Asset management is one of the major challenges for healthcare institutions that use large number of costly equipment, tools and devices such as PET/CT scanners, surgical robots, MRI scanners, X-ray machines and other such valuable equipment. In addition to these devices, numerous mobile devices are used by the staff for different purposes across the healthcare facilities. There is always a risk of such cost-high value equipment getting stolen or misplaced. Such mismanagement in asset utilization can result in a decline in the overall operational efficiency of the organization. Moreover, assets don’t just comprise of tools and equipment but also include the human resources associated with the organization which include the patients, nurses, doctors, and the rest of the staff working in the organization. Locating the right doctor at the right time can be of utmost importance and necessity at time of emergency situations. Hospital operators have to constantly review the in-patient flow in order to manage and determine the resource capacity. In-patient flow is one of the key factors for determining the extent of demand for resources in hospitals. Medical inventory planning can become very complicated if in-patient management is not tracked and monitored efficiently.
Wireless healthcare asset management is the convergence of asset management and wireless technologies and devices to enhance the asset utilization and operational efficiency in healthcare organizations. The system provides a real time efficient solution to not only manage the physical assets but also to coordinate the staff, patients, and visitors in the hospitals. The system being wireless in nature provides flexibility, scalability, and portability to the overall asset management function.
The key factors responsible for the growth of wireless healthcare asset management market is increasing demand for real time asset monitoring solutions by the healthcare industry. Increased awareness among healthcare institutions about the need and utility of portable monitoring solutions will largely fuel the market growth in coming years. The proposition to improve the overall operational efficiency and asset security ensures a promising future for wireless healthcare asset management market. However, factors such as high initial cost of getting the system in place and compatibility issues with existing systems can hamper the growth of the wireless healthcare asset management market.
There are different elements associated with wireless healthcare asset management such as equipment maintenance, asset management, patient and staff security, humidity and temperature monitoring, and workflow and resource management. Wireless tracking tools such as radio frequency identification (RFID) and real time location systems (RTLS) are being increasingly used for preventing loss or theft of valuable equipment and for taking well informed maintenance and purchasing decisions.
Product development is the key strategy adopted by the leading players to outgrow their competitors in the global wireless healthcare asset management market. For instance, in May 2016, Rcare, Inc., a provider of innovative nurse call systems, announced the technical integration of its nurse call system with the electronic health record (EHR) system developed by PointClickCare. This allows seamless integration of room and resident information between PointClickCare and RCare systems to ensure better efficiency and staff coordination. Likewise, in May 2017, Stanley Healthcare Solutions launched the MyCall staff protection solution. The system allows healthcare workers to call for help for themselves, patients or their colleagues from anywhere in the healthcare facility.
Some of the key players operating in the global wireless healthcare asset management market are Cisco Systems, Inc., Stanley Healthcare Solutions, CenTrak, Intelligent InSites, Awarepoint Corporation, Shipcom Wireless, Inc., Verizon Enterprise Solutions, ASAP Systems, and Ekahau.
Wireless Healthcare Asset Management Market Segmentation:
- Wireless Sensors
- Asset Tags
- Wireless Sensors
By Type of Tag:
- Physical Asset Monitoring
- Loss Prevention
- Automate Inventory Control
- Precise Maintenance Management
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South Africa
- Saudi Arabia
- United Arab Emirates
We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.
Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.
Data Collection Matrix
Data Collection Matrix
Primary Data Sources
- Distributors & Wholesalers
- Healthcare Providers
Secondary Data Sources
- Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
- Government/Associations Publications
- Case Studies
- Reference Customers
Market Modeling and Forecasting
We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.
- Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
- Number of patients for particular device or medical procedure and
- Repeated use of particular device depending on health and condition of patient
- Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.
We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.
We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.
Quantitative Data (2017-2025)
- Market Dynamics (Drivers, Restraints, and Challenges)
- Industry Trend Analysis
- Market Opportunities
- Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
- Porter’s Five Forces and PESTLE Analysis
- Key Developments and Competitive Landscape
- Market Assessment and Forecast
- Market Assessment and Forecast, By Product
- Market Assessment and Forecast, By Technology
- Market Assessment and Forecast, By Application
- Market Assessment and Forecast, By End User
- Market Assessment and Forecast, By Region/Country