Market Trends of Healthcare Asset Management Industry
This section covers the major market trends shaping the Healthcare Asset Management Market according to our research experts:
Demand with Increasing Concerns of Drug Counterfeiting
- Asset management systems at pharmacy procurement have curbed the prevalence of counterfeit incidents at the location. Healthcare asset management is a systematic and cost-effective means to plan, purchase, maintain, operate, and dispose of a healthcare institution's physical assets and equipment.
- Integrating platform solutions speeds up the search for pharmaceutical equipment and makes tracking missing goods easier. According to the report, asset management tools can cut the time it takes to find a piece of equipment in half to just two minutes.
- Further, to combat the problem of fake pharmaceutical items, the Indian pharma business has aggressively adopted various technologies, including safety holograms, optically variable devices, and other track and trace technologies, according to ASPA.
- Other digital technologies utilized in the pharmaceutical industry include coding and serialization, which include components like Barcode, Data Matrix, and Radio Frequency Identification.
- Track-and-Trace Digital Technologies offers brand owners actionable knowledge via technological techniques to find unapproved or unlicensed internet sellers. To promptly address concerns about medicine counterfeiting, asset management in healthcare is required.
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North America to Dominate the Market Growth
- The availability of robust healthcare infrastructure has propelled the demand for hospital asset management solutions, as their immediate implementation is possible. The 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 healthcare.
- 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 healthcare can lead to increased demand for the market in the future.
- Hence, the growth of the pharmaceutical industry in the region is driving the demand for the healthcare asset management market.
- Additionally, the market is expected to develop due to the rising usage of RTLS asset management and healthcare asset management with IoT for patient tracking, asset tracking, staff location, and throughput.
- Patient tracking is a foremost concern for hospitals to ensure their safety and care. The RTLS-based on Wi-Fi RFID combined technology is a beneficial method to track mobile patients in specific areas in North America.
- Moreover, the presence of key industry players such as IBM Corporation, GE Healthcare, Tyco International, and Infor in the region ensures lower costs and more customer options.
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