

AI in Medical Supplies/Inventory Management Market to Record an Exponential CAGR by 2031 – Exclusive Report by InsightAce Analytic Pvt. Ltd.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI in Medical Supplies/Inventory Management Market- (By Deployment mode (Cloud-based, On-premises),
By Component (Software, Hardware), By Application (Tracking Multi-Warehouse, Security, Return Handling, Low/Restock Alerts, Tracking Expired Products), By Technology (NLP, Machine Learning), By End-Users (Hospitals, Ambulatory Surgical Centers, Retail Pharmacies, Online Pharmacies)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global AI in Medical Supplies/Inventory Management Market is expected record a CAGR of 21.57% during a forecast period of 2023-2031.
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1. Redundancy: The first sentence can be rephrased to avoid stating the benefit twice.
2. COVID-19 Impact: The mention of COVID-19 cases can be a separate point under market drivers, as it’s a temporary factor.
3. Market Growth: Consider separating the reasons for market growth into separate bullet points for better readability.
Here’s a revised version:
AI Revolutionizes Inventory Management in Healthcare
Effective management of medical supplies is crucial for healthcare institutions. It ensures providers have the right resources at hand, minimizes waste, controls costs, and ultimately enhances patient care. Artificial intelligence (AI) is significantly improving how healthcare institutions handle inventory control and medical supply usage.
AI-powered inventory management systems offer several advantages:
• Improved Accuracy and Efficiency: AI automates tedious tasks like stock tracking and order fulfillment, reducing human error and saving valuable time for staff.
• Real-Time Data and Insights: AI provides real-time data on inventory levels, usage patterns, and potential stockouts, allowing for proactive inventory management.
• Reduced Waste and Optimized Costs: By predicting demand and preventing overstocking, AI helps minimize waste and optimize procurement costs.
The global market for AI-powered healthcare inventory management is expected to experience significant growth. Here are some key drivers:
• Growing Adoption of GS1 System: The GS1 system provides a standardized approach to tracking medical supplies, facilitating efficient management with AI integration.
• Benefits of Automated Stock Tracking: Compared to manual tracking, automated systems offer significant advantages like time savings, cost-effectiveness, and improved data management.
• Increasing Cloud-Based Solutions: Cloud-based inventory management solutions are gaining popularity due to their scalability and accessibility.
In addition to these factors, the rising demand for medical supplies across hospitals and healthcare institutions, further fueled by the COVID-19 pandemic, is expected to contribute to market growth. This increased demand necessitates efficient inventory management systems to ensure adequate supply and efficient resource allocation.
Overall, AI is transforming healthcare inventory management, leading to improved efficiency, reduced costs, and ultimately, better patient care. As the market continues to evolve, we can expect even more advanced AI solutions to emerge, further optimizing healthcare supply chains.
List of Prominent Players in the AI in Medical Supplies/Inventory Management Market:
• IDENTI Medical
• Pivot Smartflow
• IdeaRx
• TraceMedics
• Viebeg Technologies
• Others Prominent Players
Market Dynamics:
Drivers-
Over the course of the forecast period, the market is expected to rise as a result of increased demand for quality inventory management systems as well as healthcare providers’ increasing efforts to cut costs and enhance supply. The goal of suppliers is to consistently balance price and quality. For instance, certain vendors permit regional care networks for automation.
Systems for supply chain automation offer benefits to hospitals in terms of data visibility, effectiveness, and cost savings. As a result, the market for healthcare supply chain management is also growing as a result of the increased need for high-quality inventory management systems. Additionally, the introduction of cloud-based and mobile-based solutions within the healthcare sector is fostering market expansion.
Challenges:
Healthcare organizations frequently lack resilience because of inadequate visibility, notably because it is difficult to quickly get centralized, usable, real-time data from scattered data sources and walled systems. Because of this, it is challenging to ascertain what is required, what is in stock, and the extent of future demand. In the end, it’s impossible to manage what you can’t see or measure.
Regional Trends:
The region with the highest growth rate is Asia Pacific. The majority of the nations in this region rely heavily on private healthcare providers. Implementing cutting-edge technology in hospital administration is anticipated to increase with increased competition. Lucrative growth potential in the area is anticipated to be fueled by factors like the region’s rapid economic development, the expansion of significant market participants, and the rise of the healthcare tourism sector.
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Recent Developments:
• In Feb 2020, Honeywell and AI specialist Bigfinite collaborated to expedite medical therapies. The objective of the collaboration was to assist the biotech and pharmaceutical industries in understanding and utilising artificial intelligence and machine learning to accelerate the development process.
Segmentation of AI in Medical Supplies/Inventory Management Market-
By Deployment mode-
• Cloud-based
• On-premises
By Component-
• Software
• Hardware
By Application-
• Tracking Multi-Warehouse
• Security
• Return Handling
• Low/Restock Alerts
• Tracking Expired Products
By Technology-
• NLP
• Machine Learning
By End-Users-
• Hospitals
• Ambulatory Surgical Centers
• Retail Pharmacies
• Online Pharmacies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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