Why Healthcare Asset Tracking Could See a Huge Explosion in the Next Few Years

Transparency Market Research (TMR) recently published a report predicting massive adoption of RFID next-generation healthcare asset tracking tools. This $5 billion market is slated to triple its current expansion rate and reach upwards of $15 billion by 2026. What is fueling this surge in interest?

Hospitals, long-term care centers, and other medical facilities are looking to reduce their liabilities and improve patient care — two goals that are inseparably linked. McKnight’s Senior Living recently reported that long-term care facilities are paying out $400,000 on average to settle patient elopement cases. The publication noted that RFID-enabled wander-management systems could drastically reduce elopement risks.

The TMR report details the asset management market regarding product and application. On the product side, real-time location systems are set to play a large role in the global market. Essential elements in the coming market are outdoor asset tracking, encryption service, and tamper evident sensor, as well as other technical advantages.

The TMR report breaks down the application of the needed technology into four groups: patient management, staff management, instrument management, and supply chain management. The instrument management segment is expected to have the largest growth rate during the forecast period. Asset management solution installations are anticipated to increase to assist with the instrument management need.

Government focus has been shifted to reduce the workload of hospital staff to assure patient and staff safety. This is likely a cause for the increase in the hospital need for asset management solutions. In July 2016, the King Hamad University Hospital installed almost 1,200 asset tags to locate critical hospital assets. This will increase efficiency in day to day operations as well as response time for locating needed equipment.

EDP offers multiple asset tracking and medical inventory software solutions that can be scaled to fit the smallest healthcare office to the largest hospital. From doorway RFID readers, to drones, to simple handheld scanners, EDP has a solution that can fit the need.  EnaSys Express with Linked Assets can be utilized to manage patient and staff files. It is also used in combination with a Lektriever system to track specimen slides and other critical assets. EnaSys Enterprise can provide real-time locations of assets using doorway readers and drones.  With the market expanding, contact us today to determine which healthcare asset tracking solution is right for you!

Source article: http://www.prnewswire.com/news-releases/hospital-asset-management-market-to-exceed-us-150-bn-by-2026-says-tmr-684814131.html

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