Hospital Asset Tracking and Inventory Management Systems Market Growth Trajectory Through 2024-2033

The Hospital Asset Tracking and Inventory Management Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hospital Asset Tracking and Inventory Management Systems Global Market Report 2024, The hospital asset tracking and inventory management systems market size has grown strongly in recent years. It will grow from $27.86 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to cost reduction pressures, increasing complexity of healthcare operations, patient safety concerns, rise of data analytics, increasing healthcare expenditure.

The hospital asset tracking and inventory management systems market size is expected to see strong growth in the next few years. It will grow to $39.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to integration with electronic health records (EHR), remote monitoring and management, demand for real-time visibility, focus on sustainability, global health events impact. Major trends in the forecast period include artificial intelligence (AI) applications, emergence of blockchain technology, technological advancements, adoption of rid technology, data analytics for operational insights, utilization of cloud-based solutions.

The growing load of patients in hospitals has contributed to the growth of the hospital asset tracking and inventory management systems market going forward. The COVID-19 pandemic and lifestyle diseases, as well as other illnesses, including cancer, are brought on by the increasing number of people in hospitals who require hospitalization. An increase in the number of patients has increased the demand for equipment and inventory, which in turn is driving the growth of asset tracking and inventory management systems. As per data by the National Institutes of Health (NIH), an agency of the US government, 9,00,000 COVID-19 hospitalizations occurred in November 2020 and were attributed to the conditions of obesity, hypertension, diabetes, and heart failure in the United States. Also, according to data by National Center for Health Statistics, a US-based government agency, in 2022, 1,918,030 new cancer cases are forecasted in the United States. Therefore, the growing load of patients in hospitals is driving the growth of the hospital asset tracking and inventory management systems market.

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The hospital asset tracking and inventory management systems market covered in this report is segmented –

1) By Product Type: Mobile, Fixed, Other Inventory
2) By Technology: Hardware, Software
3) By Application: Equipment or Device or Supplies Tracking, Equipment Maintenance

Major companies operating in the hospital asset tracking and inventory management systems market are innovating products, such as RFID asset management solutions, to increase their profitability in the market. A RFID asset management solution in hospital asset tracking and inventory management systems refers to a technology-driven system utilizing RFID (Radio Frequency Identification) technology for effectively monitoring and managing assets within a healthcare facility. For instance, in November 2022, Sato, a Germany-based provider of auto-ID solutions catering to a wide spectrum of markets, launched ASETRA. A RAIN RFID asset management solution that enhances operational efficiency by utilizing RFID tags, printers, and reader/writers for seamless asset tracking through the supply chain The product is designed for diverse industries, including healthcare. It streamlines stock-taking, tracking, and searching of inventory assets, offering flexibility with RFID, barcode, and 2D code compatibility. ASETRA ensures ease of deployment, reduces system development costs, and integrates smoothly with existing asset management databases for greater accuracy and efficiency.

The hospital asset tracking and inventory management systems market report table of contents includes:

1. Executive Summary
2.Hospital Asset Tracking and Inventory Management Systems Market Characteristics
3.Hospital Asset Tracking and Inventory Management Systems Market Trends And Strategies
4.Hospital Asset Tracking and Inventory Management Systems Market analyis
5.Hospital Asset Tracking and Inventory Management Systems Market Size And Growth
6.Hospital Asset Tracking and Inventory Management Systems Segmentation
7.Hospital Asset Tracking and Inventory Management Systems Regional And Country Analysis
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27.Hospital Asset Tracking and Inventory Management Systems Competitive Landscape And Company Profiles
28.Hospital Asset Tracking and Inventory Management Systems Key Mergers And Acquisitions
29.Hospital Asset Tracking and Inventory Management Systems Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• IBM Corporation
• Honeywell International Inc.
• Siemens Healthineers AG
• GE Healthcare
• Tyco International PLC

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