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A critical aspect of efficiency in healthcare organizations is asset management. Hospitals have thousands of assets to track and maintain, and failure of which results in increased waste and downtime, restricted patient flow, decreased quality of care, poor employee productivity, and financial losses.Hospitals are demanding more holistic solutions provided by a fewer vendor partners while maintaining the expertise afforded by dedicated companies. Budgetary constraints increased patient volume (especially senior patients), and a changing regulatory landscape with respect to patient data safety and use of technology in healthcare create a need for hospitals to optimize their asset use while achieving the best possible ROI. Market participants that are able to provide a robust solution, tailored to the needs of the hospital, can enjoy long-term benefits. Hospitals are reluctant to replace a system once in place; the costs are prohibitive. After initial implementation, new use cases are developed in response to specific hospital needs that are scalable to other end users after trial.The main asset management technologies are real-time location systems, radio frequency identification, ultrasound, and infrared tags. Major areas of asset management application are in tracking and gathering data on equipment and inventory that are classified into 3 categories: capital equipment, reusable, and disposables.In this study, we have analyzed the market revenue for the different segments including RFID, RTLS, and ultrasound/infrared tags. We have also looked at the application potential for each of these segments, thus making the analysis holistic.The revenue forecast has been provided for the US, Germany, France, Italy, and Spain from 2018 to 2023.We have seen major variations in adoption across countries, thus creating new opportunities for the market participants globally. As the market is fragmented, we are providing opportunities for market expansion for all entrants.
Key Issues Addressed
Author: Sowmya Rajagopalan
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