The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

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 is expected to show promising growth in the forecast period.

The hospital asset tracking and inventory management systems market have witnessed substantial growth in recent years, with promising projections for the future. From $27.86 billion in 2023, it is anticipated to reach $30.06 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 7.9%. This expansion is attributed to various factors such as cost reduction pressures, increasing healthcare complexity, patient safety concerns, data analytics integration, and rising healthcare expenditure.

Anticipated Surge and Future Projections

1. Upward Growth Trajectory: The market is poised for strong growth, projected to escalate to $39.82 billion by 2028, with a CAGR of 7.3%.
2. Drivers of Growth: Integration with Electronic Health Records (EHR), remote monitoring, real-time visibility demand, sustainability focus, and the impact of global health events are key factors fueling this growth.

Rising Patient Load and Market Dynamics

1. Patient Load Impact: The surge in hospital patients, propelled by factors like the COVID-19 pandemic and lifestyle diseases, drives the demand for hospital asset tracking systems.
2. Equipment Demand: Increased patient load necessitates better equipment and inventory management, amplifying the need for asset tracking and inventory management systems.

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Technological Trends in Asset Tracking

1. Real-Time Locating Systems (RTLS): The adoption of RTLS is a prominent trend, offering real-time tracking solutions for enhanced asset management.
2. Innovative Solutions: Companies like Midmark RTLS are launching innovative solutions like Bluetooth low-energy cloud-based asset tracking to streamline hospital operations.

Strategic Industry Moves and Acquisitions

1. GHX Syft Acquisition: In February 2022, Global Healthcare Exchange (GHX) acquired Syft, a move aimed at modernizing the supply chain and offering value-based care solutions.
2. Market Players: Major companies like IBM Corporation, Honeywell International Inc., and Siemens Healthineers AG are actively shaping the market with their innovative offerings.

Segmentation of the Market

1. Product Types: Segments include mobile, fixed, and other inventory management solutions.
2. Technology: The market is divided into hardware and software solutions to cater to diverse needs.
3. Application Areas: Applications range from equipment tracking to maintenance, ensuring comprehensive coverage of hospital operations.

Regional Dynamics

1. North America Leadership: In 2023, North America emerged as the largest region in the hospital asset tracking and inventory management market, showcasing its significant market presence and potential.

In conclusion, the hospital asset tracking and inventory management systems market are experiencing robust growth driven by technological advancements, rising patient loads, and strategic industry moves. With a focus on real-time tracking, data analytics, and integration with healthcare systems, the market is poised for continued expansion and innovation in the years ahead.

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