The global hospital/pharmaceutical asset management market was valued at $2.6 billion in 2012 and is poised to reach $6.7 billion by 2017 at a CAGR of 20.9%.
The global asset management market is categorized into healthcare and pharmaceuticals products and applications. The healthcare market consists of products such as RFID, RTLS and ultrasound & infrared tags while, pharmaceuticals market consists of RFID technology. RFID in healthcare is the leading segment in global hospital/pharmaceutical asset management market in 2012 due to increased applications in hospitals led by technological advancements. RTLS is being implemented by most of the hospitals and healthcare institutions across the world for enhanced patient safety and cost reduction.
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RTLS in healthcare is growing at the highest CAGR in the next five yearsIn the recent years, both, the declining cost of hardware, along with rising applications in healthcare industry are boosting the adoption of RTLS. The role of active RFID (radio frequency identification) is prominent and is growing at a fast pace in healthcare sector.
RFID tags both in healthcare and pharmaceuticals will prove to play a prominent role with a double digit growth rate from 2012 to 2017. Passive RFID tags in healthcare and pharmaceuticals gained the largest share of around 90%. Though the passive RFID tags market is the leading one, active tags market is expected to grow at a faster pace. The active tags market is predominantly driven due to rising applications and demand for efficient workflow.
North America is the dominant market in 2012 with about 44% of theshare. The leading market share is due to the favorable economic conditions, large number of U.S. based RFID and RTLS technology providers and ease of access to this region. Major players in the market are AeroScout, Inc. (U.S.),Ekahau, Inc. (U.S.)., GE Healthcare (U.K.), Awarepoint Corporation (U.S.), IBM Corporation, (U.S.) and Siemens Healthcare (Germany).
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