Hospital Asset Tracking and Inventory Management Systems Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast

"The Business Research Company recently released a comprehensive report on the Global Hospital Asset Tracking and Inventory Management Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The hospital asset tracking and inventory management systems market size has grown strongly in recent years. It will grow from $27.86 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to cost reduction pressures, increasing complexity of healthcare operations, patient safety concerns, rise of data analytics, increasing healthcare expenditure.

The hospital asset tracking and inventory management systems market size is expected to see strong growth in the next few years. It will grow to $39.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to integration with electronic health records (EHR), remote monitoring and management, demand for real-time visibility, focus on sustainability, global health events impact. Major trends in the forecast period include artificial intelligence (AI) applications, emergence of blockchain technology, technological advancements, adoption of rid technology, data analytics for operational insights, utilization of cloud-based solutions.

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Market Drivers and Trends:

The growing load of patients in hospitals has contributed to the growth of the hospital asset tracking and inventory management systems market going forward. The COVID-19 pandemic and lifestyle diseases, as well as other illnesses, including cancer, are brought on by the increasing number of people in hospitals who require hospitalization. An increase in the number of patients has increased the demand for equipment and inventory, which in turn is driving the growth of asset tracking and inventory management systems. As per data by the National Institutes of Health (NIH), 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.

The growing implementation of real-time locating systems (RTLS) is a key trend gaining popularity in the hospital asset tracking and inventory management systems market. 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.

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Major Key Players of the Market:

IBM Corporation, Honeywell International Inc., Siemens Healthineers AG, GE Healthcare, Tyco International plc, Stanley Black & Decker, Avery Dennison Corporation, ZIH Corp, Zebra Technologies Corporation, Qorvo Inc., ThingMagic (Trimble Inc.), Infor Inc., CenTrak (Halma plc), Alcatel-Lucent Enterprise, 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

Hospital Asset Tracking and Inventory Management Systems Market 2024 Key Insights:

• The hospital asset tracking and inventory management systems market size is expected to see strong growth in the next few years. It will grow to $39.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Patient Load Spurs Surge In Hospital Asset Tracking Systems Market
• The Rise Of Rtls In Hospital Asset Tracking Systems Market
• North America was the largest region in the hospital asset tracking and inventory market in 2023

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