Healthcare/Pharmaceutical Asset Management Market to Reach $6.7 Billion by 2017 at a CAGR of 20.9% - New Report by MarketsandMarkets
(PRWEB) July 16, 2013 -- The "Healthcare/Pharmaceutical Asset Management Market [Wi-Fi RTLS, RFID (Tags – Active & Passive, Software), IR, Ultrasound, Equipment & Patient Tracking, Staff Safety, Temperature & Humidity Monitoring, Drug Counterfeit] - Global Forecast to 2017" analyzes and studies the major market drivers, restraints, and opportunities in North America, Latin America, Europe, Asia, and Rest of the World.
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This report studies the global asset management market in healthcare & pharmaceuticals over the forecast period 2012-2017.
The global healthcare/pharmaceutical asset management market was valued at $2.6 billion in 2012 and is poised to reach $6.7 billion by 2017 at a CAGR of 20.9%.
The global asset management market is categorized into healthcare and pharmaceuticals products and applications. The healthcare market consists of products such as RFID, RTLS and ultrasound & infrared tags while, pharmaceuticals market consists of RFID technology. RFID in healthcare is the leading segment in global healthcare/pharmaceutical asset management market in 2012 due to increased applications in hospitals led by technological advancements. RTLS is being implemented by most of the hospitals and healthcare institutions across the world for enhanced patient safety and cost reduction.
Wi-Fi based RTLS will be the fastest growing segment with close to 36% CAGR from 2012 to 2017. The declining cost of hardware for RTLS systems, along with day to day rising applications in healthcare are encouraging the adoption of this technology. RTLS has penetrated across various applications such as patient and staff tracking, equipment tracking, patient flow management, temperature and humidity control. The investors are deploying RTLS in order to reduce capital expenditures through better utilization of existing assets and to improve operational efficiencies throughout hospitals.
The various application areas of healthcare asset management are equipment management, patient management, staff management and temperature & humidity control. Equipment management commanded the largest share in 2012, while staff management is expected to grow at the highest CAGR of more than 37% from 2012 to 2017 due to focus on enhanced productivity and quality of care. Asset management in pharmaceutical vertical offers application such as drug counterfeiting and supply chain.
RFID tags healthcare & pharmaceuticals commanded the largest share of more than 58% of the global tags market in 2012, while ultrasound tags market is expected to grow at a CAGR of more than 17% from 2012 to 2017. It is estimated that passive UHF tags are expected to increase by more than 40% for RFID healthcare and pharmaceutical applications in mature markets of North America, Europe, China, the Republic of Korea, and Japan between 2012 and 2020.
Increasing concern for patient safety, return on investment and cost savings by hospitals and healthcare institutions, decreasing cost of hardware and software, and technological advancements to improve the accuracy levels are the major drivers of the asset management market in hospitals. The technical issues, operational challenges, privacy data security and integrity issues and implementation costs & budgetary constraints are the major hurdles hampering the market growth.
Drug counterfeiting application in pharmaceuticals industry has been gaining its importance due to the stringent regulations and rising concern of increasing fake drugs across the world. Drug counterfeiting and enhanced supply chain are the major applications of RFID in the pharmaceutical asset management market. The asset management market in pharmaceuticals was less than $320 million in 2012 and poised to grow at more than 25.0% CAGR in the next 5 years.
North America is the dominant market for healthcare/pharmaceutical asset management market with more than 44% of the global market share. Asia is expected to grow at the highest CAGR of 23.7% from 2012 to 2017 due to rising awareness and growing demand for enhanced supply chain and government efforts to standardize the RFID technology in countries such as China and India.
Major players in the healthcare/pharmaceutical asset management market are AeroScout, Inc. (U.S.), Ekahau, Inc. (U.S.), GE Healthcare (U.K.), Awarepoint Corporation (U.S.), IBM Corporation, (U.S.) and Siemens Healthcare (Germany). AeroScout, Inc. dominated with close to one-third of the share in 2012.
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