The hospital asset management market is expected to witness lucrative growth during the forecast period owing to the increasing issues in supply chain management along with increasing incidences of drug counterfeiting. Growing acceptance of asset management techniques due to reduction in the cost of software and hardware is expected to drive this market through to 2022. Introduction of technological advancements such as Zigbee, smart active labels (SAL) is also expected to fuel market demand. Improvements such as near field communication have made asset management increasingly efficient and cost-effective. Furthermore, rising privacy concerns in hospitals and healthcare organizations, increasing use of hospital and pharmaceutical industry for effective supply chain and advantages such as increased return on investment and cost savings are expected to boost the growth of hospital asset management in the next seven years.
The hospital asset management market is segmented on the basis of pharmaceutical & healthcare products and applications. The healthcare products offered in the market are Wi-Fi-based real-time location systems (RTLS), radio frequency identification (RFID), infrared, and ultrasound tags. Radiofrequency identification segment in the asset management market accounted for largest market share in 2014 owing to its technological up-gradation from locating patients, assets and error prevention of drugs to drug anti-counterfeiting, theft prevention, drug trial compliance, and cost control as well as increasing healthcare applications such as tracing and tracking of consumable medicines, visitor alarm and locating staff and accurate & speedy location of assets. However, Wi-Fi-based real-time location systems (RTLS) in the healthcare segment is expected to witness significant growth in demand in the next seven years due to increasing adoption of RTLS as a result of its increasing application in the healthcare sector and declining cost of hardware. The pharmaceutical product available in the market is radio frequency identification technology (RTLS). Radiofrequency identification technology (RTLS) tags both in pharmaceuticals and healthcare and is expected to play a prominent role in the growth of the hospital asset management market due to its increasing demand and applications for an efficient workflow. On the basis of applications, the hospital asset management market is divided into humidity control, staff management, patient management, and temperature & equipment management. Asset management in pharmaceutical vertical finds applications such as supply chain and drug counterfeiting. Increasing number of complex equipment in modern-day hospitals require highly specialized and efficient asset management systems and increasing investment by government and private organizations in implementing RFID technology as organizations such as World Health Organization and FDA suggested the use RFID in enhancing the quality of supply chain in order to eliminate the fake drugs in the global market are factors which are expected to drive the demand for hospital asset management through to 2022.
The geographical analysis of the hospital asset management market divides it into North America, Europe, Asia-Pacific, Latin America, and MEA. In 2014, North America accounted for the largest market share owing to increasing quality of infrastructure for clinical and laboratory research and increasing adoption of low-cost medical systems in clinical diagnostic laboratories. Asia Pacific region is expected to grow at a significant rate during the forecast period owing to the technological development of emerging economies such as China and India. This expected growth is attributed to increasing median age of the population, increasing government and corporate investment to standardize biopharmaceutical and healthcare sector and presence of unmet market demand. Furthermore, increasing number of diagnostic laboratories in the region, a number of investment opportunities in these immature markets, and increasing awareness and rising demand for efficient and effective supply chain management are also expected to drive demand in the cell line development market. Major participants in the market are expanding by geographical expansions, strategic alliances, innovations, acquisitions and partnerships with diagnostic laboratories, clinics, and hospitals. The hospital asset management market is highly competitive owing to emergence of new entrants in the market and the presence of well-established firms The key participants in the cell line development market include Tyco international Ltd., IBM Corporation, Awarepoint Corporation, Infor, Motorola solutions Inc., GE healthcare, Ekahau Inc., Siemens healthcare, Vizbee RFID systems Ltd., Sonitor technologies Inc., Versus technology Inc., and Zebra technologies corporation, Trimble navigation Ltd, and AeroScout Inc.
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