Hospital Asset Tracking and Inventory Management Systems Global Market Report 2024

The hospital asset tracking and inventory management systems market size has grown strongly in recent years. It will grow from $27.86 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The increase observed in the historical period can be ascribed to pressures for cost reduction, the growing complexity of healthcare operations, concerns about patient safety, the rise of data analytics, and an increase in healthcare expenditure.

The hospital asset tracking and inventory management systems market size is expected to see strong growth in the next few years. It will grow to $39.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The expansion anticipated in the forecast period can be linked to factors such as integration with electronic health records (EHR), remote monitoring and management, the demand for real-time visibility, a focus on sustainability, and the impact of global health events. Major trends projected for the forecast period encompass the applications of artificial intelligence (AI), the emergence of blockchain technology, technological advancements, the adoption of RFID technology, data analytics for operational insights, and the utilization of cloud-based solutions.

The escalating patient load in hospitals is contributing to the growth of the hospital asset tracking and inventory management systems market. The rise in hospitalizations, driven by factors such as the COVID-19 pandemic and lifestyle diseases, has increased the demand for equipment and inventory in healthcare facilities. In November 2020, the National Institutes of Health reported 900,000 COVID-19 hospitalizations in the United States, with various conditions leading to hospitalization. Additionally, in 2022, the National Center for Health Statistics forecasted 1,918,030 new cancer cases in the United States. Thus, the growing patient load in hospitals is a significant factor driving the growth of the hospital asset tracking and inventory management systems market.

The rising healthcare expenditure is expected to drive the growth of the hospital asset tracking and inventory management systems market. Healthcare expenditure, the total amount spent on healthcare goods and services annually, reached $331 billion in 2022, reflecting a 0.8% increase, according to the Canadian Institute for Health Information. Hospital asset tracking and inventory systems contribute to cost savings and improved efficiency in healthcare. The rising healthcare expenditure is a significant factor driving the growth of the hospital asset tracking and inventory management systems market.

The hospital asset tracking and inventory management systems market is witnessing the growing implementation of real-time locating systems (RTLS) as a key trend. Major companies in this sector are actively incorporating RTLS to strengthen their position. For example, in January 2021, Midmark RTLS, a US-based technology solutions company, launched a Bluetooth low-energy cloud-based asset tracking solution to modernize asset tracking capabilities for hospitals, supporting staff in quickly finding required equipment.

In the hospital asset tracking and inventory management systems market, major companies are innovating products such as RFID asset management solutions to enhance profitability. RFID asset management solutions utilize RFID technology for effective monitoring and managing of assets within healthcare facilities. For example, in November 2022, Sato, a Germany-based provider of auto-ID solutions, launched ASETRA, a RAIN RFID asset management solution streamlining stock-taking, tracking, and searching of inventory assets across diverse industries, including healthcare.

In February 2022, Global Healthcare Exchange (GHX), a US-based healthcare software as a service company, acquired Syft for an undisclosed amount. Syft becomes a wholly-owned subsidiary of GHX, joining its division of value-based care solutions and contributing to the modernization of the supply chain. Syft, a US-based inventory management service provider, offers services aimed at reducing hospitals' annual expenses, including hospital inventory management and supply chain services.

Major companies operating in the hospital asset tracking and inventory management systems market report are IBM Corporation, Honeywell International Inc., Siemens Healthineers AG, GE Healthcare, Tyco International PLC, Stanley Black & Decker, Avery Dennison Corporation, ZIH Corp, Zebra Technologies Corporation, Qorvo Inc., ThingMagic, Infor Inc., CenTrak, Alcatel-Lucent Enterprise, Epicor Software Corporation, Jadak Technologies Inc., Midmark Corporation, Ascom Holding AG, Impinj Inc., Elpas Solutions, Identiv Inc., Sato Holdings Corporation, Alien Technology, Censis Technologies, Mobile Aspects, Ekahau Inc., AiRISTA Flow Inc., Sonitor Technologies Inc., Cybra Corporation, LogiTag Systems, Solstice Medical.

North America was the largest region in the hospital asset tracking and inventory market in 2023. The regions covered in the hospital asset tracking and inventory management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospital asset tracking and inventory management systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of hospital asset tracking and inventory management systems are mobile, fixed, and other inventory. The mobile segment consists of hospital asset tracking and inventory management systems that refer to hospital asset tracking and inventory management systems used to track mobile inventory. Mobile inventory in hospitals includes equipment such as wheelchairs, imaging machines, and IV stands. The hospital asset tracking and inventory management systems label the equipment that comes into the hospitals and use RFID technology to keep track of the same. The various technologies include hardware and software which are used in applications such as equipment or device or supplies tracking and equipment maintenance.

The hospital asset tracking and inventory management systems market research report is one of a series of new reports that provides hospital asset tracking and inventory management systems market statistics, including hospital asset tracking and inventory management systems industry global market size, regional shares, competitors with a hospital asset tracking and inventory management systems market share, detailed hospital asset tracking and inventory management systems market segments, market trends and opportunities, and any further data you may need to thrive in the hospital asset tracking and inventory management systems industry. This hospital asset tracking and inventory management systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hospital asset tracking and inventory management systems market consists of the sale of RFID tags, RFID readers, firewalls, streaming data processors, and big data warehouses. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.