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The hospital assets management system helps to manage and protect hospital equipment. It uses automated software systems to monitor the environment in hospital campus.
The technology solutions are becoming increasingly popular in the market due to rising concerns regarding security. It gives competitive edge to hospitals by positioning their premise as secure and monitored place. It also helps to comply with regulatory standards. The research assists stakeholders to identify most lucrative market segments so that appropriate business plan can be formulated.
The market growth is expected to be driven by factors such as increased need of security in hospitals and effective management with optimized expenses. The market faces limitations due to higher implementation cost. However, the market has better growth potential due to reducing equipment cost and availability of new technologies.
Hospital Asset Management Market by Application
From applications perspectives, the market is classified according to applications such as healthcare, pharmaceuticals and others. The market is mainly driven due to healthcare applications. However, pharmaceuticals applications are expected to contribute significantly to market growth due to recent suggestions by WTO and FDA for using RFID to ensure quality of drugs.
Hospital Asset Management Market by Technology
According to technologies used, the market is classified into RFID, RTLS, infrared and ultrasonic tags. RFID tags technology is driving the market due to high adoption in healthcare applications. In future, along with REID, RTLS technology is also expected to become popular in healthcare applications.
Hospital Asset Management Market by Geography
Geographically, the market is categorized as per regions such as North America, Europe, Asia-Pacific and rest of the world (RoW). The market at present is leaded by North American countries due to already existing RFID and RTLS technology providers. In future, Asia-Pacific region is expected to grow higher due to increasing demand of hospital asset management.
Competitive Landscape
Companies are adopting expansion strategies for further penetrating into the market. For example, GE Healthcare has acquired CHCA analytics for effective asset management. Some of the companies present in the market are GE healthcare, Awarepoint Corporation, Ekahau Inc., AeroScout Inc., IBM Corporations, Siemens Healthcare, Tyco International Ltd., Versus Technology, Inc., Radianse and Motorola Solutions, Inc.
High Level Analysis
The research presents detailed analysis of the market using Porter’s five forces model. Degree of bargaining power of consumers is expected to increase due to evolving service offered by vendors. Threat of substitutes is low/moderate, as no feasible alternative exists to the hospital asset management technology. Threat from intersegment rivalry is expected to increase due to entry of multiple strong brands in the market.
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Key Market Players