytical research of the performance of this market in the past and during the period from 2018 to 2026. The study especially highlights the growth boosters, obstacles, opportunities, challenges, and the key trends in this market in a bid to find out the pace of its growth.
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The global hospital asset management market is projected to surpass the value of US$ 6.0 Bn in 2018 and is likely to expand at a CAGR of more than 12.0% during the forecast period from 2018 to 2026. The global hospital asset management is expanding at a rapid pace in both developed as well as developing geographies, mainly due to rapidly increasing installations of tags across multiple applications with an objective of reducing operational and capital expenditure. There has been a continuous trend of reduction in budget allocation to hospitals from the overall health care spending budget in developed geographies. For example, in 1975, hospitals accounted for more than half of the health care budget spending in Canada. However, this share shrunk down to less than one third in 2012. Despite a decrease in budget allocations, hospitals have been witnessing elevating pressure to provide better services to rapidly increasing number of patients. This is imposing a significant workflow burden on hospital administrations for increasing efficiency through workflow optimization and patient satisfaction. Adoption of advanced technologies in the hospital asset management market is enhancing utilization rates of mobile medical devices such as IV pumps, wheelchairs, etc. and leading to improvements in staff and inventory management efficiency and increase in patient quality of care.
The global market for hospital asset management is gaining significantly from the constant advancements in technologies, which are being utilized in the medical and healthcare industry. The increasing infrastructural development in the medical and healthcare industry across the world is also supporting the growth of this market, remarkably. Going forward, the high budget allocation in this industry and the rising expenditure on healthcare are expected to propel this market over the next few years.
On the basis of the geography, the worldwide market for hospital asset management can be divided into Latin America, Europe, Asia Pacific, North America, and the Middle East and Africa. Europe and North America are leading the global market for established healthcare IT infrastructure and are expected to continue doing so in the near future. The presence of an established medical and healthcare IT infrastructure is the key factor behind the dominance of these regions. On the other hand, the constant digitalization in the medical and healthcare sector through nonstop support from the governments is likely to boost the Asia Pacific market for hospital asset management in the years to come.
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Ascom, CenTrak (Halma plc), Awarepoint Corp., Ekahau, Honeywell International Inc., GE Healthcare (General Electric Co.), Impinj Inc., STANLEY Healthcare (Stanley Black & Decker Inc.), Sonitor Technologies, and ZIH Corp. are some of the prominent players in the global market for hospital asset management. With the presence of numerous participants, the global market displays a highly competitive and fragmented structure. The key players in this market are expected to focus on product innovation and technological advancements in their current offerings over the forthcoming years in order to attain a competitive advantage over their rivals.
The global hospital asset management market has been segmented as follows:
Real-time Location System (RTLS)
Radio-frequency Identification (RFID)
Supply Chain Management
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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Hospital Asset Management Market Estimated to Grow at a CAGR of 12 % during Forecast Period 2018-202
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