Pune, India, Jan. 20, 2021 (GLOBE NEWSWIRE) -- The U.S. healthcare assets management market size is projected to reach USD 50.00 billion by 2027, exhibiting a CAGR of 30.9% during the forecast period. Escalating hospital admissions in the US associated with the coronavirus will spawn lucrative opportunities in this market, states Fortune Business Insights™ in its report, titled “U.S. Healthcare Assets Management Market Size, Share & Covid-19 Impact Analysis, By Product (Radiofrequency Identification (RFID), Real-time Location Systems (RTLS), and Others), By Application (Staff Management, Equipment Tracking, Patient Tracking, and Supply Chain Management), and By End User (Hospitals, Laboratories, and Others), 2020-2027”.
The United States has been one of the worst-hit countries by the COVID-19 pandemic, with the country having over 10 million cases and an average 900 deaths daily. Hospital admissions have skyrocketed across the country. According to the Centers for Disease Control and Prevention (CDC), between 8,600 and 21,000 confirmed coronavirus cases will be reported over the next three weeks in the country. California experienced an astronomical surge in COVID cases in December, with the state administration reporting a staggering shortage of ICU beds.
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Asset tracking has, therefore, become crucial for healthcare facilities amidst the ever-increasing waves of patients. SwipeSense, for instance, distributed asset-tracking tags to its hospital partners to monitor the movement of ventilators in the premises. As a result of the surging demand for healthcare assets management solutions, this market registered an exceptional CAGR of 44.8% in 2020.
Emergence of Healthcare Asset Management Startups to Aid Market Growth
The U.S. healthcare asset management market growth is benefiting due to the rapid emergence and expansion of startups specializing in the development of asset management software and solutions for health facilities. Most of these companies are leveraging artificial intelligence (AI) and machine learning (ML) technologies to create innovative products and enhance the efficiency of managing critical assets in hospitals and clinics.
For example, San Francisco-based Roam Analytics has built an AI platform that utilizes natural language processing to augment the content and structure of patients’ medical records and also provide solutions for data storage and analysis. Florida-based CarePredict offers its AI Eldercare platform to support treatment of senior persons and has also developed a contact tracing solution to identify people the infected person has been in touch with.
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The tracking of treatment procedures for patients and aiding healthcare workers quickly locate vital medical equipment have occupied a central place in hospital operations. Management of assets in healthcare facilities, which can range from patient records to physician availability to the number of free beds, requires a data-driven approach and these startups, along with several others, are providing the necessary tools to implement it.
Tactical Takeovers by Key Players to Stimulate Competition
Key players in this market are attempting to broaden their footprint by strategically acquiring companies. This strategy is also allowing them to diversify their offerings and add novel technologies and products to their existing portfolios. Furthermore, the on-going COVID-19 pandemic is fueling the creative energies of these companies, pushing them to develop innovative healthcare asset management solutions and accentuate their presence.
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Industry Developments:
- July 2020: Zebra Technologies Corporation announced its intention to acquire Reflexis Systems Inc., a specialist in intelligent workforce management solutions. This acquisition, according to Zebra’s press release, is ideal for the company as it furthers its enterprise asset intelligence vision, enabling every worker and asset to remain fully connected and visible.
- October 2019: Novanta Corporation’s business unit, JADAK, released the ThingMagic RAIN Starter Kit, which it developed in partnership with the RAIN RFID Alliance and Impinj, Inc. Supporting the RAIN Communication Interface, the kit has been designed to empower businesses and consumers to identify, locate, and engage each item of their concern.
List of Key Companies Profiled in the U.S. Healthcare Assets Management Market Report:
- Stanley Healthcare (New Hampshire, U.S)
- AiRISTA Flow, Inc. (Virginia, U.S.)
- CenTrak Inc. (Pennsylvania, U.S.)
- GE Healthcare (Chicago, U.S)
- Sonitor Technologies (Connecticut, U.S.)
- Jadak - A Novanta Company (New York, U.S.)
- Zebra Technologies Corporation (Illinois, U.S)
- IBM (Armonk, U.S.)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Regulatory Scenario
- Technological Advancements Pertaining to Healthcare Asset Management Solutions
- Industry Background Pertaining to Healthcare Asset Management Solutions
- Key Industry Trends
- New Product Launch
- Recent Industry Developments - Mergers, Acquisitions, and Partnerships
- U.S Healthcare Asset Management Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Radiofrequency Identification (RFID)
- Real-time Location Systems (RTLS)
- Others
- Market Analysis, Insights and Forecast – By Application
- Staff Management
- Equipment Tracking
- Patient Tracking
- Supply Chain Management
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Laboratories
- Others
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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