Most healthcare organizations spend a large portion of their budget on tracking hospital equipment. For example, it was reported that ~USD 6 million worth of state-owned hospital equipment was found to be missing in Louisiana State University (LSU) hospitals; newly purchased equipment from the hospital were also not properly tracked. Β
According to a recent survey conducted by the Nursing Times, more than one-third of nurses spend at least an hour locating equipment during an average hospital shift. This not only impacts budgets but also compromises the quality of patient care provided.Β
The use of radiofrequency identification (RFID) in the pharmaceutical industry has grown in recent years. The technology has emerged to become a systematic part of supply chain management in international pharmaceutical production and distribution.Β
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Drug counterfeiting is a significant threat to healthcare systems across the globe. Over the years, the number of new cases of drug counterfeiting has grown significantly. This can primarily be attributed to the Internet-based sales of pharmaceuticals. According to Pharmaceutical Security Institute (PSI), in 2016, there was a 5% increase in the number of cases of pharmaceutical counterfeiting, theft, and diversion.Β
The growth of the healthcare asset management market is driven by need for better asset management in hospitals, acceptance of asset management solutions in the pharmaceutical industry, and decline in prices of RFID Tags.Β
Based on product, the healthcare asset management market is segmented into radiofrequency identification (RFID) devices, real-time location systems (RTLS), and ultrasound & infrared tags. Of all these product segments, the RFID devices segment is expected to account for the largest share of the healthcare asset management market in 2018.Β
RTLS on the other hand is expected to register the highest CAGR during the forecast period owing to the higher precision and accuracy offered by RTLS for tracking and monitoring assets in healthcare facilities.Β
The growing need for effective asset management in hospitals, expanding application areas of asset management solutions and the availability of technologically advanced products are some of the major factors driving the growth of this segment. Β
Healthcare asset management market is further segmented into equipment tracking and management, patient management, temperature and humidity control, staff management, and Infection ControlΒ and hand hygiene compliance.