The current valuation of the wireless healthcare asset management market in 2022 is US$ 166.42 billion and it is projected to grow at a CAGR of 23% during the forecast period to reach a market value of US$ 1319.03 billion by 2032.
Attributes
Details
Market Valuation (2022)
US$ 166.42 billion
Market Valuation (2032)
US$ 1319.03 billion
CAGR
23%
Critical factors positively influencing the growth of the wireless healthcare asset management market are:
It aids hospitals in reducing labor expenses that might be incurred in employing maintenance staff.
Better management of hospital workflow and ability to manage assets in real-time
Ability to efficiently manage and maintain expensive, sophisticated IT servers and other hardware/software
Helps reduce potential critical errors as a result of human negligence, security breaches, lack of proper management, and software failure
Provides a central monitoring, remote management system for valuable hospital assets that can readily be accessed by top management
Development of innovative wireless healthcare asset management technology that does not interfere with the signals transmitted by hospital equipment
Greater openness to the adoption of advanced technologies and smart devices in the healthcare sector for improved efficiency
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Adoption of the Latest Technology Bolsters Market Growth Outlook
New-age innovations such as Near Field Communication (NFC), asset tags, and RFID are being incorporated to enhance wireless healthcare management asset technology. Asset tags help keep a meticulous check on each inventory item to avoid loss or theft. This can become a crucial application for the upkeep of sensitive medical supplies.
RFID provides a wireless faculty to monitor and track important hospital assets. Further, these technologies can be enhanced by connecting to the Internet of Things (IoT) for automation.
The application of such technologies could potentially reduce wait time and subsequently save patient lives.
Asia-Pacific Expected to Register Highest CAGR Due to Rapidly Expanding Healthcare Sector
Owing to factors such as an increase in GDP and disposable income, the healthcare infrastructure and facilities in the region are rapidly improving. There is increasing adoption of the Internet of Things (IoT) and Artificial Intelligence (AI) in healthcare institutions.
Densely populated nations such as India and China are the market leaders due to the presence of large numbers of healthcare facilities.
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Recent Market Developments
Terso Solutions, collaborated with Impinj, a RAIN RFID provider to deploy its solutions across 1,000 healthcare facilities in the United States.
Althea and RFID Discovery have collaborated to provide location-tracking solutions to hospitals in the UK. The goal is to improve efficiency and cut expenses on acquiring new assets
CenTrak launched a new centralized portal named OnDemandOrder that enables users to monitor the requests for mobile medical equipment and other healthcare support services. The Portal can be used as a standalone software-as-a-service (SaaS) solution or as a real-time location system (RTLS).
We all own multiple gadgets like smartphones, tablet computers, desktops and laptops which have increased our dependence on wires to charge these electronic devices. Wouldn’t we all like a wire-free, tangle-free existence.
The immense desire to go wireless has also begun to impact the medical profession in the form of the Wireless Healthcare Asset Management Market. Medical institutions must constantly monitor their equipment, tools, patients or even the professionals working there.
A great many of them have opted to go in for the wireless route for the comfort and convenience provided by it. Hospitals have to manage a number of costly systems, tools & equipment which requires a significant investment of time. Loss, theft or misplacement of any of these healthcare assets would be a massive financial loss to the organisation.
The Wireless Healthcare Asset Management Market provides a real-time solution for medical institutes to keep track of not only physical assets but also the patients & medical professionals. Going wireless provides flexibility, portability and scalability to the system. It ensures that assets & their various categories are easily searchable by indicating both room location & availability, sterilisation status, and also whether it is free or currently in use.
There are several factors responsible for the long-term growth of the wireless healthcare asset management market. One is improving wireless technology. Initially, there were concerns amongst medical professionals that wireless systems would interfere with hospital systems like telemetry which is crucial for measuring a patient’s vital signs.
These problems have been largely taken care of by newer systems which use different wireless frequencies. Another driver is the reduced fears among the public & the industry as a whole about wireless technologies. Great research has been undertaken in this field which has made all radio frequencies used in wireless healthcare asset management equipment quite safe.
Agencies like the FCC, FDA, EPA and OSHA have also certified the technologies reassuring patients. A third factor is the patient comfort & convenience. Medical institutions have begun to provide a number of added facilities & those hospitals which do not might lose their patients to those who do. It is not only patients but also medical staff who are becoming increasingly dependent on wireless technology.
Doctors & nurses can use hands-free VoFi to stay in continuous contact with the other staff or the main nursing station. Nurses can enter information about their patients while moving around the hospital on a tablet computer. Doctors could even use their mobile phones to access the office servers or various medical applications. All of this is anticipated to drive the wireless healthcare asset management market globally
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There are still some challenges which must be overcome in the wireless healthcare asset management market. A major one is a high cost involved in installing wireless management systems. While organisations want to provide all the services that they can to their patients, they may not have the required funding or government support to do so.
Wireless systems are usually the first to be sacrificed in cost-cutting. Another issue is designating responsibility for such equipment. All too often, the departments that oversee wireless systems like IT or Biometrics are overloaded and are unable or unwilling to take on additional managerial responsibility.
This is especially true when the equipment takes up a lot of space. Lastly, there is a lack of knowledge & expertise concerning such wireless healthcare asset management systems. Medical institutions face difficulty in hiring quality personnel able to understand & exploit this technology to the fullest. These problems must be dealt with for the long term prospects of the wireless healthcare asset management market.
Wireless Healthcare Asset Management Market Key Regions
The U.S is both the largest wireless healthcare asset management market and its fastest growing because of a large number of American RFID and RTLS providers and strong healthcare in the country. Asia-Pacific will become a crucial future market because of rising awareness & greater public & private healthcare investments.
Some companies competing in the wireless healthcare asset management market are AeroScout, Inc, GE Healthcare, Ekahau, Inc, IBM Corporation and Siemens Healthcare.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
