Healthcare Inventory Management Market Report 2024 (Global Edition)

Global Healthcare Inventory Management Market Report 2024 Market Size Split by Components (Hardware, Software, Services), by Delivery Mode (On-premises, Cloud-Based), by End User (Hospitals, Clinics, ...

Healthcare Inventory Management Market Report Description

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Healthcare Inventory Management Market Insights Video

Competitive Landscape of the Healthcare Inventory Management Market

The competitive landscape of the Healthcare Inventory Management market is distinguished by a wide variety of players competing to gain market share through Components innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established medical device manufacturers, specialized Healthcare Inventory Management companies, and emerging start-ups aiming to disrupt the market with innovative solutions.

August 2023: Terso Solutions and PAR Excellence Systems, Inc. (PAR) announced a partnership. This collaboration demonstrates both businesses' dedication to providing cutting-edge inventory management solutions to the healthcare sector. (Source:https://www.tersosolutions.com/solution-excellence-in-the-healthcare-supply-chain/) April 2020: The OmniAccess® Stellar Asset Tracking solution, part of Alcatel-Lucent Enterprise's (ALE) location services portfolio, offers helpful insights and real-time positioning data and analytics to help hospital teams locate mission-critical equipment when lives are at stake. ALE is a leading provider of communication, network, and cloud solutions. (Source:https://www.tersosolutions.com/solution-excellence-in-the-healthcare-supply-chain/)

Top Companies Market Share in Healthcare Inventory Management Industry: (In no particular order of Rank)

• LogiTag Systems
• Terson Solutions
• WaveMark
• Mobile Aspects
• TAGSYS RFID
• Sato Vicinity
• Palex Medical
• Nexess
• Grifols
• Skytron
• Abbott
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Healthcare Inventory Management Market

Which Region Dominates the Healthcare Inventory Management Market in 2024?

According to Cognitive Market Research, North America led the market in 2024, accounting for almost 40% of worldwide sales. Because of a number of important variables, North America is expected to lead the growth of the healthcare inventory management market. Effective inventory management is made possible by the region's sophisticated healthcare infrastructure and high rate of adoption of cutting-edge technologies like RFID and IoT. Strict legal regulations also guarantee inventory system accuracy and compliance, which pushes healthcare facilities to invest in advanced solutions. Significant healthcare spending and the existence of big market players both support this rise. Furthermore, the need for sophisticated inventory management systems in North America is highlighted by the growing emphasis on cutting operating expenses and improving the standard of patient care.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific stands out as the fastest-growing region in the Healthcare Inventory Management market. The fast-growing healthcare infrastructure and rising investments in healthcare technology in the Asia Pacific region will propel the growth of the healthcare inventory management industry. An increasing number of people, more healthcare costs, and the expansion of clinics and hospitals in nations like China and India raise the need for effective inventory management systems. Furthermore, the use of cutting-edge technologies like AI and IoT is becoming more popular, increasing the efficiency and accuracy of inventories. The Asia Pacific area is crucial for the growth of the healthcare inventory management market because of government initiatives focused on improving patient care and modernizing healthcare systems.

The current report Scope analyzes Healthcare Inventory Management Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Healthcare Inventory Management Market

According to Cognitive Market Research, the global Healthcare Inventory Management market size was estimated at USD 22548.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 9019.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Healthcare Inventory Management market with a market size of USD 7116.21 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. The aging population in the US is becoming more and more dependent on healthcare. Because of this, the current inventory management systems are under pressure, calling for strong solutions to handle a greater variety of goods and equipment effectively.
• The Canadian Healthcare Inventory Management market had a market share of USD 1082.31 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Because Canadian healthcare is publicly supported, cutting costs is a top concern. Inventory management software can result in significant cost savings by reducing waste, averting stockouts, and optimizing inventory levels.
• The Mexico Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 820.75 million in 2024.

