Growing Workload on Healthcare Professionals Due to COVID-19
- Escalating adoption of the latest technology throughout the healthcare sector may offer tremendous growth prospects for the hospital asset management market
- Thorough research on all aspects leads to the conclusion that the global market is anticipated to expand at a CAGR of 9.5 percent across the forecast period of 2019 to 2027
ALBANY, N.Y, Aug. 17, 2020 /PRNewswire/ -- Medical equipment and systems are present on a large scale for treating a plethora of patients in large hospitals. Hospital asset management enables the maintenance and record of the status of the medical equipment. Flaws or prolonged non-maintenance of certain medical equipment can lead to serious repercussions. Therefore, the increasing need for proper maintenance of medical equipment and creating a safe environment is raising the demand across the hospital asset management market.
According to the researchers at Transparency Market Research (TMR), the global hospital asset management market was valued at US$ 5,986 mn in 2018 and is prognosticated to expand at a CAGR of 9.5 percent across the forecast period of 2019-2027.
The expansive advantages offered by the hospital asset management market such as reduced paperwork regarding admissions and discharges, maintenance of capital equipment, and nurse rounding is bringing exponential growth opportunities during the forecast period. The systems also help in preventing the cumbersome traditional procedures that were earlier required. This aspect brings tremendous growth prospects for the hospital asset management market.
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Hospital Asset Management Market: Prominent Findings
- The real-time location systems (RTLS) segment acquired a large share across the hospital asset management market in 2018 and is extrapolated to observe the same trend between 2019 and 2027
- On the basis of application, the instrument management segment held a dominant position in 2018
- North America was the largest regional growth contributor in 2018 for the global hospital asset management market
- Asia Pacific may emerge as a lucrative region for the hospital asset management market and is expected to expand at a high CAGR during the forecast period of 2019-2027
Explore 170 pages of cutting-edge research, extensive insights, and detailed projections. Analyze and discover the latest developments in the Hospital Asset Management Market (Product - Real time Location Systems (RTLS), Radio-frequency Identification (RFID), Ultrasound, Infrared; Application - Patient Management, Staff Management, Instrument Management, and Supply Chain Management) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/1926
Hospital Asset Management Market: Growth Boosters
The features of hospital asset management software bring great efficiency in hospital administration. This aspect may bring expansive growth opportunities for the hospital asset management market. Using an efficient hospital asset management system also minimizes disruption and enables maintenance to be carried in a smooth manner.
- Having a hospital asset management system helps in generating accurate reports that explore every detail of the maintenance and regulation, thus bringing exponential growth for the hospital asset management market
- The presence of a hospital asset management system ensures proper functioning of the waste disposal mechanism, eventually assuring safety for the patients
- The installation of a hospital asset management system brings operational excellence and also guarantees compliance with the regulations laid by varied hospitals
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Hospital Asset Management Market: Competitive Assessment
The hospital asset management market comprises numerous players that are involved in stiff competition. New launches by diverse companies in the hospital asset management market invite good growth opportunities across the hospital asset management market.
The COVID-19 outbreak has led to an increase in demand for the hospital asset management market due to the growing strain on healthcare professionals taking into consideration the high number of infected patients. This factor may prompt the manufacturers in the hospital asset management market to expand their production capacity.
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Mergers, acquisitions, joint ventures, partnerships, and collaborations are helping the players to strengthen their foothold in the hospital asset management market, thus bringing extensive growth opportunities. Some key participants in the hospital asset management market are STANLEY Healthcare, GE Healthcare, AWAREPOINT CORPORATION, ZIH Corp, Honeywell International Inc., Ascom, CenTrak (Halma plc), Sonitor Technologies, Impinj Inc., and Ekahau.
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The Global Hospital Asset Management Market has been segmented as Follows:
- Real-time Location System (RTLS)
- Radio-frequency Identification (RFID)
- Ultrasound Infrared
- Patient Management
- Staff Management
- Instrument Management
- Supply Chain Management
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Electronic Health Records Market: According to the report, the global electronic health records market was valued at US$ 26,126.3 Mn in 2018 and is anticipated to expand at a CAGR of 4.8% from 2019 to 2027, technological advancements, diseases prevalence and incidence rate at regional level, and reimbursement scenario of the market at regional level are projected to drive the global electronic health records market during the forecast period.
Hospital Furniture Market: The global hospital furniture market was valued at US$ 9.5 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030. Significant prevalence and increase in incidence rate of chronic diseases, rise in global geriatric population, and growth in disabled population across the globe are anticipated to fuel the expansion of the global hospital furniture market.
Hospital Information Systems Market: Some of the key driving factors for the hospital information systems market are government initiatives, initiatives from the private and public sector around the world and rapid technological enhancements, rising healthcare cost and changing world demographic have forced the government to enhance the healthcare.
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