PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1074873
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1074873
According to Stratistics MRC, the Global Hospital Capacity Management Solutions Market is accounted for $3.14 billion in 2021 and is expected to reach $9.65 billion by 2028 growing at a CAGR of 17.4% during the forecast period. The hospitals are the perfect place of treating severe disease and form the best place as compared to the alternative medical care facilities. Hospitals extensively use medical and technological innovations to deliver effective medical treatments, while reducing the patient's in hospital time spending. Patients spend days and sometimes months in critical care and recovery rooms awaiting beds. Surgeries and procedures are often rescheduled and cancelled. Inpatients are placed in inappropriate beds and relocated multiple times. The number of nurses and other hospital staff are lesser than required; therefore, they are burdened with more work.
Rising technological advancements
The growing technological advancements in hospital capacity management will positively influence the market growth. Advancements in information technology have provided the industry with an ever-expanding array of options like Internet of Things (IoT), which has generated significant growth opportunities for healthcare capacity management vendors. The healthcare-based IoT platform is integrated with smart sensors over a cloud-based network, which allows hospitals and other healthcare organizations to monitor cold storage and other aspects of their operations that must be maintained at specific conditions to ensure quality patient care.
Healthcare providers must adhere to numerous complex rules and regulations and follow stringent guidelines to improve quality of care, and reimbursement scenarios. Although such regulations are implemented to improve care and efficiency of healthcare providers, many providers see them as obstacles or impractical to apply. Therefore, these regulations are expected to hamper growth of global hospital capacity management solutions market over the forecast period.
Emerging user-friendly dashboards
The emergence of COVID-19 pandemic leading to increased hospitalization, real time data management in hospital and need of user friendly dashboard for better management are major drivers for hospital capacity management solution market. The hospital capacity management solution providers have developed user-friendly dashboards for improved time management and error reduction. These dashboards make it easy to use all the modules of HCMS, which encourages adoption of this solution. The system automatically updates the number of vacant beds and allocates them efficiently, thus easing the burden on staff. Such user-friendly features are anticipated to drive market growth throughout the forecast period.
Unmet demand due to pandemic
Pandemic was accompanied by an unexpected influx of patients, which quickly exceeded hospital's capacity. Frontline health care personnel who were directly involved in the diagnosis, treatment, and care of COVID-19 patients were more likely to experience psychological distress, as well as increased health risks. The strain was exacerbated by lack of bed capacity, a paucity of resources, and high occupancy rates. Patients who were infected with COVID-19 were put on ventilators, which prolonged their hospital stays; some patients also suffered heart attacks as a result of the virus. As a result, an unmet demand was created for hospital capacity management solutions in such circumstances.
The real time locating system (RTLS) segment is expected to be the largest during the forecast period
The real time locating system (RTLS) segment is estimated to have a lucrative growth during the forecast period. Real time locating system (RTLS) delivers forecasts about the level of occupancy during different periods of time. RTLS is a useful tool that maximizes the use of resources by tracking patients and assets. HCMS are based on highly sophisticated, accurate and flexible models that analyze the impact of admission and discharge scenarios, bed occupancy levels, managerial activities and policy changes in hospitals or region. Due to their growing popularity and demand, this segment takes the highest share.
The cloud segment is expected to have the highest CAGR during the forecast period
The cloud segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the increasing implementation of new and advanced technologies by hospitals to improve their operations. Its integration with AI can empower the hospitals in managing data easily along with patients contributing to curating the data, which is projected to create new market opportunities in the coming years. The cloud-based solution aids in central data storage and provides access for patients, doctors, and other staff, and provides efficient collaboration with better work.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing number of hospitals, and increasing healthcare spending in the region. The countries, such as China, Japan, and India are the major markets in the region. Furthermore, the initiatives taken by various government associations for the implementation of healthcare IT in hospitals are also supporting the growth of the Asian hospital capacity management solutions market.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period owing to the presence of a strong IT infrastructure in the region, admission of a large number of COVID-19 patients, increasing investments and regulatory mandates favoring the implementation of healthcare IT solutions, and the increasing number of patients due to the growing prevalence of chronic diseases and lifestyle disorders are some of the factors driving the growth of the hospital capacity management solutions market in this region. Additionally, the technological advancement in hospital capacity management solutions and increased awareness about potential applications of these solutions is also playing a pivotal role in growth of the market within this region.
Key players in the market
Some of the key players profiled in the Hospital Capacity Management Solutions Market include Alcidion Corporation, Allscripts Healthcare Solutions, Inc, Cerner Corporation, Epic Systems Corporation, Halma plc, HealthStream, Infinitt Healthcare Co., Ltd, Infor Systems, Koninklijke Philips N.V, McKesson Corporation, Neusoft Corporation, NextGen Healthcare, Sonitor Technologies, and Stanley Healthcare.
In December 2021, McKesson Corporation announced that it has entered into an agreement to sell its Austrian business to Quadrifolia Management GmbH. The transaction includes the sale of McKesson Austria's Herba Chemosan Apotheker-AG, together with Sanova Pharma GesmbH.
In November 2021, Allscripts announced that Next Level Urgent Care has selected Allscripts to improve connectivity, provide better electronic health record (EHR) workflows and greatly advance analytics to all of its locations. All Next Level Urgent Care's facilities will implement Allscripts Touchworks® platform as well as Microsoft Azure hosting and services.
In May 2020, STANLEY Healthcare partnered with Cisco DNA Spaces (US) to integrate STANLEY Healthcare's AeroScout RTLS platform with Cisco DNA Spaces to simplify the operations management of healthcare organizations.
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