Hospital asset management market is expected to witness a 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 cost of software, hardware are expected to drive this market through to 2022. Introduction of technological advancements such as Zigbee, smart active labels (SAL) are also expected to fuel market demand. Improvements such as near field communication have made asset management increasingly efficient and cost effective. Furthermore, rising privacy concern in hospital and healthcare organization, 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.
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. Radio frequency 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 a significant growth in demand in the next seven years due to increasing adoption of RTLS as a result of its increasing application in healthcare sector and declining cost of hardware. The pharmaceutical product available in the market is radio frequency identification technology (RTLS). Radio frequency identification technology (RTLS) tags both in pharmaceuticals and healthcare and is expected to play a prominent role in the growth of hospital asset management market due to its increasing demand and applications for efficient work flow. On the basis of applications, hospital asset management market is divided into humidity control, staff management, patient management, and temperature & equipment management. Asset management in pharmaceutical vertical finds application such as supply chain and drug counterfeiting. Increasing number of complex equipments 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 the 2022.
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