The global asset management market is reporting a high rise in its valuation, states a new report published by Report Ocean. The report, titled “Global Hospital Asset Management Market Size study by Product (Radiofrequency Identification (RFID) Devices, Real-Time Location Systems (RTLS) and Ultrasound & Infrared Tags), By Application (Hospital Asset Management and Pharmaceutical Asset Management) and Regional Forecasts 2020-2027,” is prepared by performing a detailed analysis of the overall market and its current and past performance.
As per the study, the global hospital asset management market valued approximately US$6.30 bn in 2019. The market is anticipated to rise at an impressive CAGR of more than 13.20% over the forecast period of 2020-2027. With the rising concerns regarding safety and security among people, the technological solutions are gaining significant traction in healthcare systems. Hospital asset management services offer competitive edge to hospitals by establishing their premise as a monitored and secure area.
The rising acceptance of asset management techniques in the healthcare industry due to the decrease in the hardware and software costs is likely to supplement the growth of the market for hospital asset management in the years to come. The continued introduction of technological advancements, such as Zigbee and smart active labels is also expected to create lucrative growth prospects for the market in the long run. However, the high cost associated with RFID Readers and the rising concerns related to data security and privacy may limit the growth of this market in the years to come.
The key market players are focusing on tactics, such as innovation, new product launch, and mergers and acquisitions to sustain the fierce competition. For instance, Cigna and Sentara Healthcare integrated a new health utility network through blockchain in 2019. The purpose of this agreement is to organize a broad ecosystem of healthcare enterprises in shared and secured environment with an aim to allow enterprises to build, deploy, and share solutions with the use of blockchain to drive digital transformation in the industry.
The regional analysis of the global hospital asset management market is also given in this research report. According the study, the market is spread across Asia Pacific, North America, Europe, Latin America and the Rest of the World. The leading regional market for hospital asset management is North America and it is expected to remain dominating in the years to come as well. The increasing awareness regarding the benefits of deploying asset management systems in the healthcare industry is driving this regional market substantially. Asia Pacific is anticipated to demonstrate the highest CAGR over the period from 2020 to 2027.
Impact of Covid 19 on Global Hospital Asset Management Market
Among the few positively impacted markets from Covid 19 is the global hospital assert management market. The continuously increasing number of patients seeking hospital admission fueled the demand for hospital asset management services considerably. Analysts at Report Ocean suggest that hospital asset management is likely to gain more impetus over the next couple of years.
- The leading regional market for hospital asset management is North America
- Asia Pacific is anticipated to demonstrate the highest CAGR over the period from 2020 to 2027.
The global hospital asset management market is classified into:
- Radiofrequency Identification (RFID) Devices
- Real-Time Location Systems (RTLS)
- Ultrasound & Infrared Tags
- Hospital Asset Management
- Pharmaceutical Asset Management
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Airista Flow
- GE Healthcare
- CenTrak, Inc.
- IBM Corp.
- Intelligent Insites
- Stanley Black & Decker Inc.
- Versus Technology
Company Name: Report Ocean
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