Wireless Healthcare Asset Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Wireless Healthcare Asset Management Market size is estimated at USD 41.83 billion in 2024, and is expected to reach USD 124.87 billion by 2029, growing at a CAGR of 24.45% during the forecast period (2024-2029).

The implementation of wireless healthcare asset management systems has been growing owing to the advent of trends, such as the Internet of Things (IoT), digitization, and automation of various processes. These advanced technologies help reduce the loss of expensive hospital equipment, leading to high capital losses.

Key Highlights

• The employment of individual staff necessary for monitoring and keeping track of the equipment can also be avoided, which could prove an extra expense for the hospital. Implementing such technology increases the visibility of devices, reducing the time spent sorting and organizing equipment to avoid wasting time.
• A real-time asset monitoring solution allows the ability to control frequently changing situations and see across the hospital organizations to understand the workflow. From maintenance to procurement and even managing the database of a single software, each IT hardware equipment introduces incalculable vulnerabilities. Multiplying these risks by thousands and millions of servers, computers, sensitive equipment, and other storage devices, the magnitude of probabilities for security breaches, auditing mistakes, mismanagements, and human resources, among other critical resource diversions, inflates exponentially.
• Continuous and uninterrupted functioning of the healthcare equipment is pivotal to efficient patient treatment and care. As such, this equipment must be monitored occasionally and serviced/replaced accordingly. Using wireless asset management solutions helps hospital owners track the equipment's health and service requirements. This allows the hospitals to reduce operating costs and maintain efficient patient care.
• Previously, hospitals were reluctant to implement wireless technology for asset tracking, fearing that the signals might interfere with the medical equipment, thereby hampering the treatment and patients' health. However, over the years, companies have developed products that operate on different frequencies and do not interfere with the existing hospitals' equipment and machinery. As such, the demand \for such wireless devices for asset tracking is increasing as the end-users adopt the technology.
• The COVID-19 pandemic catalyzed technological adoption in the healthcare industry. The need for efficient and continuous patient care, along with safeguarding the hospital staff, was a critical factor in the technological shift in the healthcare industry. Wireless tracking of assets in clinics and hospitals reduces human movement across the premises. Also, as it gets easier to locate the asset without the need for interaction among the staff members, the benefits of wireless asset management have primarily been recognized by the stakeholders in the healthcare industry. Therefore, the demand for such wireless technologies is witnessing significant growth and is anticipated to grow over the forecast period.

Wireless Healthcare Asset Management Market Trends

Asset tags hold a significant market share

• Asset tags are implemented to keep track of every item in the inventory and avoid loss of assets. Many healthcare institutions have utilized the latest technologies, such as NFC, and legacy technologies, such as RFID, have been deployed to keep track of all the equipment used in hospitals and clinics.
• RFID technology, which uses wireless communication for identifying and tracking equipment and people, has witnessed strong adoption in healthcare over the years. Additionally, when paired with a Real-time locating system (RTLS) or indoor positioning system, RFID tags allow healthcare providers to track the newly borns and prevent their older patients with dementia or other issues from wandering offsite.
• RAIN RFID is an established wireless technology connecting numerous items to the IoT, providing process automation and visibility and enabling digital transformation. In August 2021, Terso Solutions, in collaboration with Impinj, a RAIN RFID provider, announced that the company had deployed its RAIN RFID solutions in around 1,000 healthcare facilities across the United States.
• Using asset tags in hospitals also helps reduce downtime by implementing better planning and utilization of the asset. The hospital supply chain must be efficient to prevent the loss of life. Also, numerous products must be kept in the hospitals, both a necessity and a mandate. Therefore, this large number of equipment and products must be easily trackable by the hospital staff to avoid delays in treatment. As these tags are readily available and less expensive, they are highly adopted by hospitals, which is the key reason for the high share of this segment.

Asia-Pacific is anticipated to register the fastest growth

• Asia-Pacific is anticipated to grow during the projected period due to the technological expansion of developing countries and an increasing middle age population in this region. Rising expenditure on healthcare infrastructure and emerging unmet market demand will propel the market's growth rate in this region.
• IoT is expected to witness massive adoption in the region over the coming years, with mobile technologies playing a vital role in enabling the industry to grow. Owing to such developments in IoT and mobile technologies, the healthcare industry in the region is expected to prosper, thereby providing numerous opportunities for market expansion.
• Various countries across the region are witnessing an increase in healthcare facilities. For instance, National Health Commission indicated that by 2021 China had 36,570 hospitals, which offered over 7.4 million beds and received 3.88 billion patient visits. Among them, public facilities provided 70.2% of hospital beds and received 84.2% of patient visits. The increasing number of regional hospitals contributes to the market's growth as more hospitals adopt wireless technologies for asset monitoring applications.

Wireless Healthcare Asset Management Industry Overview

The Wireless Healthcare Asset Management market is fragmented in nature. However, there are a few major players in the market that the customers prefer because of their high brand value. The market is also witnessing intense competition as companies try to acquire newer customers and increase their market share. The companies also take various strategic initiatives such as product innovation and development, merger and acquisition, partnership, and collaboration.

In June 2023, Borda Technology, the leading provider of globally award-winning 'IoT for Healthcare' products, launched its latest product, Asset Maintenance Management, which redefines the standards of asset management. The all-in-one hospital CMMS (Computerized Maintenance Management System) from Borda Technology is designed to help healthcare institutions achieve digital transformation and streamline maintenance, calibration, and breakdown processes.

• July 2022 - NHS Digital conducted several trials to determine how cutting-edge wireless technologies can support better patient care. NHS Digital is the national provider of information, data, and IT systems for commissioners, analysts, and clinicians in England's health and social care sectors. Applications for the Wireless Centre of Excellence trials are now being accepted, allowing NHS organizations to request financing for wireless and cutting-edge technology that will enhance connection in healthcare facilities.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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