Hospital Asset Tracking And Inventory Management Systems Market - Forecast(2021 - 2026)

Report Code: HCR 34720 Report Format: PDF + Excel (Delivery in 48 Hrs)

Hospital Asset Tracking and Inventory Management Systems Market Overview

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.

Report Coverage

The report: Hospital Asset Tracking and Inventory Management Systems Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Hospital Asset Tracking and Inventory Management Systems Market.
By Product Type: Mobile, Fixed, and Other Inventory.
By Technology: Hardware and Software
By Application: Equipment/Device/Supplies Tracking and Equipment Maintenance.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (Middle East and Africa).

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.

 Hospital Asset Tracking and Inventory Management Systems Size, By Technology, 2020-2026 (USD Million)

Hospital Asset Tracking and Inventory Management Systems Market

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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.

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.

Relevant Reports:

Report Code: HCR 0076

Report Code: HCR 0041

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1. Hospital Asset Tracking and Inventory Management Systems Market - Overview
    1.1 Definitions and Scope
2. Hospital Asset Tracking and Inventory Management Systems Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Product Type
    2.3 Key trends by Technology
    2.4 Key trends by Geography
3. Hospital Asset Tracking and Inventory Management Systems Market – Comparative Analysis
    3.1 Product Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis – Key Companies
    3.5 Pricing Analysis
4. Hospital Asset Tracking and Inventory Management Systems Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Hospital Asset Tracking and Inventory Management Systems Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Hospital Asset Tracking and Inventory Management Systems Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Hospital Asset Tracking and Inventory Management Systems Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Hospital Asset Tracking and Inventory Management Systems Market – By Product Type(Market Size –$Million/$Billion)
    8.1 Mobile
        8.1.1 Wheelchairs
        8.1.2 Mobile Beds
        8.1.3 Stretchers
        8.1.4 Microscopes
        8.1.5 Patient Monitoring Devices
        8.1.6 IV Pumps
        8.1.7 Medical Pendant
        8.1.8 Others
    8.2 Fixed
        8.2.1 Imaging
        8.2.2 Surveillance Camera
        8.2.3 Surgical Navigation Systems
        8.2.4 Others
    8.3 Other Inventory
        8.3.1 Clinical Supplies
        8.3.2 Medical Devices
        8.3.3 Medical Supplies
9. Hospital Asset Tracking and Inventory Management Systems Market – By Technology(Market Size –$Million/$Billion)
    9.1 Hardware
        9.1.1 Radio-Frequency Identification (RFID)
        9.1.2 Barcode Scanners
        9.1.3 Computers
        9.1.4 Others
    9.2 Software
        9.2.1 Internet of Things (IoT)
        9.2.2 Analytics
        9.2.3 Others
10. Hospital Asset Tracking and Inventory Management Systems Market – By Application(Market Size –$Million/$Billion)
    10.1 Equipment/Device/Supplies Tracking
    10.2 Equipment Maintenance
11. Hospital Asset Tracking and Inventory Management Systems Market - By Geography(Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Hospital Asset Tracking and Inventory Management Systems Market - Entropy
13. Hospital Asset Tracking and Inventory Management Systems Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Best Practices for Companies
14. Hospital Asset Tracking and Inventory Management Systems Market – Key Company List by Country Premium Premium
15. Hospital Asset Tracking and Inventory Management Systems Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials for private companies would be provided on a best efforts basis”.

LIST OF TABLES

LIST OF FIGURES

1.US Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
2.Canada Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
3.Mexico Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
4.Brazil Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
5.Argentina Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
6.Peru Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
7.Colombia Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
8.Chile Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
9.Rest of South America Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
10.UK Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
11.Germany Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
12.France Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
13.Italy Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
14.Spain Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
15.Rest of Europe Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
16.China Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
17.India Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
18.Japan Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
19.South Korea Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
20.South Africa Hospital Asset Tracking And Inventory Management Systems Market Revenue, 2019-2024 ($M)
21.North America Hospital Asset Tracking And Inventory Management Systems By Application
22.South America Hospital Asset Tracking And Inventory Management Systems By Application
23.Europe Hospital Asset Tracking And Inventory Management Systems By Application
24.APAC Hospital Asset Tracking And Inventory Management Systems By Application
25.MENA Hospital Asset Tracking And Inventory Management Systems By Application
26.ZIH Corp., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.ASCOM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.CenTrak, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.MIDmark corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.GE Healthacre, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Honeywell International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Sonitor Technologies Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)