Pharma Supply Chain bottlenecks and Drug Counterfeiting solved by RFID technology : Healthcare Asset Management Market

The healthcare asset management market is expected to reach USD 35.19 billion by 2023 from USD 6.89 billion in 2017, at a CAGR of 31.4%. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.

(EMAILWIRE.COM, August 22, 2018 ) Healthcare Asset Management Market RESTRAINTS

High cost of RFID readers
Despite the low cost of passive tags (between 40–50 cents per tag), the high cost associated with UHF readers is a key hindrance for their adoption. Most UHF readers cost between USD 500 to USD 2,000; this may vary according to the specifications of the device. Companies may also have to buy each antenna separately along with the cables, which further increases the cost. Another factor influencing the cost is the number of assets tagged in the hospital. Active tags with an embedded RLS component cost as much as USD 1,000 per piece. The payback period can range anywhere between two to three years and affordability is a concern as well. This is a major limiting factor for the adoption of RFID-RTLS technologies, especially in emerging economies.

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Healthcare Asset Management Market OPPORTUNITIES

IoT-based Healthcare Asset Management Market (IoT-HAM)
Advancements in information technology have provided the industry with an ever-expanding array of options like Internet of Things (IoT), which has generated significant growth opportunities for healthcare asset management vendors. The healthcare-based IoT platform is integrated with smart sensors over a cloud-based network, which allows hospitals, outpatient service providers, pharmacies, and other organizations to monitor cold storage and other aspects of their operations that must be maintained at specific conditions to ensure quality patient care. Through the implementation of IoT for asset monitoring and tracking of medical equipment, hospitals can access real-time data using smart sensors and devices and gain real-time visibility into the operational status. Also, IoT-based asset management aids in monitoring performance through a single dashboard, which tracks and analyses various parameters for each asset. These advancements help in reducing healthcare costs and improving the overall quality of patient care.

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Expanding application areas of Healthcare Asset Management Market
According to the Centers for Disease Control and Prevention (CDC), every year, 5–10% of hospitalized patients in the US contract hospital-acquired infections (HAIs). CDC also reports that ~650,000 patients in the US are reported to have at least one HAI. The European Centers for Disease Control and Prevention (ECDC) states that nearly 3.5 million patients develop HAIs every year in Europe. HAIs are not only responsible for a large number of deaths but also cost healthcare facilities billions of dollars every year. The implementation of technologies such as RFID-RTLS within healthcare facilities can help minimize these instances.

In addition to equipment management, staff management, patient management, and temperature and humidity monitoring, RFID-RTLS solutions are also increasingly being used for newer applications such as infection control and hand hygiene, which represents significant growth opportunities for players in the healthcare asset management market.

Healthcare Asset Management Market CHALLENGES

Issues related to data security and privacy
IoT-enabled devices that connect and share patient-generated data increase the number of potential vulnerabilities within a system. In most healthcare organizations, a multitude of such devices are deployed on the same network.

Networking technologies such as second-generation ultrasound, BLE, and RTLS also add an extra layer to already complicated networks. These outside networks may or may not be as secure or protected as required. The information being transferred over these networks can be accessed by external parties, such as government agencies, data collectors, or hackers. This might not only interfere with the privacy of the concerned individual but may also pose a security threat to the individual as well as the organization.

Also, personal information might be passed to the wrong recipient and may be misused and eventually cause a security breach. Thus, concerns regarding data security and privacy may hamper the adoption of healthcare asset management solutions, which in turn may challenge market growth to a certain extent.