Hospital Asset Tracking and Inventory Management Systems Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the hospital asset tracking and inventory management systems market grown over the years?
In recent times, the market size of hospital asset tracking and inventory management systems has experienced substantial growth. The market size, which is expected to be at $30.25 billion in 2024, will increase to $32.52 billion in 2025. The growth, at a compounded annual growth rate (CAGR) of 7.5%, is largely due to issues such as cost-cutting pressures, increased complexity in healthcare operations, patient safety issues, the growth of data analytics, and an increase in healthcare spending.
What Is the forecasted market size and growth rate for the hospital asset tracking and inventory management systems market?
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What are the major factors driving growth in the hospital asset tracking and inventory management systems market?
The hospital asset tracking and inventory management systems market is experiencing expansion, a development largely driven by the increasing patient count in hospitals. The surge in hospitalization is due to factors such as COVID-19, lifestyle diseases, and other health disorders like cancer. With more people needing hospital care, there’s a heightened demand for equipment and inventory, thereby boosting the market for asset tracking and inventory management systems. The Nuffield Trust, a charitable trust based in the UK, noted an instance in May 2024 where the percentage of patients in private hospitals in England rose from 5.6%, before the pandemic, to 7.5% during the 2022/23 period. As such, the surging patient count across hospitals is fueling the growth of the hospital asset tracking and inventory management systems market.
What key areas define the segmentation of the global hospital asset tracking and inventory management systems Market?
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
Subsegments:
1) By Mobile: Mobile Asset Tracking Devices, Mobile Inventory Management Applications
2) By Fixed: Fixed Asset Tracking Systems, Fixed Inventory Management Solutions
3) By Other Inventory: RFID-based Inventory Systems, Barcode-based Inventory Management, Manual Inventory Management Systems
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What are the top market players propelling the growth of the hospital asset tracking and inventory management systems industry?
Major companies operating in the hospital asset tracking and inventory management systems market include IBM Corporation, Honeywell International Inc., Siemens Healthineers AG, GE Healthcare, Stanley Black & Decker, Avery Dennison Corporation, Zebra Technologies Corporation, ThingMagic (Trimble Inc.), Infor Inc., CenTrak (Halma plc), Epicor Software Corporation, Jadak- A Novanta Company, Midmark Corporation, Ascom Holding AG, Impinj Inc., Elpas Solutions, Identiv Inc., Sato Holdings Corporation, Alien Technology, Censis Technologies, Mobile Aspects, Ekahau Inc., AiRISTA Flow Inc, Sonitor Technologies Inc, Cybra Corporation, LogiTag Systems, Solstice Medical
What are the key trends shaping the future of the hospital asset tracking and inventory management systems market?
In the market of hospital asset tracking and inventory management systems, major players include IBM Corporation, Honeywell International Inc., Siemens Healthineers AG, GE Healthcare, Stanley Black & Decker, Avery Dennison Corporation, Zebra Technologies Corporation, ThingMagic (Trimble Inc.), Infor Inc., CenTrak (Halma plc), Epicor Software Corporation, Jadak- A Novanta Company, Midmark Corporation, Ascom Holding AG, Impinj Inc., Elpas Solutions, Identiv Inc., Sato Holdings Corporation, Alien Technology, Censis Technologies, Mobile Aspects, Ekahau Inc., AiRISTA Flow Inc, Sonitor Technologies Inc, Cybra Corporation, LogiTag Systems, and Solstice Medical.
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What regions are dominating the hospital asset tracking and inventory management systems market growth?
North America was the largest region in the hospital asset tracking and inventory market in 2024. The regions covered in the hospital asset tracking and inventory management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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