Hospital Asset Tracking and Inventory Management Systems Market (2019 - 2025)

Report Overview

The hospital asset tracking and inventory management systems market size was valued at USD 21.06 billion in 2017 and is anticipated to grow at a CAGR of 5.0% over the forecast period. Diversifying applications and the need to minimize healthcare costs are the factors driving the market growth. These services also play a major role in curbing the incidence of hospital-acquired infections (HAIs).

Hospital asset management systems help to minimize healthcare costs by enhancing the usage of resource usage and bringing about diminished capital usage and rental expenses. They can increase staff proficiency by automating tasks and can improve operational decisions and work processes by streamlining through graphic analytics. These systems also reduce fixed costs by facilitating better utilization of assets. These advantages are anticipated to bode well for the growth of the market in the forthcoming years.

Handling the numerous hospital equipment manually is a difficult task that requires a lot of time and manpower for the search and maintenance of these assets. Utilization of management allows smooth and continuous operations by decreasing the time required for searching for this equipment.

Technological advancements and R & D investments to innovate in terms of advanced solutions are expected to drive the demand over the forecast period. Integration with the Internet of Things (IoT), Artificial Intelligence (AI), and supply chain and workflows are some of the trends observed in the hospital asset tracking and inventory management systems market.

Product Insights

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, microscopes, 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.

Technology Insights

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).

Application Insights

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.

Regional Insights

North America held the largest market share in terms of revenue in 2017 owing to higher health coverage and a high prevalence of Hospital-acquired Infections (HAIs). This can be attributed to the presence of a large number of academic and research institutes and advanced healthcare infrastructure. Also, the significant number of major players domiciled in this region is further contributing to the revenue of North America.

Asia Pacific is expected to witness the highest growth rate during the forecast period. Most of the countries in this region depend largely on private healthcare services. Increasing competition is expected to boost the adoption of advanced technology in hospital management. Factors such as rapid economic development, expansion of major market players in these regions, and expanding the healthcare tourism industry are expected to fuel lucrative growth opportunities in the region.

Hospital Asset Tracking and Inventory Management Systems Market Share Insights

Major market players include ZIH Corp; ASCOM; CenTrak; Midmark Corporation; GE Healthcare; and Honeywell International, Inc. Mergers, acquisitions, regional expansions, and product portfolio expansions are some of the significant strategies adopted by these companies. For instance, in September 2017, Zebra Technologies launched the Savannah platform which comprises of configuration management, IoT end-point connectivity, data transport, machine learning components, analytics, and data storage.

Hospital Asset Tracking And Inventory Management Systems Market