Research and Markets announced the release of its new report "Hospital Asset Management Market - Pharmaceutical - Global Forecast to 2017.” The report predicted growth for RFID, RTLS, ultrasound, and infrared tags markets in coming years.
Categorization of the global asset management is based on verticals such as healthcare and pharmaceuticals. Hospital asset management is further sectioned based on products such as real-time location system (RTLS), radio frequency identification (RFID), infrared tags, and ultrasound. According to the report, these pharmaceutical verticals are set to grow from 2012 to 2017.
“The hospital asset management commanded the largest share of global market in 2012 growing at a CAGR of more than 20 percent from 2012 to 2017. RFID in healthcare dominated the market growing strongly at a CAGR of more than 17 percent from 2012 to 2017. RTLS (Real-Time Locating Systems) has recently attracted market leaders and investors and is expected to grow at the highest CAGR of 35.4 percent from 2012 to 2017,” the report stated.
The pharmaceutical asset management market is on the rise, driven by increasing interest in resolving supply chain issues and halting counterfeit drugs. R&M stated that the pharmaceutical market is predominantly driven by an increasing number of drug counterfeiting events. An estimated 10 percent of all pharmaceuticals worldwide are believed to be counterfeit, according to the World Health Organization. The FDA strongly recommended RFID use as a solution to drug counterfeiting.
The North American market dominated the hospital asset management market with nearly 44 percent share in the global market in 2012. The North American hospital asset management market is expected to grow at a CAGR of 20.7 percent from 2012 to 2017 because of the prevalence of U.S. based RFID and RTLS technology providers. The Asian market is forecasted to grow at the highest CAGR in the next five years, propelled by increasing investor awareness in Japan, India, and China.
The report listed the following companies as major players in the hospital asset management market: