Global Medical Inventory Management Software Market Report 2023-2028 - Rising Demand for Inventory Tracking Solutions from the Healthcare Industry Pushing the Market to Value $30+ Billion by 2028
Research and Markets
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Global Medical Inventory Management Software Market
Global Medical Inventory Management Software Market
The Global Medical Inventory Software Market is estimated to be USD 23.15 billion in 2023 and is expected to reach USD 30.01 billion by 2028, growing at a CAGR of 5.33%. With the rapid e-trade growth and the upward push in delivery chain problems, a shift from guide stock monitoring to automatic stock management software is being determined across international firms. Online enterprise acceleration may be credited to authorities led to projects targeted closer to boosting virtual transformation. Furthermore, progressed net access will stimulate the adoption of inventory management software to streamline e-trade duties.
The deployment of RFID generation as a major element of supply chain networks is another outstanding aspect supporting the demand for inventory management software. The inCorp of RFID technology permits groups to curb labor costs and enhance inventory management efficiency. Likewise, it can help process inventory in real-time and make knowledgeable choices, for this reason, providing profitable possibilities for industry growth. However, high preliminary investments related to superior features and deployment methodologies may create roadblocks to stock management software improvement over the predicted timeline.
Medical inventory software is a feature-rich and scalable application specially designed to carry out medical inventory management, a need for any organization. It is a scalable application to which users can effortlessly function to meet their requirements. It is particularly designed to handle clinical resources procurement and record-keeping for multi-physician practices. It is constructed with superior bar-code processing and online reporting wherein clients can get the right to access, track, and keep accurate medical inventory tiers and additionally automate a sizable part of your procurement system.
The software computerized record feature facilitates holding correct statistics wherever medical components, systems, and different medical inventory software had been acquired, how long they were saved, and after they were used. This completely automated medical inventory management machine could save customers time and money by eliminating the need for manual activities, including manual facts entry and bureaucracy. It is intuitively managed no matter the multi-medical doctor. It ensures that each medical team of workers and technicians always has access and ordering capabilities and that medical regulations and tactics are standardized.
By deployment, the market is classified into Cloud-based and On-premises
Cloud-based medical inventory software program is a form of software program used to manage the electronic documentation of medical devices and their accessories. The cloud-based software stores record on the net, which healthcare professionals from any region may access. This technology facilitates reducing storage area necessities as well as costs incurred for keeping physical information.
On-premises software program is a form of inventory management software this is installed and used on the end user's computer systems or servers. The end users can get access to the software via the network. Historically, It has been used in diverse industries, including production, retail, and office elements.
By Application, the market is classified into Hospitals, Clinics, and Others
The other application segment accounted for the largest revenue proportion. The growth may be attributed to the increasing call from pharmaceutical organizations and biotechnology Corps to retain their supply chain control. The software program facilitates product inventory management across channels, international locations, and stores, including distribution facilities, pharmacies, and retail shops. Huge agencies widely utilize these programs as they provide real-time statistics on inventory levels at one-of-a-kind places across the supply chain community.
Medical device manufacturers also use this software to manage their inventory throughout all distribution channels, including online stores, reps/vendors, wholesalers/fee-brought resellers (VARs), and hospitals & clinics. This facilitates them in monitoring sale tendencies & studying marketplace share utilizing insights on past sales information along with forecasted sales based on certain parameters such as region, country, or form of medical devices offered through a particular channel or stored inside a country or location.
By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific
Americas dominated the global marketplace in terms of sales proportion. The region is expected to continue its dominance over the forecast period owing to increasing demand for healthcare IT, the excessive adoption price of EHRs, and rising recognition approximately GMIS among hospitals and clinics. Moreover, the presence of principal players with good experience in this area can even help boost growth.
Recent Developments
Manhattan Associates launched the Manhattan Active Omni service for optimized order management. This service was designed to connect customers to same-day delivery services and retailers through 360-degree control of orders, with advanced capabilities equipped to manage fulfilments, orders, and shipping and return challenges. This initiative allowed the company to establish a strong presence in the global market.
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are:
ACL Digital
Asset Infinity
BIT Consulting
Blue Yonder Group, Inc.
Burns Technologies
CardinalHealth
Clinic Essentials
EZOfficeInventory
HighJump
IBM Corp
Juniper Networks Inc.
Manhattan Associates
NEC Corp.
SmartTurn
Softeon
Surgi-SYS
Telco Systems
Ericsson
Versa Networks Inc.
WebOps
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
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