Technological advancements in healthcare IT across the globe are changing the working environment of hospitals and medical facilities in order to provide effective and time savings cure to the patients. Rise in numbers of patients and diseases across the globe are a major burden on the healthcare sectors. In order to overcome and minimize the burden, hospitals are adopting hospital capacity management solutions. Hospital capacity management solutions enable effective and time saving care of patients and minimize the length of patient’s stay in hospital. Hospital capacity management solutions are beneficial for the better monitoring of patients as well as for the hospitals to generate more revenue and to enhance the services. Several hospital capacity management solutions are installed with tracking and monitoring technologies which benefit the caregivers and nurses by tracking the location of patient and medical equipment such as stretchers, wheelchairs, etc.
Market size and forecast
The global hospital capacity management solutions market is expected to expand significantly at a CAGR of 5.12 % over the forecast period i.e. 2016-2023; market of hospital capacity management solutions has accounted USD 804 Million in 2015.
Apart from this, the workflow management solution market is expected to register a CAGR of 5.12% over the forecast period i.e. 2016-2023 owing to rising concern towards time management to provide time saving services and management of caregivers.
North-America accounted for the largest market share in 2015 of hospital capacity management solutions market globally. The market of North America region is expected to continue its dominance by witnessing the highest growth over the forecast period i.e. on account of rising hospitals and in-patients in the region. Following the same trend, Asia-Pacific is expected to be the second largest revenue contributor across the globe in the market of hospital capacity management solutions. Rising healthcare sectors owing to increase in health expenditure and positive GDP growth in emerging nations present in the regions are expected to spur the demand for hospital capacity management solutions. Moreover, rising number of multi-specialty hospitals and Healthcare IT across the globe in order to provide better cure and numerous services are likely to equip the latest technology management solutions. Growing trends in market comprises adoption of integrated solutions and services in hospitals, management of patient flow in hospitals are some of the major key factors which pave the market of hospital capacity management solutions in near future.
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Market Segmentation
The Global Hospital Capacity Management Solutions Market is segmented on the basis of as follows:
Demand Analysis By Product Type
Workflow Management Solution
Asset Management Solution: Radiology Utilization Management Solutions, Laboratory Equipment Management Solutions, Bed Management Solution, Quality Patient Care Solution, Real Time Locating, System (RTLS), Event Driven Solutions, Online Registration Solution, Attendance, Management Tools, Event Driven Patient Tracking, Others
Demand Analysis By Solution Type
Standalone Solutions, Integrated Solutions
Growth Drivers and challenges
Rise in number of in-patients for long term cure in hospitals and necessity to provide better and time savings healthcare services to the patients so that patients can be discharges earlier, hospital capacity management solutions are growing in prominence to ensure timely care. Technological advancements in healthcare IT across the globe reached utmost heights of technology in order to provide time savings effective cure to the patients. Growing needs of integrated healthcare services and solutions are likely to foster the demand for hospital capacity management solutions over the forecast period i.e. 2016-2023. Further, availability of miscellaneous user friendly solutions for the management of hospital and patient cure is expected to drive the growth of hospital capacity management solutions market across the globe. Apart from this, optimizations of resources in hospitals with the aim to provide cost effective services and generate more revenue and rising research and development activities in healthcare IT are some of the major factors which are expected to bolster the demand for hospital capacity management solutions in near future.
However, the strict guidelines for installation and operation of hospital capacity management solutions are likely to curb the demand for capacity management solutions in hospital.
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Moreover, high cost of installation and equipment, dearth of skilled healthcare professionals in developing and under developed countries are some of the factors which are expected to restrain the market growth for hospital capacity management solutions globally.
Key Players
The key players of hospital capacity management solutions market are as follows:
Infosys Limited, TeleTracking Technologies Inc., NextGen Healthcare Informatio Systems LLC, GE Healthcare, McKesson Corporation, Cerner Corporation, STERIS Corporation, Alcidion Corporation
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