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.
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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.
- 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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.