New York, Oct. 08, 2020 (GLOBE NEWSWIRE) — The Global Healthcare Asset Management Market is forecast to reach USD 101.36 Billion by 2027, according to a new report by Reports and Data. The growing demand for asset management in the healthcare sector is due to rapid technological advancements. Modern technology has removed the need for pen and paper. With the emergence of healthcare IT, the medical sector is shifting towards modern procedures. An asset management plan helps hospitals maintain regulations, assess risk, reduce operating costs, and enhance operational efficiency within the institution.
The market is witnessing an increased demand as they reduce the overall cost and protect the critical working of a building to maintain a clean and safe medical environment. Implementing a healthcare asset management program offers other benefits also other than saving money and time. Their offerings are more scalable and flexible. Moreover, asset management leverage location-based intelligence to provide real-time information on the status and utilization of medical equipment. Data flows into reports that are further sorted by facility, unit, department, and even enterprises for further analysis.
The healthcare asset management program helps find equipment quickly and easily, eliminating the need for inventory stock-outs and improving asset utilization rate. The market demand will continue to grow as effective hospital management can lead to a higher level of productivity.
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The COVID-19 impact:
The spread of Covid-19 has influenced industrial activities worldwide. Over the weeks, the market has experienced a downturn that can continue in the coming months. The virus led to the implementation of lockdown, which disrupted the operations of the asset management program as the healthcare sector witnessed a collapse in several countries, which were burdened by patients infected by the coronavirus. Millions of people were infected, and thousands of them died, including a staggering number of healthcare personnel. Although the market suffered a major setback at the time, the industry is bouncing back as there is a greater need for better management and up-gradation of the medical sector.
Further key findings from the report suggest
- RTLS or Real-time location systems is beneficial to reduce cost and optimize efficiency as well as increase patient and staff satisfaction. RTLS helps in achieving and maintaining 99.9% inventory accuracy without the need for expensive and time-consuming laborious audits. The product helps in providing real-time pallet information within minutes.
- Patient management improves the quality of patient care, make optimal use of resources, and ensures compliance with all regulations. It offers spot-on access to patient-related data and maintenance as part of clinical and medical processes with other clinical applications.
- A digital revolution in the pharmaceutical industry has led manufacturers to rethink their strategies and asset portfolio, creating a demand for the healthcare asset management market. The increasing emergence of tech giants has posed a challenge to these companies as factories are becoming more automated, and there is an infiltration of Artificial Intelligence (AI) in the industry. The segment will grow with a significant CAGR during the forecast period.
- The Asia Pacific region will witness a significant growth of 32.8% due to a rise in drug-counterfeit concerns, support from the government in the implementation of the market solution, and partnership between tech and healthcare companies, which will drive the demand in the region.
- Key participants include AiRISTA Flow, ThingMagic, CenTrak, Inc., Stanley Healthcare, Sonitor, Versus Technology, Inc., GE Healthcare, Zebra Technologies, IBM Corporation, and Elpas, among others.
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For the purpose of this report, Reports and Data has segmented the Global Healthcare Asset Management Market on the basis of product, application, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Radiofrequency Identification (RFID) Devices
- Real-time location systems (RTLS)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Hospital Asset Management
- Equipment Tracking and Management
- Temperature and Humidity Control
- Patient Management
- Infection Control and Hand Hygiene Compliance
- Staff Management
- Software Solutions
- Supply Chain Management
- Drug Anti-counterfeiting
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
- Hospitals and Clinics
- Bio-Technology Companies
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/healthcare-asset-management-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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