Hospital Asset Tracking and Inventory Management Systems Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Feb 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Hospital Asset Tracking and Inventory Management Systems market size is expected to be worth around US$ 41.06 billion by 2030, according to a new report by Vision Research Reports.

The global Hospital Asset Tracking and Inventory Management Systems market size was valued at US$ 31.06 billion in 2020 and is anticipated to grow at a CAGR of 6.0% during forecast period 2021 to 2030.

Growth Factors

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.

Report Highlights

Based on product type, the market is segmented into fixed, mobile, and others. The mobile segment held the largest market share in 2017. The mobile inventory segment is further segmented into wheelchairs, mobile beds, stretchers, patient monitoring devices, IV pumps, medical pendant, and others.

Fixed inventory is anticipated to expand at a CAGR of 6.8% over the forecast period. The segment is further divided into imaging, surveillance cameras, surgical navigation systems, and others. The imaging segment is expected to register a CAGR of 7.0% over the forecast period. Imaging systems require continuous maintenance. Effective scheduling based on factors, such as wait period and emergency, can be performed effectively with the integration of EHR and tracking systems. 

Based on technology, the market is segmented into hardware and software. The hardware segment is observed to witness fast CAGR in the forthcoming years. The segment is further divided into RFID, barcode scanners, computers, and other devices. Trackers are extensively used in hospital asset management systems to locate different equipment and devices. Trackers can easily locate these devices and equipment and thus they can save a lot of time and manpower, decreasing costs.

The RFID segment is expected to register a CAGR of 7.7 % over the forecast period. The software segment is further categorized into IoT, analytics, and others. Recently, Stanley Healthcare launched software for hospital asset management which includes visual controls and integrations. In September 2018, Accruent, LLC launched the Computerized Maintenance Management System (CMMS).

Based on the application, the market is segmented into equipment/device/supplies tracking and maintenance. The equipment/device/supplies tracking segment is anticipated to witness the fastest CAGR over the forecast period. The equipment maintenance segment is expected to expand at a CAGR of 4.2% in the forthcoming years.

Equipment tracking helps reduce errors and increase operational efficiency in hospitals. Tracking can be achieved through various technologies including RFID codes as well as GPS modules. The introduction of smaller devices with longer battery lives are expected to enhance the scope of application of tracking devices in healthcare services.

Timely calibration and maintenance can significantly increase the efficiency of medical equipment and minimize errors. Recordkeeping of preventive as well as corrective maintenance of all the equipment in the hospital can be achieved through integrated software. These software help automatic scheduling maintenance; thus, reducing errors.

Key Players

ZIH Corp; ASCOM; CenTrak; Midmark Corporation; GE Healthcare; and Honeywell International, Inc. Mergers, acquisitions, regional expansions

Market Segmentation

  • Hospital Asset Tracking and Inventory Management Market, by Product 

    • Product

      • Mobile

        • Wheelchairs

        • Mobile beds

        • Stretchers

        • Microscopes

        • Patient monitoring devices

        • IV pumps

        • Medical pendant

        • Others

      • Fixed

        • Imaging

        • Surveillance Camera

        • Surgical Navigation Systems

        • Others

      • Other Inventory

        • Clinical Supplies

        • Medical Devices

        • Medical supplies

        • Others

  • Hospital Asset Tracking and Inventory Management Market, by Technology 

    • Hardware

      • RFID

      • Barcode Scanners

      • Computers

      • Others

    • Software

      • IoT

      • Analytics

      • Others

  • Hospital Asset Tracking and Inventory Management Market, by Technology 

    • Equipment/Device/Supplies tracking

    • Equipment Maintenance

  • Regional Outlook 

    • North America

      • The U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • Italy

      • Spain

      • Greece

      • Denmark

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • The Middle East and Africa (MEA)

      • South Africa

      • Saudi Arabia

      • UAE

The Hospital Asset Tracking and Inventory Management Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Hospital Asset Tracking and Inventory Management Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Hospital Asset Tracking and Inventory Management Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Hospital Asset Tracking and Inventory Management Systems market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Hospital Asset Tracking and Inventory Management Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Hospital Asset Tracking and Inventory Management Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Hospital Asset Tracking and Inventory Management Systems by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Hospital Asset Tracking and Inventory Management Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Hospital Asset Tracking and Inventory Management Systems market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Hospital Asset Tracking and Inventory Management Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Hospital Asset Tracking and Inventory Management Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Hospital Asset Tracking and Inventory Management Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Hospital Asset Tracking and Inventory Management Systems market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Hospital Asset Tracking and Inventory Management Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Hospital Asset Tracking and Inventory Management Systems market. These factors have benefited the growth of the global market for Hospital Asset Tracking and Inventory Management Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Hospital Asset Tracking and Inventory Management Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Hospital Asset Tracking and Inventory Management Systems are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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