The wireless healthcare asset management market is now valued at US$ 166.42 billion in 2022, and it is expected to rise at a CAGR of 23% during the forecast period to reach a market value of US$ 1319.03 billion by 2032.
The immense desire to go wireless has also begun to impact the medical profession in the form of the Wireless Healthcare Asset Management Market. Medical institutions must constantly monitor their equipment, tools, patients or even the professionals working there.
We all own multiple gadgets like smartphones, tablet computers, desktops and laptops which have increased our dependence on wires to charge these electronic devices. Wouldn’t we all like a wire-free, tangle-free existence.
A great many of them have opted to go in for the wireless route for the comfort and convenience provided by it. Hospitals have to manage a number of costly systems, tools & equipment which requires a significant investment of time. Loss, theft or misplacement of any of these healthcare assets would be a massive financial loss to the organisation.
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The Wireless Healthcare Asset Management Market provides a real-time solution for medical institutes to keep track of not only physical assets but also the patients & medical professionals. Going wireless provides flexibility, portability and scalability to the system. It ensures that assets & their various categories are easily searchable by indicating both room location & availability, sterilisation status, and also whether it is free or currently in use.
Wireless Healthcare Asset Management Market Drivers
There are several factors responsible for the long-term growth of the wireless healthcare asset management market. One is improving wireless technology. Initially, there were concerns amongst medical professionals that wireless systems would interfere with hospital systems like telemetry which is crucial for measuring a patient’s vital signs.
These problems have been largely taken care of by newer systems which use different wireless frequencies. Another driver is the reduced fears among the public & the industry as a whole about wireless technologies. Great research has been undertaken in this field which has made all radio frequencies used in wireless healthcare asset management equipment quite safe.
Agencies like the FCC, FDA, EPA and OSHA have also certified the technologies reassuring patients. A third factor is the patient comfort & convenience. Medical institutions have begun to provide a number of added facilities & those hospitals which do not might lose their patients to those who do. It is not only patients but also medical staff who are becoming increasingly dependent on wireless technology.
Doctors & nurses can use hands-free VoFi to stay in continuous contact with the other staff or the main nursing station. Nurses can enter information about their patients while moving around the hospital on a tablet computer. Doctors could even use their mobile phones to access the office servers or various medical applications. All of this is anticipated to drive the wireless healthcare asset management market globally
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Wireless Healthcare Asset Management Market Restraints
There are still some challenges which must be overcome in the wireless healthcare asset management market. A major one is a high cost involved in installing wireless management systems. While organisations want to provide all the services that they can to their patients, they may not have the required funding or government support to do so.
Wireless systems are usually the first to be sacrificed in cost-cutting. Another issue is designating responsibility for such equipment. All too often, the departments that oversee wireless systems like IT or Biometrics are overloaded and are unable or unwilling to take on additional managerial responsibility.
This is especially true when the equipment takes up a lot of space. Lastly, there is a lack of knowledge & expertise concerning such wireless healthcare asset management systems. Medical institutions face difficulty in hiring quality personnel able to understand & exploit this technology to the fullest. These problems must be dealt with for the long term prospects of the wireless healthcare asset management market.
Wireless Healthcare Asset Management Market Key Regions
The U.S is both the largest wireless healthcare asset management market and its fastest growing because of a large number of American RFID and RTLS providers and strong healthcare in the country. Asia-Pacific will become a crucial future market because of rising awareness & greater public & private healthcare investments.
Wireless Healthcare Asset Management Market Key Market Players
Some companies competing in the wireless healthcare asset management market are AeroScout, Inc, GE Healthcare, Ekahau, Inc, IBM Corporation and Siemens Healthcare.
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Regional analysis includes
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