Hospital Asset Tracking & Inventory Management Systems Market Worth $31.06 Billion By 2025
The global hospital asset tracking and inventory management systems market is expected to reach USD 31.06 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.0% during the forecast period. Rising need to reduce healthcare costs coupled with high prevalence of Hospital-acquired Infections (HAIs) is anticipated to boost the growth.
Manual handling of the numerous equipment and assets used in a hospital is a difficult task. A lot of time and manpower is utilized in searching and maintaining these assets. Hospital asset management allows smooth and continuous hospital operations by decreasing the time in searching these equipment. This factor is anticipated to bode well for market growth in the forthcoming years.
Availability of advanced systems and rapid technological advancements are also significant driving factors for the hospital asset tracking and inventory management systems market. For instance, the Central Manchester University hospital uses hospital asset management system, which manages over 500,000 assets. They ultimately help improve quality of life of the patients. These systems provide a positive working environment for healthcare professionals.
Regional and service portfolio expansions, and merger and acquisitions are key strategic undertakings adopted by these players. For instance, in September 2017, Zebra Technologies launched Savannah platform which comprises of configuration management, IoT end-point connectivity, data transport, machine learning components, analytics, and data storage.
Further key findings from the report suggest:
- The mobile segment accounted for the largest market share in 2017 and is anticipated to exhibit significant growth in near future
- The other inventory segment includes consumables. This segment is expected to showcase the fastest growth rate during the forecast period
- The hardware segment held the largest market share among the types of systems in 2017
- Asia Pacific is expected to exhibit high growth over the forecast period owing to improved healthcare infrastructure, rising disposable income, and investments from global players
- Some of the key players operating in the hospital asset tracking and inventory management systems market include ZIH Corp, ASCOM, CenTrak, Midmark Corporation, GE Healthcare and Honeywell International Inc.