Staff report
The health care asset management market is expected to register a compound annual growth rate (CAGR) of 30% from 2024-2029, according to Mordor Intelligence.
Health care asset management is a systematic and cost-effective strategy to plan, acquire, operate, and dispose of a health care organization’s equipment and physical assets. The primary factors that encourage adopting health care asset management in health care organizations are keeping track of medical devices, high operating costs, time savings, enhanced patient care, higher staff productivity, significant cost savings and intense maintenance.
Real-time location systems (RTLS) and radio frequency identification devices are crucial instruments for health care asset management (RFID). The increased demand for improving efficiency and the rising integration of cloud computing, electronic health records and other digital systems in hospitals are driving the market. However, low awareness and innovation in this sector in low- and middle-income countries is a significant challenge for the health care asset management industry.
Hospitals are increasingly adopting automated workflows and intelligent business analytics to ease the burden on their staff to improve workflow bottlenecks. Real-time location systems (RTLS) are poised to find widespread usage in health care asset management systems. The ability to manage multitasking involved in data capturing, integration, visualization and analysis to enhance reliability is anticipated to drive market growth.
Furthermore, the growing focus on existing assets’ effective management along with the workforce has propelled numerous medical facilities worldwide to adopt efficient management technologies and solutions of investments, therefore enlarging market growth of health care asset management.
In urgent circumstances, the patient’s state can change in a matter of seconds, and if the effectiveness of the operations is poor, the patient could perish. An additional driver of the asset management market in the health care system is the growing demand to increase hospital operational efficiency. However, the outdated health care infrastructure and worries over data privacy are a few factors that prevent using these technologies.
The availability of robust health care infrastructure has propelled the demand for hospital asset management solutions, as their immediate implementation is possible. The North America region has been one of the early adopters of IT infrastructure. According to Internet World Stats, the penetration stands at 89.4% of the population, which increases the deployment of asset management solutions in health care.
Moreover, North America accounts for more than 40% of the global pharmaceutical industry. Also, the growing awareness about the benefits of deploying asset management systems in health care can lead to increased demand for the market in the future.
Additionally, the market is expected to develop due to the rising usage of RTLS asset management and health care asset management with IoT for patient tracking, asset tracking, staff location and throughout.
