Hospital Asset Management Market to Grow at 13.2% CAGR Through 2026; Covid-19 Pandemic to Generate Lucrative Opportunities

Hospital asset management service providers are seeking to bolster their capabilities through the integration of artificial intelligence and data analytics technologies to optimize resource distribution.

ROCKVILLE, MD / ACCESSWIRE / August 5, 2020 / The hospital asset management market is anticipated to expand with an exponential 13.2% CAGR between 2020 and 2026. The coronavirus pandemic can prove fairly beneficial for the industry, owing to the unprecedented load of patients on the global healthcare system, and the urgent need for automated workflows and patient tracing functionality provided by hospital asset management services.

“Growing applications of hospital asset management services in leveraging supply chains for higher ROI and savings, in addition to data privacy concerns are expected to contribute to the expansion of hospital asset management services in the years ahead,” says the Fact.MR analyst.

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Hospital Asset Management Market – Important Takeaways

• Fixed imaging inventory management systems are witnessing high demand, primarily owing to frequent maintenance and downtime management needs.
• RFID tracking technology is gaining traction for cost-efficient device and equipment tracking applications.
• Asia Pacific is a fast-growing market for hospital asset management services, driven by intense competition in the region dominated by private healthcare providers.

Hospital Asset Management Market – Driving Factors

• Efforts by hospital administrations to cut healthcare costs and reduce the risk of hospital acquired infections are key factors driving adoption.
• Vast equipment and device inventories in healthcare facilities and the need for tracking and maintenance functionalities drive sales.

Hospital Asset Management Market – Leading Constraints

• High costs of implementing hospital asset management systems restrains adoption.
• Shortage of adequately skilled professionals for development is holding back market growth.

Anticipated Market Impact by Coronavirus Outbreak

The coronavirus pandemic has caused healthcare organizations and government bodies to take efforts in optimizing patient capacities and controls for infectious disease. The use of hospital asset management systems can aid emergency management and the implementation of adequate safety measures in a time and cost effective manner. Availability of advanced management methods and digital technologies such as telemedicine will contribute to the adoption of the hospital asset management services for the duration of the coronavirus outbreak.

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

Competition Landscape

Leading manufacturers in the hospital asset management market include but are not limited to Siemens Healthineers AG, ZIH Corp., Datalogic S.p.A., Stanley Healthcare, Cisco Systems Inc., GE Healthcare, Sonitor Technologies, Awarepoint Corp., CenTrak plc, Honeywell International Inc., Infor, and Ekahau.

Leading manufacturers are largely emphasizing on product innovations and launches, with the integration of novel technologies, in an effort to optimize automation capabilities.

For instance, GE Healthcare has unveiled its CARESCAPE Network, which is aimed to provide reliable, real-time patient data from monitors and telemetry systems directly to medical staff. Accruent has announced the launch of two hospital asset management tools for data on financial planning and device maintenance applications. Further, Advantech announced the release of a solution ready package of real time location systems for patients, staff and medical equipment.

More on the Report

The FACT.MR’s market research report provides in-depth insights on hospital asset management market. The market is scrutinized according to application (staff management, patient management, supply chain management, and instrument management), and product (real time location systems, radio frequency identification, ultrasound tags, and infrared tags), across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).

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About Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR’s latest market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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