Healthcare Inventory Management Market - Forecasts from 2023 to 2028

The healthcare inventory management market is expected to grow at a CAGR of 8.87% from US$331.500 million in 2021 to US$600.81 million in 2028.

The healthcare inventory management market growth is critical to enabling efficient supply chain operations and effective healthcare supply and equipment management. It includes the methods and technology used in healthcare organisations to manage, monitor, and optimise inventory levels. The market is being pushed by the demand for increased inventory accuracy, lower costs, and greater patient safety. As healthcare organisations attempt to optimise their supply chains, ensure the timely availability of vital commodities, and avoid needless expenses, the healthcare inventory management market size is rapidly expanding. In the future years, the integration of modern technology and new solutions is likely to fuel additional market expansion. In terms of market share, a variety of firms provide inventory management systems, ranging from established players to niche suppliers, all contending for a large proportion of the industry.

Increasing Complexity of Healthcare Supply Chains in Healthcare Inventory Management Market

The rising complexity of healthcare supply chains is a major driver of the healthcare inventory management market's growth. Because of variables such as worldwide sourcing, diversified product portfolios, regulatory constraints, and the demand for real-time monitoring, healthcare supply chains have become increasingly complex. This complexity complicates inventory management tasks such as inventory tracking, demand forecasting, and order fulfilment. As a result, to efficiently manage their supply chains, healthcare organisations are implementing advanced inventory management solutions that provide greater visibility, automation, and analytics. The growing complexity of healthcare supply chains has increased the need for sophisticated inventory management systems, boosting market development.

Focus on Cost Containment and Operational Efficiency enhances Healthcare Inventory Management Market growth.

The emphasis on cost conservation and operational efficiency is critical to the growth of the healthcare inventory management industry. Healthcare organisations attempt to optimise their inventory management operations to decrease expenses associated with essential supply overstocking or stockouts. Healthcare providers may reduce waste, streamline supply chain operations, and increase overall operational efficiency by employing effective inventory management systems and practices. This emphasis on cost reduction and operational efficiency not only results in cost savings but also assures the availability of critical supplies when they are required, thus improving patient care and satisfaction. As a result, it boosts market demand for hospital inventory management systems.

Emphasis on Inventory Accuracy and Reduction of Waste bolsters Healthcare Inventory Management Market Size.

The emphasis on inventory accuracy and waste reduction is critical in driving the growth of the healthcare inventory management industry. Healthcare organisations understand how vital it is to have proper inventory levels to avoid overstocking or stockouts of critical goods. Healthcare providers may increase inventory accuracy, optimise stock levels, and eliminate waste associated with expired or underused supplies by deploying advanced inventory management technologies. This focus on inventory correctness not only improves operational efficiency but also results in cost savings and better patient care. As a result, there is an increasing demand for healthcare inventory management solutions that provide exact monitoring, real-time visibility, and data analytics to aid with inventory accuracy and waste reduction programmes.

North America is the Biggest Market Leader in the Healthcare Inventory Management Market.

North America dominates the healthcare inventory management market share. This may be ascribed to a variety of factors, including the region's well-established healthcare infrastructure, modern supply chain systems, and widespread use of healthcare technology. Furthermore, the existence of significant inventory management system providers, as well as a focus on enhancing operational efficiency and cost conservation, add to North America's dominance. The region's thriving healthcare industry and emphasis on inventory optimisation fuel its market leadership in Healthcare Inventory Management.

Integration of Barcoding and RFID Technologies in Healthcare Inventory Management Market.

The combination of barcoding and RFID (Radio-Frequency Identification) technology is propelling the hospital inventory management industry forward. Barcoding and RFID allow for reliable and automated inventory tracking, increasing efficiency and lowering mistakes in inventory management. These solutions enable real-time visibility into healthcare product stock levels, locations, and movement, allowing for quicker workflows and improved inventory control. The combination of barcoding and RFID technology allows healthcare organisations to track and manage inventory, optimise stock levels, eliminate stockouts, and improve supply chain operations more efficiently. As a result, there is an increasing need for inventory management systems that use barcoding and RFID technology to improve efficiency and accuracy in the healthcare business.

Key Developments:

• In April 2023, The Centre for Innovative Medication Management (CIMM), a cutting-edge laboratory designed to provide LIU pharmacy students with an immersive pharmacy technology and analytics experience, has been announced as the launch of the Centre for Innovative Medication Management (CIMM) by Long Island University and Omnicell, Inc. (Omnicell), a leading provider of medication management and adherence tools for health systems and pharmacies.
• In March 2023, Epicor, a worldwide forerunner in industry-explicit endeavour programming to assist organizations with creating, declared today the acquisition of DSPanel, a worldwide provider of cloud-based Financial Planning and Analysis (FP&A) arrangements and a current Epicor ISV accomplice. The buy expands Epicor's scope of top-tier monetary administration devices, helping worldwide leaders, movers, and merchants in smoothing out and improving planning, arranging, gauging, situation displaying, and monetary announcing.

Company Products

• Inventory Control Systems: Oracle offers reliable inventory control tools that allow healthcare organisations to track and manage their inventory in real time. These systems provide inventory management by providing visibility into stock quantities, expiration dates, and consumption trends.
• Supply Chain Management Solutions: McKesson provides supply chain management systems that help healthcare organisations manage and track their inventories more efficiently. These technologies enable real-time stock level insight, automate replenishment procedures, and streamline inventory management workflows.
• Inventory Tracking and Control: Inventory management systems from Epicor allow healthcare organisations to track and manage inventory levels in real-time. These systems enable visibility into stock numbers, locations, and consumption patterns, allowing for more effective inventory control.
• Compliance and Regulatory Support: LexisNexis Risk Solutions aids healthcare organisations in satisfying regulatory and compliance criteria. Their solutions aid in the identification of possible fraud risks, compliance with anti-fraud rules, and the mitigation of legal and financial risks connected with fraudulent operations.
• Network Analysis: Network analysis techniques are used by IBM's fraud analytics products to uncover links and linkages between healthcare providers, patients, and other organisations. This study aids in the identification of complicated fraud schemes including collaboration or organized fraudulent networks.

Segmentation:

By Component

• Software
• Hardware
• Services

By Deployment Model

• On-Premises
• Cloud-Based

By Mode Of Operation

• Centralized Systems
• Decentralized Systems

By End-User

• Hospitals
• Clinics
• Pharmacies
• Research Institutions
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others