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BANGALORE, India , July 29, 2022 /PRNewswire/ -- Healthcare Asset Management market is segmented By Type (RFID, RTLS, Ultrasound, Infrared), By Application (Hospital, Pharma): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Health Category.
Healthcare Asset Management market is projected to reach USD 34270 million by 2028, from USD 12780 million in 2021, at a CAGR of 15.0% during 2022-2028.
Major factors driving the growth of the Healthcare Asset Management Market
The increasing need for asset management in healthcare and technological developments will fuel the growth of the market. Furthermore, rising investments in healthcare IT solutions are expected to push the industry forward in the coming years.
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TRENDS INFLUENCING THE GROWTH OF THE HEALTHCARE ASSET MANAGEMENT MARKET
The burden on medical professionals for providing effective medical care is growing. An asset management system is essential as it reduces the time spent on tracking missing or stolen equipment. Hospitals can improve the entire patient experience by avoiding situations involving the unavailability of crucial machinery. Having the ability to track each and every asset in one or many facilities helps in real-time location and reduces costs related to procurement or replacement of damaged inventory. Automated notifications are sent to the staff whenever any equipment requires maintenance ensuring all the assets remain compliant thereby increasing its ROI in the long term. Increasing deployment of accurate asset measurement tools will bolster the growth prospects of the healthcare asset management market. This creates efficient use of physical space and organized storage.
One of the newer innovations like RFID tags is a vital component in the use of medical equipment and supplies. Medical facilities are under continuous pressure due to ever-increasing patient admissions and a shortage of staff. Increasing movement and activity drives the need for improving hospital assets and patient tracking. RFID bands are worn on wrists which store all the relevant information such as name, medical history, allergies, etc. These modern tracking devices present excellent opportunities for the global healthcare asset management market. On-duty hospital staff can monitor the exact whereabouts of each and every patient. Not only this it also informs them of the location of their vehicles, and equipment.
Stakeholders in the healthcare industry are investing in digital tracking systems and IT software to manage problems. Complex operations with a lot of moving pieces and evolving activities make the asset management process challenging. Hence software like real-time location systems(RTLS) and ultrasound testing provides a live display of personnel and equipment location on an interactive dashboard. It can even send out alerts when a tag has been tampered with indicating potential theft. Moreover, machine defects are detected quickly as it provides an analysis of where the asset is moving along the entire value chain.
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HEALTHCARE ASSET MANAGEMENT MARKET SHARE ANALYSIS
Based on type, the RFID segment is expected to maintain dominance in the healthcare asset management market share owing to cheaper costs and wide scale adoption in healthcare facilities due to its tracking effectiveness.
Based on application, the hospital segment will be the most lucrative as healthcare staff and physicians need to deal with a large number of assets that require constant care and maintenance.
Based on region, North America will grow the highest due to the presence of key players, technological advancements, large-scale acceptance of asset management solutions, and increasing patient safety concerns.
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