The healthcare industry is rapidly adopting asset management solutions to better track and secure assets across hospitals and pharmaceutical supply chains. According to a new report by MarketsandMarkets, the globalhealthcare asset management marketis projected to reach $35.19 billion by 2023.
Asset management involves tracking medical equipment, pharmaceuticals, and other healthcare assets to optimize workflows, prevent losses, and improve patient safety. Radiofrequency identification (RFID) and real-time location systems (RTLS) are the main technologies driving growth in this market.
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RFID uses wireless tags and readers to identify and track assets, while RTLS utilizes badges, tags, and sensors to provide real-time visibility into asset locations. RFID hardware like tags, readers, and antennas account for the largest share of the healthcare asset management market currently. But RTLS solutions are expected to see the highest growth rate going forward due to their superior accuracy in confined hospital environments.
Managing Hospital Assets
Within healthcare facilities, asset management solutions have a wide range of applications to help hospitals enhance their operations. Asset tracking allows hospitals to locate wheelchairs, beds, IV pumps, and other mobile equipment faster so nurses spend less time searching and more time delivering patient care. Hospitals are using RFID and RTLS to gain real-time visibility into medical device utilization rates and accordingly optimize asset allocation.
Asset management also facilitates temperature monitoring of medications, blood products, specimens and donor organs to ensure proper storage conditions are maintained. Hand hygiene compliance is another important application, where automatic monitoring boosts adherence to hand washing guidelines and reduces the risk of hospital-acquired infections. Staff and patient workflows can also be streamlined by mapping movements and interactions between personnel, patients and assets.
The hospital asset management segment will account for the largest share of the healthcare asset management market. The main factor driving adoption is the need to improve asset utilization, staff productivity and patient outcomes through better asset visibility and control. This segment includes equipment tracking, patient management, temperature monitoring, hand hygiene compliance, and staff management solutions.
Securing Pharmaceutical Assets
In pharmaceuticals, asset management combats counterfeiting and enables end-to-end visibility across the supply chain. Tagging and tracking individual drug packages limits diversion and ensures authenticity from production to the end consumer. The pharmaceutical asset management segment is growing rapidly as companies implement RFID and RTLS to prevent fake, expired or recalled drugs from entering supply chains. Asset management also helps pharmaceutical companies adhere to regulatory compliance requirements regarding drug storage, transit and handling conditions.
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Key Market Trends and Developments
The healthcare asset management market is currently led by North America, followed by Europe. Widespread adoption of advanced medical technologies, emphasis on improving hospital workflows, and investments in digitizing supply chains is driving North American market growth.
But Asia is poised to see the fastest growth over the coming years. Rising medical tourism, healthcare infrastructure modernization and increased spending on asset management solutions will spur demand across Asian countries.
The increasing application areas for asset management within healthcare reflects the significant potential of this market. Though the costs associated with RTLS and RFID solutions may restrain smaller facilities, the benefits of greater asset oversight are too compelling for hospitals and pharmaceutical companies to ignore. Asset management adoption will continue expanding as healthcare providers and supply chain partners realize the value of securing and optimizing the use of their medical and pharmaceutical assets.
