Jersey City, NJ, Oct. 03, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Medical Supplies/Inventory Management Market- (By Deployment mode (Cloud-based, On-premises), By Component (Software, Hardware), By Application (Tracking Multi-Warehouse, Security, Return Handling, Low/Restock Alerts, Tracking Expired Products), By Technology (NLP, Machine Learning), By End-Users (Hospitals, Ambulatory Surgical Centers, Retail Pharmacies, Online Pharmacies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global AI in Medical Supplies/Inventory Management Market is expected record a CAGR of 21.57% during a forecast period of 2023-2031.
AI plays a significant role in improving medical supplies and inventory management in healthcare facilities. Effective management of medical supplies is crucial for ensuring that healthcare sources have access to the right materials at the right time, reducing waste, controlling costs, and ultimately improving patient care.
During the projected period, it is anticipated that the global market will expand significantly. This is a result of the rising popularity of cloud-based solutions for managing healthcare inventory, the growing use of the GS1 system to track medical supplies for effective management, and the many advantages of automated stock tracking over manual tracking, including time savings, cost-effectiveness, and data management.
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Additionally, because of the increase in COVID-19 cases, hospitals and other healthcare facilities are constantly in need of surgery kits, medications, medical supplies, drugs, and protective kits. The projected timeframe is expected to witness significant growth in the medical supplies software business in order to adequately address the growing demands of hospitals and healthcare facilities. The expansion of the market will keep going due to the reduction in operational expenses resulting from enhanced profitability and efficiency.
Recent Developments:
- In Feb 2020, Honeywell and AI specialist Bigfinite collaborated to expedite medical therapies. The objective of the collaboration was to assist the biotech and pharmaceutical industries in understanding and utilising artificial intelligence and machine learning to accelerate the development process.
AI in Medical Supplies/Inventory Management Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 21.57% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Deployment Mode, Application, Components, Technology, End-User |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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List of Prominent Players in the AI in Medical Supplies/Inventory Management Market:
- IDENTI Medical
- Pivot Smartflow
- IdeaRx
- TraceMedics
- Viebeg Technologies
- Others Prominent Players
Market Dynamics:
Drivers-
Over the course of the forecast period, the market is expected to rise as a result of increased demand for quality inventory management systems as well as healthcare providers' increasing efforts to cut costs and enhance supply. The goal of suppliers is to consistently balance price and quality. For instance, certain vendors permit regional care networks for automation.
Systems for supply chain automation offer benefits to hospitals in terms of data visibility, effectiveness, and cost savings. As a result, the market for healthcare supply chain management is also growing as a result of the increased need for high-quality inventory management systems. Additionally, the introduction of cloud-based and mobile-based solutions within the healthcare sector is fostering market expansion.
Challenges:
Healthcare organizations frequently lack resilience because of inadequate visibility, notably because it is difficult to quickly get centralized, usable, real-time data from scattered data sources and walled systems. Because of this, it is challenging to ascertain what is required, what is in stock, and the extent of future demand. In the end, it's impossible to manage what you can't see or measure.
Regional Trends:
The region with the highest growth rate is Asia Pacific. The majority of the nations in this region rely heavily on private healthcare providers. Implementing cutting-edge technology in hospital administration is anticipated to increase with increased competition. Lucrative growth potential in the area is anticipated to be fueled by factors like the region's rapid economic development, the expansion of significant market participants, and the rise of the healthcare tourism sector.
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Segmentation of AI in Medical Supplies/Inventory Management Market-
By Deployment mode-
- Cloud-based
- On-premises
By Component-
- Software
- Hardware
By Application-
- Tracking Multi-Warehouse
- Security
- Return Handling
- Low/Restock Alerts
- Tracking Expired Products
By Technology-
- NLP
- Machine Learning
By End-Users-
- Hospitals
- Ambulatory Surgical Centers
- Retail Pharmacies
- Online Pharmacies
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
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