PUBLISHER: The Business Research Company | PRODUCT CODE: 1824532
PUBLISHER: The Business Research Company | PRODUCT CODE: 1824532
Hospital asset tracking and inventory management systems employ sensors and tags to track hospital assets, providing real-time data crucial for locating medical equipment in emergencies.
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.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the resulting trade tensions in spring 2025 are having a significant impact on the healthcare sector, especially in the supply of essential medical devices, diagnostic equipment, and pharmaceuticals. Hospitals and healthcare providers are grappling with higher costs for imported surgical tools, imaging systems, and consumables like syringes and catheters, many of which have limited domestic substitutes. These escalating expenses are putting pressure on healthcare budgets, prompting some providers to delay equipment upgrades or pass increased costs on to patients. Furthermore, tariffs on raw materials and components are disrupting the manufacturing of vital drugs and devices, leading to supply chain delays. In response, the industry is adopting diversified sourcing strategies, expanding local production where feasible, and pushing for tariff exemptions on critical medical products.
The hospital asset tracking and inventory management systems market research report is one of a series of new reports from The Business Research Company 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 size has grown strongly in recent years. It will grow from $30.25 billion in 2024 to $32.42 billion in 2025 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to cost reduction pressures, increasing complexity of healthcare operations, patient safety concerns, rise of data analytics, increasing 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 $42.89 billion in 2029 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to integration with electronic health records (EHR), remote monitoring and management, demand for real-time visibility, focus on sustainability, global health events impact. Major trends in the forecast period include artificial intelligence (AI) applications, emergence of blockchain technology, technological advancements, adoption of rid technology, data analytics for operational insights, utilization of cloud-based solutions.
The forecast of 7.2% growth over the next five years reflects a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. Tariff barriers are expected to hamper the U.S. by increasing the cost of Radio-Frequency IDentification(RFID)-enabled hospital asset tracking systems developed in Finland and Israel, thereby reducing operational efficiency and elevating supply chain management costs. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The rising number of patients in hospitals has fueled the growth of the hospital asset tracking and inventory management systems market. Factors such as the COVID-19 pandemic, lifestyle diseases, and other conditions like cancer have led to an increased need for hospitalization. This surge in patient numbers has heightened the demand for medical equipment and inventory, consequently driving the expansion of asset tracking and inventory management systems. For example, in May 2024, the Nuffield Trust, a UK-based charitable organization, reported that the percentage of patients in private hospitals in England rose from 5.6% before the pandemic to 7.5% in the 2022/23 period. Thus, the growing patient load in hospitals is propelling 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.
Leading companies in the hospital asset tracking and inventory management systems market are developing innovative products, such as healthcare asset management solutions, to enhance efficiency, reduce costs, and improve patient care. Healthcare asset management involves a systematic approach to managing a healthcare organization's assets, which may include medical equipment, facilities, IT infrastructure, and human resources. For example, in April 2024, TRIMEDX, a US-based biotechnology company, introduced GeoSense, a state-of-the-art Real-Time Location System (RTLS) designed specifically for healthcare asset management. This advanced system offers room-level precision in tracking medical devices, significantly decreasing search times by up to 50% and enabling healthcare staff to dedicate more time to patient care. GeoSense integrates seamlessly with TRIMEDX's existing data platforms and features a user-friendly mobile app for easy device location at the point of care.
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 include IBM Corporation, Honeywell International Inc., Siemens Healthineers AG, GE Healthcare, Stanley Black & Decker, Avery Dennison Corporation, Zebra Technologies Corporation, ThingMagic (Trimble Inc.), Infor Inc., CenTrak (Halma plc), Epicor Software Corporation, Jadak- A Novanta Company, 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 2024. 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 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.
Hospital Asset Tracking and Inventory Management Systems Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospital asset tracking and inventory management systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospital asset tracking and inventory management systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The hospital asset tracking and inventory management systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.