The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s hospital asset tracking and inventory management systems market report forecasts the hospital asset tracking and inventory management systems market size to grow to $35.16 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.

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Hospital Asset Tracking and Inventory Management Systems Market Size Forecast
The global hospital asset tracking and inventory management systems market is expected to grow from $25.28 billion in 2022 to $27.27 billion in 2023, at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hospital asset tracking and inventory management systems market size is expected to grow to $35.16 billion in 2027 at a CAGR of 6.6%.

North America held the largest hospital asset tracking and inventory management systems market share.

Key Hospital Asset Tracking and Inventory Management Systems Market Driver ­– Growth In Load Of Patients In Hospitals
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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Key Hospital Asset Tracking and Inventory Management Systems Market Trend – Growing Implementation Of Real-Time Locating Systems
Major companies operating in the hospital asset tracking and inventory management systems sector are focused on the implementation of real-time locating systems (RTLS) to strengthen their position in the market. For instance, in January 2021, Midmark RTLS, a US-based RTLS technology solutions company launched a Bluetooth low-energy cloud-based asset tracking solution that modernizes asset tracking capabilities for hospitals. This innovative solution supports hospital staff to find the required equipment quickly and effectively. The development of this innovative technology by Midmark RTLS is another step forward in the hospital asset tracking and inventory management systems market.

Hospital Asset Tracking and Inventory Management Systems Market Segment
1) By Product Type: Mobile, Fixed, Other Inventory
2) By Technology: Hardware, Software
3) By Application: Equipment or Device or Supplies Tracking, Equipment Maintenance

Hospital Asset Tracking and Inventory Management Systems Market Major Players and Strategies
Major players in the hospital asset tracking and inventory management systems market are ZIH Corp., Ascom, GE Healthcare (General Electric Company), CenTrak (Halma plc), Honeywell International Inc., Alcatel-Lucent Enterprise, Epicor Software Corporation, Stanley, Black and Decker Inc., Sonitor Technologies Inc., Impinj Inc., Ekahau, and Midmark Corporation.

In February 2022, Global Healthcare Exchange (GHX), a US-based healthcare software as a service company, acquired Syft for an undisclosed amount. Through this deal, Syft becomes a wholly-owned subsidiary of GHX, joins GHX’s division of value-based care solutions, and helps modernize the supply chain. Syft offers a variety of services aimed to reduce the annual expenses of hospitals, including hospital inventory management services and hospital supply chain services. Syft is a US-based inventory management service provider.

The Hospital Asset Tracking and Inventory Management Systems Global Market Report 2023 covers regional data on hospital asset tracking and inventory management systems market size, hospital asset tracking and inventory management systems market trends and drivers, opportunities, strategies, and hospital asset tracking and inventory management systems market competitor analysis. The countries covered in the hospital asset tracking and inventory management systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Hospital asset tracking and inventory management systems use sensors and tags that track the assets of the hospitals and provide real-time data, and play a crucial role in locating medical equipment at times of an emergency in hospitals.

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