AI in Medical Supplies/Inventory Management Market Top Players - ZIH Corp; ASCOM; CenTrak; Midmark Corporation; GE Healthcare.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Medical Supplies/Inventory Management Market- (By Deployment mode (Cloud-based, On-premises), By Component (Software, Hardware), By Application (Tracking Multi-Warehouse, Security, Return Handling, Low/Restock Alerts, Tracking Expired Products), By Technology (NLP, Machine Learning), By End-Users (Hospitals, Ambulatory Surgical Centers, Retail Pharmacies, Online Pharmacies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Medical Supplies/Inventory Management Market is expected record a CAGR of 21.57% during a forecast period of 2023-2031.

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Artificial Intelligence (AI) plays a pivotal role in optimizing medical supply and inventory management within healthcare facilities. Effective management of medical supplies is essential to ensure that healthcare providers have timely access to the necessary materials, minimizing waste, controlling costs, and ultimately enhancing patient care.

Over the forecast period, the global market is expected to experience substantial growth. This growth is driven by the increasing adoption of cloud-based solutions for healthcare inventory management, the widespread implementation of the GS1 system for tracking medical supplies, and the numerous advantages offered by automated stock tracking over manual methods, including time efficiency, cost savings, and improved data management.

Furthermore, the surge in COVID-19 cases has heightened the demand for surgical kits, medications, medical supplies, drugs, and protective equipment in hospitals and healthcare facilities. As a result, the medical supplies software market is poised for significant expansion to meet the rising demands of healthcare providers. This market growth is further supported by reductions in operational costs driven by improved profitability and operational efficiency.

List of Prominent Players in the AI in Medical Supplies/Inventory Management Market:
• IDENTI Medical
• Pivot Smartflow
• IdeaRx
• TraceMedics
• Viebeg Technologies
• Others Prominent Players

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Market Dynamics:
Drivers:
The market is expected to experience significant growth during the forecast period, driven by the increasing demand for robust inventory management systems and healthcare providers' growing emphasis on cost reduction and supply chain optimization. Healthcare suppliers are focused on maintaining an ongoing balance between price and quality. For example, some vendors facilitate regional care networks through automation solutions.

Automated supply chain systems offer hospitals several advantages, including improved data visibility, enhanced operational efficiency, and cost savings. Consequently, the demand for healthcare supply chain management solutions is rising, fueled by the need for high-quality inventory management systems. Furthermore, the adoption of cloud-based and mobile technologies within the healthcare sector is accelerating market expansion.

Challenges:
Healthcare organizations often face challenges related to insufficient resilience, primarily due to limited visibility. Obtaining centralized, usable, and real-time data from disparate data sources and siloed systems can be difficult. As a result, it becomes challenging to accurately determine current stock levels, identify future demand, and make informed decisions. Ultimately, effective management is not feasible without a clear and measurable understanding of the inventory.

Regional Trends:
The Asia Pacific region is anticipated to exhibit the highest growth rate in the market. Many countries in this region rely heavily on private healthcare providers, and the implementation of advanced technologies in hospital administration is expected to increase as competition intensifies. The region's rapid economic development, the expansion of major market players, and the growth of the healthcare tourism sector are projected to drive substantial market growth and present significant opportunities.

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Recent Developments:
• In Feb 2020, Honeywell and AI specialist Bigfinite collaborated to expedite medical therapies. The objective of the collaboration was to assist the biotech and pharmaceutical industries in understanding and utilising artificial intelligence and machine learning to accelerate the development process.

Segmentation of AI in Medical Supplies/Inventory Management Market-
By Deployment mode-
• Cloud-based
• On-premises
By Component-
• Software
• Hardware
By Application-
• Tracking Multi-Warehouse
• Security
• Return Handling
• Low/Restock Alerts
• Tracking Expired Products
By Technology-
• NLP
• Machine Learning
By End-Users-
• Hospitals
• Ambulatory Surgical Centers
• Retail Pharmacies
• Online Pharmacies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/ai-in-medical-suppliesinventory-management-market/2070

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.