Europe Healthcare Inventory Management Market

According to Cognitive Market Research, the global Healthcare Inventory Management market size was estimated at USD 22548.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 6764.46 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

• The United Kingdom Healthcare Inventory Management market had a market share of USD 1136.43 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. The NHS is under constant pressure to provide effective patient care while minimizing expenses. NHS trusts can save a lot of money by minimizing waste, preventing stockouts, and optimizing inventory levels with the use of inventory management software.
• The France Healthcare Inventory Management market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 622.33 million in 2024.
• According to Cognitive Market Research, the German Healthcare Inventory Management market size was valued at USD 1339.36 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. Germany is known for its strict laws governing documentation, expiry tracking, and medicine safety. Securing compliance with these requirements and averting penalties is ensured by robust inventory management software.
• The Italy Healthcare Inventory Management market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 581.74 million in 2024.
• The Russian Healthcare Inventory Management market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 1048.49 million in 2024.
• The Spain Healthcare Inventory Management market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 554.69 million in 2024
• The Luxembourg Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 209.70 million in 2024.
• The Portugal Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 142.05 million in 2024.
• The Greece Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 81.17 million in 2024.
• Rest of Europe's Healthcare Inventory Management market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 1048.49 million in 2024.

Asia Pacific Healthcare Inventory Management Market

According to Cognitive Market Research, the global Healthcare Inventory Management market size was estimated at USD 22548.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 5186.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Healthcare Inventory Management market size was valued at USD 2333.74 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. A special difficulty arises when TCM procedures are integrated with inventory management systems. Effective management of conventional and TCM supply requires flexible solutions.
• The Japan Healthcare Inventory Management market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 715.68 million in 2024.
• The India Healthcare Inventory Management market had a market share of USD 622.33 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. The Indian government is encouraging digital health initiatives and giving priority to healthcare reforms. Increased effectiveness and openness in the healthcare system include promoting the use of cutting-edge inventory management systems. (Ayushman Bharat Digital Mission, for instance).
• The South Korean Healthcare Inventory Management market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 518.61 million in 2024.
• The Australian Healthcare Inventory Management market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 269.68 million in 2024.
• The South East Asia Healthcare Inventory Management market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 357.84 million in 2024.
• The Rest of Asia Pacific Healthcare Inventory Management market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 368.21 million in 2024.

South America Healthcare Inventory Management Market

According to Cognitive Market Research, the global Healthcare Inventory Management market size was estimated at USD 22548.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 1127.41 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Healthcare Inventory Management market size was valued at USD 482.53 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. In Brazil, the private healthcare industry is growing quickly. In order to obtain a competitive advantage, enhance patient care, and streamline operations, private hospitals are more likely to implement sophisticated inventory management systems.
• Argentina's Healthcare Inventory Management market had a market share of USD 189.40 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. The Argentine healthcare industry is progressively adopting new technologies. Even with constrained resources, cloud-based inventory management with capabilities like analytics and real-time data may enhance decision-making and maximize inventory control.
• Colombia Healthcare Inventory Management market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 100.34 million in 2024.
• Peru's Healthcare Inventory Management market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 92.45 million in 2024.
• Chile's Healthcare Inventory Management market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 81.17 million in 2024.
• The Rest of Latin America's Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 181.51 million in 2024.

Middle East and Africa Healthcare Inventory Management Market

According to Cognitive Market Research, the global Healthcare Inventory Management market size was estimated at USD 22548.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 450.96 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

• The GCC Countries Healthcare Inventory Management market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 193.01 million in 2024. Modernizing the healthcare system and increasing operational effectiveness are top priorities for the GCC governments. Software for inventory management simplifies procedures, lowers waste and medication errors, and improves the effectiveness of the healthcare system.
• The Egypt Healthcare Inventory Management market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 47.35 million in 2024.
• The South African Healthcare Inventory Management market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 71.25 million in 2024. The need for particular medical supplies and equipment is increased by the growing prevalence of non-communicable diseases (NCDs) such as diabetes and cardiovascular disease. Systems for managing inventories can assist in efficiently handling these specific requirements.
• The Turkey Healthcare Inventory Management market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 38.78 million in 2024.
• The Nigeria Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 47.35 million in 2024.
• The Rest of the MEA Healthcare Inventory Management market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 53.21 million in 2024.

