Hospital Asset Tracking and Inventory Management Systems Market Size Estimated to Reach $32.6 Billion by 2026
Hospital Asset Tracking and Inventory Management Systems Market size is estimated to reach $32.6 billion by 2026, growing at a CAGR of 4.9% during the forecast period 2021-2026. Hospital Inventory Management Systems focuses on monitoring all parts and products that the hospital moves into and out of its warehouse, patient monitoring, and other facilities. Hospital asset tracking and inventory management systems help reduce healthcare costs by optimizing resource use and reducing capital use and rental expenditures. They can increase employee efficiency by automating tasks and can improve operational decisions and business processes by simplifying through graphical analyses. These systems also help to minimize fixed costs by allowing for better resources utilisation. During the forecast period, these benefits are expected to fuel market growth. Technological advancements, increased healthcare analytics, and R&D investments to innovate advanced technologies are the factors that are expected to propel the industry growth during the aforesaid period 2021-2026.
Hospital Asset Tracking and Inventory Management Systems Market Segment Analysis – By Technology
The Hospital Asset Tracking and Inventory Management Systems Market based on the Technology can be further segmented into Hardware and Software. The Hardware segment held the largest share in 2020 owing to its usage in hospital asset management systems for locating various equipment and devices. The hardware devices can easily locate these devices and equipment, which is driving the growth of the Hospital Asset Tracking and Inventory Management Systems Market. The Software is estimated to be the fastest growing segment with a CAGR of 5.7% over the period 2021-2026. This growth is owing to the demand for electronic medical records for patient monitoring and its benefits such as cost-efficiency, reduced scope of error, and better revenue management.
Hospital Asset Tracking and Inventory Management Systems Market Segment Analysis – By Application
The Hospital Asset Tracking and Inventory Management Systems Market based on the Application can be further segmented into Equipment/Device/Supplies Tracking and Equipment Maintenance. The Equipment/Device/Supplies tracking segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 5.9% over the period 2021-2026. This growth is owing to its benefits of reducing errors and increase operational efficiency in hospitals. Tracking can be achieved by several technologies including Radio-Frequency Identification (RFID) codes as well as Global Positioning System (GPS) modules. The introduction of smaller devices with longer battery life is driving the growth of the Hospital Asset Tracking and Inventory Management Systems Market. The Equipment Maintenance segment held the second largest share in 2020 owing to its benefits, such as maintaining the efficiency of the equipment and reduce system errors. Moreover, it stores records of patient monitoring, and the corrective maintenance of all equipment in the hospital through integrated programs through automatic maintenance scheduling.
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Hospital Asset Tracking and Inventory Management Systems Market Segment Analysis – By Geography
North America held the largest share with 32% of the overall market in 2020. The growth in this segment is owing to the growing demand for electronic medical records, healthcare analytics, large number of academic and research institutes, and advanced healthcare infrastructure. The presence of major players in the region is driving the growth of the Hospital Asset Tracking and Inventory Management Systems Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as increasing awareness on patient monitoring, rapid economic development, growing healthcare analytics, major market expansion in these regions, and expansion of the health tourism industry.
Hospital Asset Tracking and Inventory Management Systems Market Drivers
Development in the Growth of New Avenues
The Hospital Asset Tracking and Inventory Management Systems Market has attracted huge revenues in recent times. This is largely owing to the emergence of seamless hospital management services provided by major vendors. The growth of the global hospital asset tracking and inventory management systems market hinges to a large extent on the commercialization of the healthcare industry. In addition, the demand for electronic medical records, healthcare analytics, and many initiatives taken by various governmental and non-governmental organizations to research and invest in developing innovative software systems are estimated to provide significant growth opportunities in the market.
Growing Load of Patients
The increase in the prevalence of diseases coupled with the growing health awareness among the population across the globe is promising hospitals and healthcare centers to experience the increasing load of patients in recent times. The trend of patient monitoring has compelled hospitals and healthcare centers to enhance the growth of the Hospital Asset Tracking and Inventory Management Systems Market.
Hospital Asset Tracking and Inventory Management Systems Market Challenges
High Cost of Software Systems
Electronic Medical Record (EMR) application requires the interface modules such as lab fronts, and any application up-gradations for hospital tracking and management. The prices range from $ 5,000 for start-up costs in a cloud-based system to $ 50,000 or more for a software-based system. Hence, the high cost of software systems maintenance and training expenses are the main challenge to the growth of this market. Moreover, the security threat is also one of the challenges facing the Hospital Asset Tracking and Inventory Management Market.
Hospital Asset Tracking and Inventory Management Systems Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hospital Asset Tracking and Inventory Management Systems Market. Key companies of this market are ASCOM, ZIH Corp, Alcatel-Lucent Enterprise (ALE), CenTrak, GE Healthcare, Honeywell International, Inc., Epicor Software Corporation, Stanley Black and Decker Inc, Apptricity, and Idox among others.
Acquisitions/Product Launches:
In June 2020, Apptricity has launched latest version of a popular asset management solution that provides users with updates in the overall product design, new features, and other architectural improvements that allows a fully customizable software solution.
In April 2020, Alcatel-Lucent Enterprise (ALE) has launched OmniAccess® Stellar Asset Tracking solution to provide useful insights and real-time positioning data and analytics to meet the need for hospital teams to locate mission-critical equipment when life is at stake.
In October 2019, Idox has launched a new line of mobile devices to its iFIT hospital inventory management software, adopting the latest smart technology to provide a premium scanning solution that enables a safe, cost-effective solution and supports patient and clinical safety.
Key Takeaways
Geographically, North America Hospital Asset Tracking and Inventory Management Systems Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing demand for electronic medical records and healthcare analytics.
The rise in the demand for advanced inventory management systems for patient monitoring is driving the Software segment. However, the high cost of software systems maintenance and training expenses is one of the major factors that is said to reduce the growth of the Hospital Asset Tracking and Inventory Management Systems Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Hospital Asset Tracking and Inventory Management Systems Market report.
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