Global Healthcare Inventory Management Software Market Insights and Forecast to 2028

Healthcare Inventory Management Software Market

Key drivers of the healthcare inventory management software market include the rising use of cloud-based solutions for healthcare inventory management.

The immense benefits of automated stock tracking over manual stock tracking will fuel the growth of the market during the forecast period.

Moreover, the covid 19 pandemic led to an increasing burden on hospitals and healthcare clinics driving the demand for the software for maintaining operational efficiency in turn expanding the growth of the market.

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Trends Influencing the Growth of the Healthcare Inventory Management Software Market

Cloud-based solutions

The rising administrative inefficiencies due to growing patient admission rates are forcing hospital staff to adopt cloud-based software solutions for seamless management. An age-old manual system will not be able to process revenue generation properly. An automated cloud-based software provides speedy and quick transactional report generation. The integrated system can be customized for managing patient details, billing, appointment booking, drug management, EHR administration, and medical management. This will bolster the growth of the healthcare inventory management software market. The reports generated give a clear-cut view of all the money-generating activities. Useful resources are optimized with seamless customer interaction and information exchanges. This improves the health outcome of patients significantly. The decision-making becomes precise, fast, and useful. Crucial knowledge points are available instantly with real-time updates and rapid changes. Effective management software is used in nursing homes, clinical centers, and other healthcare facilities for maintaining a competitive edge. The automation-backed processes increase the efficiency of hospitals by tracking key metrics like staff availability, and room occupancy.

Automated stock tracking

The medical industry is gradually realizing the benefits of automated inventory management. Hence they are integrating software systems into their workflows. Automatic tracking enables on-duty hospital staff to forego spreadsheets and excessive paper trails for keeping track of patients' medical history, healthcare assets, and other important resources. This will fuel the growth of the healthcare inventory management software market in the forthcoming years. The processes can be made quicker by scanning all the essential inventory items with a unique barcode or a QR code. The scanning allows for maintaining a reliable database with improved processing times. This completely prevents operational bottlenecks. Healthcare specialists and doctors have to deal with multiple emergency situations which require the use of extensive medical equipment such as infusion pumps, scanners, gas analyzers, etc. A tracking management software allows the hospital staff to keep all the necessary procurements ready in order to manage the continuous inflow of patients every single day. High-value items are replenished regularly with real-time alert monitoring systems. Both procuring and booking assets take place in a centralized platform with easy-to-use features. Moreover, the downtime is reduced with predictive maintenance capabilities.

Covid 19 impact

The initial months of the pandemic wreaked havoc on the global healthcare industry. Key medicare products like PPE kites, masks, gloves, protective eyewear, trauma gowns, etc faced severe shortages amidst rising cases worldwide. The constant need for surgical kits and medical supplies makes inventory management a crucial task for closing the supply-demand gaps. This will bolster the growth of the healthcare inventory management software market in the forthcoming years. Medications, vaccinations, diagnostic equipment, and even mundane non-medical stuff like paper, and printer inks have to be tracked, managed, located, invoiced, and kept in stock. Inadequate supply chain management is costly as continuous scrambling for critical resources at the last minute can hamper patient experience and also lead to job dissatisfaction for on-duty staff. Automated inventory management software undertakes massive stock tracking activity by providing important information to all the related stakeholders in a single place with built-in analytical dashboards. This reduces human error and frees up the time of staff to get back to patient care. The platform handles all the backhand activity, compliance-related disclosures, and multi-level communication systems across different corridors, floors, and locations. It automatically adjusts to an institution's unique needs to detect all the flaws beforehand.

Healthcare Inventory Management Software Market Share

Based on type, the segmentations are order management software, warehouse, consignment, implant management, and tissue management.

Based on application, the healthcare providers segment will grow the highest in the healthcare inventory management software market share due to the growing number of hospitals and clinics around the world integrating software solutions for managing the critical supply of medicines and other hospital assets.

Based on region, North America will be the most lucrative during the forecast period due to growing awareness of automation tools for healthcare inventory management, rising installations, and the presence of key players.

By Type
• Order Management Software
• Warehouse Management Software
• Consignment Management Software
• Implant Management Software
• Tissue Management Software

By Application
• Manufacturers
• Distributors
• Healthcare Providers

By Company
• SAP (Germany)
• Oracle (US)
• Infor (US)
• GHX (US)
• McKesson (US)
• TECSYS (Canada)
• Manhattan Associates (US)
• JDA Software (US)
• Jump Technologies (US)
• LogiTag Systems (Israel)

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