Hospital Asset Tracking and Inventory Management Systems Market Growth Outlook: Trends, Market Size, and Opportunities Over the Next Decade
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Industry-Specific Factors Are Fueling the Growth of theHospital Asset Tracking and Inventory Management Systems Market?
The escalation in the number of patients in healthcare facilities has played a significant role in propelling the growth of the hospital asset tracking and inventory management systems market. Factors such as the COVID-19 pandemic, lifestyle diseases and other health conditions, including cancer, have resulted in more people requiring hospitalization. This surge in patient numbers has led to increased demand for equipment and inventory, further fuelling the growth of asset tracking and inventory management systems. For instance, data from the Nuffield Trust, a UK-based charity, shows that in May 2024, the percentage of private hospital patients in England rose from 5.6% before the pandemic to 7.5% during the 2022/23 period. Hence, the burgeoning patient load in hospitals is steering the expansion of the hospital asset tracking and inventory management systems market.
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How Has the Hospital Asset Tracking and Inventory Management Systems Market Evolved in Recent Years, and What are the Growth Projections for the Forecast Period?
The market size for hospital asset tracking and inventory management systems has seen a substantial growth in the past few years. It is projected to rise from $30.25 billion in 2024 to $32.52 billion in 2025, marking a compound annual growth rate (CAGR) of 7.5%. The historic growth of this domain can be linked to factors such as the pressure to reduce costs, the growing complexity in healthcare functions, concerns over patient safety, the advent of data analytics, and the overall increase in healthcare spending.
The market for hospital asset tracking and inventory management systems is anticipated to undergo robust expansion in the coming years, with a predicted worth of $43.24 billion by 2029, expanding at a compound annual growth rate (CAGR) of 7.4%. The soaring growth expected in the forecast period can be credited to the integration with electronic health records (EHR), ability for remote monitoring and control, growing need for real-time visibility, emphasis on sustainability, and the influence of global health incidents. The forecast period also points towards major trends such as the application of artificial intelligence (AI), the emergence of blockchain technology, technological progress, the adoption of rid technology, the use of data analytics for operational insights, and the deployment of cloud-based solutions.
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What Key Market Trends and Innovations Are Shaping the Future of theHospital Asset Tracking and Inventory Management Systems Industry?
Leading firms in the hospital asset tracking and inventory control systems market are introducing innovative products such as healthcare asset management systems to increase productivity, cut down expenses, and enhance patient care. The term ‘healthcare asset management’ pertains to a structured process of managing assets of a healthcare organization, encompassing elements like medical appliances, facilities, IT setup, and manpower. For example, in April 2024, TRIMEDX, a biotech company based in the US, unveiled GeoSense, a state-of-the-art Real-Time Location System (RTLS) specifically tailored for healthcare asset management. This avant-garde system renders room-level accuracy in tracking medical equipment, slashing the time taken to search them by half, and thus permitting healthcare personnel to devote more time to patient care. GeoSense effortlessly melds with the existing data platforms of TRIMEDX and boasts of a user-centred mobile application for instant equipment location at the point of care.
Which Companies Are Leading the Charge in Expanding theHospital Asset Tracking and Inventory Management Systems Market Growth?
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
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How is the Global Hospital Asset Tracking and Inventory Management Systems Market Segemented?
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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Which Geographics are Influencing the Growth of the Hospital Asset Tracking and Inventory Management Systems Market?
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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