Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Hospital Asset Tracking And Inventory Management Systems - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
Significant Market Growth Fueled by Technological Solutions and COVID-19 Pandemic
The hospital asset tracking and inventory management systems market is forecasted to achieve robust growth, driven by a compounded annual growth rate (CAGR) of 9.5% over the period from 2019 to 2029. The global sector's growth is largely propelled by the need for enhanced technological solutions, particularly highlighted in light of the logistical challenges experienced during the initial stages of the COVID-19 pandemic. Strengthening trends include the increased adoption of RFID and RTLS technologies within healthcare settings and rising hospital expenditure on asset management systems.
RFID Technology to See Substantial Segment Growth
The radio-frequency identification (RFID) segment within the market is anticipated to experience significant growth. RFID's ability to read and capture data without direct line-of-sight positions it as a foremost choice for hospital asset tracking and inventory management. Industry-wide innovations and cost-effective implementations further catalyze the segment's expansion, alongside a growing trend of interconnected Internet of Things (IoT) deployments in healthcare facilities.
North America to Lead Global Market Share
North America is expected to maintain its dominance in the hospital asset tracking and inventory management market. A robust healthcare infrastructure, heightened awareness amongst stakeholders, an array of hospitals requiring efficient asset management, and a concentration of market leaders stimulate the growth in this region. Product launches, collaborations, and acquisitions are some of the activities undertaken by industry players that bolster market presence in North American territories, particularly the United States.
Competitive Landscape Remains Fragmented
The market is characterized by fragmentation, with numerous companies, both global and regional, competitively participating in the space. Key industry players are implementing strategic initiatives like product development, partnerships, and market expansions to capture and hold substantial market shares. These companies range from established industry giants to innovative technology upstarts, collectively advancing the market landscape.
Overall, the hospital asset tracking and inventory management systems market is poised for ongoing growth, marked by technological advancements and responsive solutions tailored to the evolving needs of healthcare facilities worldwide. The infusion of cutting-edge technologies and strategic industry movements are expected to further shape market dynamics throughout the forecast period.
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