Global hospital asset management market is expected to witness a lucrative growth during the forecast period owing to the increasing incidences of drug counterfeiting along with rising issues in supply chain management. Increasing advantages of these techniques such as reduced cost of hardware, software are expected to further drive the market through to 2022. Improvements such as near field communication which have made managing assets increasingly cost effective and efficient are also expected to further fuel the market demand. Furthermore, increasing use of effective supply chain in pharmaceutical & hospital industry, rising concerns for privacy in healthcare and hospital organization, and advantages associated such as increased return on investment and cost savings are expected to boost the growth of these management services during the next seven years.
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Increasing investment by private and government organizations in implementing radio frequency identification (RFID) technology in order to comply with stringent FDA and World Health Organization regulations for enhancement in quality of supply chain is anticipated to impact hospital asset management market positively throughout the forecast period. These regulations aid in efficient and safe asset management of growing number of diagnostic & monitoring equipments as well as elimination of the fake drugs from the modern hospitals thereby boosting the market growth. Furthermore, upcoming advancements in RFID, RTLS, and infrared tags such as elimination of stray signals and targeting broad range spectrums are expected to further drive the market.
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Geographically, hospital asset management market is divided into North America, Europe, Latin America, Asia-Pacific and MEA. North America accounted for the largest market share in 2014. This expected growth is attributed to betterment in infrastructure quality of clinical research laboratories and rise in adoption of low cost medical systems in research institutes. Asia Pacific region owing to the presence of emerging economies such as India and China is expected to witness a lucrative growth over the forecast period owing to increasing government investment in R&D of health care sector in an attempt to standardize diagnostic laboratories, pharmaceutical, and biopharmaceutical industry in this region.
Furthermore, rise in number of investment opportunities in these immature markets and presence of unmet market demand is expected to drive growth of this regional segment of the market. The key participants in the hospital assets management market include Awarepoint Corporation, AeroScout Inc., Motorola solutions Inc., GE healthcare, Ekahau Inc., Vizbee RFID systems Ltd., Siemens healthcare, Sonitor technologies Inc., Infor, Versus technology Inc., Trimble navigation Ltd, IBM corporation, Tyco international Ltd., and Zebra technologies corporation.
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