PUBLISHER: Grand View Research | PRODUCT CODE: 1446601
PUBLISHER: Grand View Research | PRODUCT CODE: 1446601
The global healthcare workforce management system market size is anticipated to reach USD 4.5 billion by 2030 and is anticipated to expand at a CAGR of 13.2% during the forecast period, according to a new report by Grand View Research, Inc. As the healthcare industry continues to shift toward value-based care models and cost optimization, the demand for workforce management solutions is expected to increase over the forecast period. With the aid of technological advancements such as mobile applications, cloud-based workforce management software, and artificial intelligence-driven analytics, healthcare facilities have been able to significantly improve their workforce management capabilities and operations.
The market is expected to witness growth driven by the increasing burden of non-labor expenses in hospital and healthcare settings. A Kaufman Hall report estimated a one-year expense increase of USD 49 billion for hospitals and health systems due to rising non-labor expenses alone. Since 2019, non-labor expenses have surged by 16.6% on a per-patient basis, emphasizing the need for comprehensive healthcare workforce management solutions that extend beyond traditional staffing concerns.
Moreover, several companies are engaging in partnerships, mergers, acquisitions, and expansion strategies to enhance their market position. For instance, Accenture collaborated with UKG Inc. in January 2023 to assist Ardent Health Services in improving visibility and agility in its workforce operations. Ardent Health Services is implementing changes to improve the work-life experiences of frontline employees through flexible scheduling solutions. The collaboration aims to support Ardent in transforming its workforce management, resulting in better employee experiences, operational optimization, and the creation of new business value.