Healthcare Inventory Management Market Analysis

Healthcare Inventory Management Market Components Segment Analysis

According to Cognitive Market Research, Software is the dominating category. The market for healthcare inventory management is seeing a sharp rise in the need for software components. The demand for improved precision, effectiveness, and real-time monitoring of medical supplies is what's causing this increase. Important software solutions are AI and machine learning-powered analytics platforms, automated ordering systems, and inventory monitoring systems. With the use of these technologies, healthcare practitioners can increase overall operational effectiveness and patient care quality by optimizing inventory levels, cutting waste, and guaranteeing the timely availability of essential supplies.

Services is the fastest-growing category in the Healthcare Inventory Management market. The market for healthcare inventory management services components is seeing an increase in demand. Inventory management system integration, training, upkeep, and deployment are important services. In order to ensure effective operation, healthcare facilities need professional assistance to integrate new technology with their current infrastructure. While continuous maintenance and support guarantee system performance and dependability, training services are essential for employees to use these systems efficiently. The optimization of the advantages of cutting-edge inventory management systems and the improvement of overall healthcare efficiency depend on these services.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Healthcare Inventory Management Industry. Request a Free Sample PDF!

Healthcare Inventory Management Market Delivery Mode Segment Analysis

According to Cognitive Market Research, the dominating category is Cloud Based. The market for healthcare inventory management is experiencing a sharp increase in demand for cloud-based delivery methods. Healthcare practitioners can access real-time data and analytics from any place using cloud-based systems, which give scalable, adaptable, and affordable options for inventory management. Improved data security, smooth updates, and a simple interface with other healthcare IT systems are all made possible by these solutions. Healthcare firms find cloud-based solutions appealing due to their capacity to save IT infrastructure costs, enhance operational efficiency, and offer strong disaster recovery capabilities.

The fastest-growing category in the Healthcare Inventory Management market is On-premises. In the healthcare inventory management industry, demand for on-premises delivery methods is still high, especially for larger healthcare facilities with sophisticated IT infrastructure. In addition to meeting legal requirements and particular organizational objectives, these solutions provide increased control over data protection and customization. Because on-premises systems rely less on internet access, they are preferred for their dependability. Even with the growing popularity of cloud-based solutions, on-premises choices remain relevant due to the need for customized, safe, and reliable inventory management, particularly in settings where data sensitivity and compliance are crucial.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Healthcare Inventory Management End User Segment Analysis

Healthcare Inventory Management Market End User Segment Analysis

According to Cognitive Market Research, the dominating category is Hospitals. Advanced inventory solutions are in high demand because hospitals are the main end users in the healthcare inventory management market. Hospitals must have effective inventory management systems in place to minimize waste, maximize stock levels, and guarantee the availability of essential medical supplies. Hospitals use these systems to increase operational efficiency, improve the quality of patient care, and handle a wide range of supplies and pharmaceuticals. Because of the complexity and size of hospital operations, stable inventory management is crucial to ensuring both financial performance and flawless healthcare delivery.

The fastest-growing category in the Healthcare Inventory Management market is Clinics. The requirement for accurate and effective management of pharmaceuticals and medical supplies is driving a rising component of the healthcare inventory management industry, which includes clinics. Inventory management solutions help these smaller healthcare facilities operate more efficiently, cut expenses, and avoid stockouts. Clinics can improve patient care and operational efficiency by maintaining ideal stock levels with the aid of automated reordering and effective inventory tracking. Clinics may enhance service delivery, boost overall healthcare outcomes, and manage resources more effectively as they implement advanced inventory systems on a growing basis.

• Hospitals
• Clinics
• Pharmacy
• Others

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

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Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

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