Pune, Nov. 10, 2020 (GLOBE NEWSWIRE) — The global healthcare asset management market size is predicted to reach USD 84,483.03 million by 2027, exhibiting a CAGR of 28.9% during the forecast period. The increasing technological advancement has led to high demand for asset management solutions in medical facilities, which, in turn, will accelerate the healthcare asset management market growth. Moreover, the introduction of wireless connectivity in asset management solutions will contribute positively to this growth during the forecast period. The market size stood at USD 11,002.50 million in 2019. North America dominated the market in 2019 and is predicted to remain dominant during the forecast period owing to the rising digitalization in healthcare. The favorable reimbursement policies and government initiatives will encourage growth in North America.
KEY INDUSTRY DEVELOPMENTS:
- September 2019 – CGI Federal Inc. announced the acquisition of Sunflower Systems; a leading provider of asset management software solutions and services. Such acquisitions enabled the company to generate more revenue in this market.
- March 2018 – Versus Technology, announced the launch of new wrist-wearable RTLS badge for patient flow. Such novel product launch enabled the company to hold a strong position in the healthcare asset management industry.
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Partnership between STANLEY Healthcare and Sonitor to Aid Market Sales
STANLEY Healthcare, a global leader in innovative solutions and technology for healthcare facilities announced that it has collaborated with Sonitor for the integration of Sonitor’s proprietary Sense High Definition Ultrasound indoor positioning technology into its AeroScout® Real-Time Location System (RTLS) platform.
The partnership expansion between the companies can be a critical factor in accelerating the healthcare asset management market revenue during the forecast period owing to the implementation of cost-effective RTLS solutions with no complications and convenience. Furthermore, Vice President of Product Strategy & Business Development, STANLEY Healthcare, Gabi Daniely, said in a statement, “The key value delivered by RTLS solutions is the detailed information they generate on the interactions of patients, staff and assets as they move about the hospital.
This data gives hospitals unique insight into complex care processes, driving improved care delivery, streamlined workflows and cost savings. This insight depends on the ability to locate accurately and reliably at the room and sub-room level. He further added. “With this technology, hospitals can more quickly and easily adopt advanced RTLS applications such as Patient Flow, Staff Workflow and PAR level Asset Management. The result is an even more compelling ROI for RTLS solutions.”
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Favorable Reimbursement Policies to Propel Market in North America
North America dominated the market in 2019 and is predicted to remain dominant during the forecast period owing to the rising digitalization in healthcare. The favorable reimbursement policies and government initiatives will encourage growth in North America. The increasing private and public funding for the adoption of healthcare asset management solutions will further enable growth in the region.
For instance, in June 2019, the Office of the National Coordinator for Health Information Technology (ONC) released the Cooperative Agreement Notice of Funding Opportunity (NOFO). The objective of this program is to enable developments in the technical standards essential to attain interoperability among…