Healthcare industry is a wide area with verticals such as research labs, hospitals, clinics, operation theatres, and pathology laboratories.
Global Healthcare Inventory Management Market: Overview
- Healthcare industry is a wide area with verticals such as research labs, hospitals, clinics, operation theatres, and pathology laboratories. Stock keeping and management of medical devices, medicines, materials, and equipment are necessary to serve the patients with optimal efficiency. This results in the growth of the global healthcare inventory management services during the forecast period.
- Transparency Market Research (TMR) report shares detailed insights on trend, size, share, a growth, and geographical analysis of the global healthcare inventory management market.
Global Healthcare Inventory Management Market: Notable Developments
Some of the notable developments in the global healthcare inventory management market include:
- In 2018, Logi – Tag medical systems launched RFID and scan technology for high volume and cost efficient medical supplies inventory management. This technology is similar to current technology that is being used for tracking high value medical devices and implants.
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- In November 2018, Cardinal Health Inventory Management Solution popularly known as WaveMark has launched automated solutions in supply chain to cater to challenges faced in operating theatres.
- The prominent companies in the global healthcare inventory management market are Logitag Systems, Mobile Aspects, Tersons Solutions, Sato Vicinity, Grifols, Skytron, and WaveMark.
Global Healthcare Inventory Management: Drivers and Restraints
The following are the factors that act as drivers and restraints in the global healthcare inventory management.
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Optimum Efficiency to Promote Global Healthcare Inventory Management
Inventory management saves time in tracking devices and equipment that are needed for patient. This results in optimum efficiency and more time for patient care, owing in the expansion of the global healthcare inventory management market. The tacking system uses GPS and RFID (Radio Frequency Identification) technologies to identify the inventory.
Additionally, if the equipment, devices, and medicines are not available on time, this could be fatal at times. Therefore, the demand for the inventory management is high due to large pool of patients seeking medical care; this is leading to the growth opportunities in the global healthcare inventory management market.
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Minimal Investment to Bolster Demand
Surgical devices and equipment are of high value and are not replaced often. If not managed properly it may go missing while handling them and result in high investment to acquire new equipppment. However, this is where inventory management comes handy in maintaining them, pushing the growth of the global healthcare inventory management market in upcoming years.
Further, the inventory management helps in stock taking and stock piling. It also helps in keeping a track of expired or obsolete stock. Additionally, it helps in minimizing the spreading of infections and diseases by stocking and sterilizing of devices and medical equipment. This reduces the chances of spreading of infection and diseases, aiding in the grandiose growth of the global healthcare inventory management over the forecast period.
Rapid technological advancements and rising research and development are also anticipated to drive the inventory management market. Mobile devices with longer battery life are expected to speed up the tracking process. Further, inventory tracking can reduce the cost of labor, aiding in the expansion of the global healthcare inventory management market.
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Global Healthcare Inventory Management Market: Geographical Analysis
Previously, North America dominated the global healthcare inventory management market. The growth can be due to the presence of technological advancement, better medical infrastructure, and presence of large number of hospitals and research labs.
Asia Pacific is projected to witness an impressive boost in the global healthcare inventory management market. The growth in this region can be attributed to factors such as rapid industrialization and urbanization, improvement in medical infrastructure, and technological advancement.
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