The global hospital capacity management solutions market was valued at USD 3.02 billion in 2020 and is expected to grow at a CAGR of 16.9% during the forecast period. The need to reduce healthcare costs, better capacity management in healthcare institutions, and advantages of capacity managing solutions in improving patients' safety and care are the key drivers.
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Rising patients’ volume due to chronic disorders and surge in patients’ number after the coronavirus outbreak have created significant demand for a better managing system which is expected to propel the capacity management solutions growth in the coming years.
Hospitals focus on enhanced patient treatment with better utilization of available resources, avoiding medical errors, managing the workforce, and assets projected to drive the market for capacity management solutions over the forecast period.
Technological advancement with IoT integration aids the hospital in delivering quality patient care. It facilitates live tracking of patients, medicines, and data related to various reports, which further reduces the cost of patient readmission and creates effective synergy among doctors, staff, and patients. Growing implementation in public and private sectors is anticipated to create new opportunities for these solutions across the globe.
Hospital Capacity Management Solutions Market Report Scope
The market is primarily segmented based on product, model of delivery, End-use Industry, and geographic region.
By Mode of Delivery
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The asset management segment was the market leader in the year 2020, owing to its growing adoption in hospitals for managing healthcare equipment. It aids the hospital staff, and patients use the assets whenever they are needed by keeping the track of their location which further contributes to easy inventory managing. Government initiatives to improve the healthcare system and reduce treatment costs are the key factors projected to propel growth for capacity management solutions in the coming years.
The quality patient care segment is likely to register significant growth in capacity management solutions over the forecast period reported for increasing demand for IoT in the clinics for live tracking of patients safeguarding the safety which is a major concerned for hospitals with a larger number of patient.
The workforce management segment has promising growth opportunities in the coming years with increasing demand for efficient workforce managing to reduce cost and improve productivity. The rising number of public and private hospitals is the major driving factor for market development for capacity managing. Increasing competition among the healthcare segment is acting as a catalyst for market advancement.
The cloud-based segment contributed the largest market share of capacity managing in the year 2020 and is anticipated to witness substantial growth 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.
The hospital segment dominated the market in the year 2020, with the need to reduce treatment costs and increasing patient volume due to coronavirus outbreak across the globe as it provides benefits such as asset tracking and planning of hospital capacity for efficient management and taking preventive measures.
Hospitals are empowered with real-time performance monitoring along with recommendation engines that keep track of excess capacity reduction which further aids in minimizing the cost by optimizing hospital asset usage.
The COVID-19 pandemic has disrupted healthcare systems in developing economies across the globe. A surge in patients in public, as well as private hospitals, has created a need for better capacity management solutions for delivering promising results. Hospital capacity management solutions empowered the hospitals to take preventive actions to avoid sudden system failure of assets and equipment and aids in managing patients and staff more efficiently.
North America's capacity management solutions market accounted for the largest revenue share in 2020, with the well-established information and technology infrastructure and government initiative to reduce healthcare costs while providing better quality treatment to the population.
The region is expected to lead the hospital capacity management solutions market in the forecast period considering the presence of well-established players such as Center Corporation, NextGen Healthcare, Simul8 Corporation, McKesson Corporation, Allscript Healthcare Solutions, in the U.S.
The Asia Pacific market is expected to grow at a high pace during the forecast period owing to the government initiatives in the region to reduce healthcare-associated costs and strict regulations for effective treatments. The growing population in the region with increasing disposable income creates new market opportunities thus has promised the solutions market growth potential over the coming years.
The prominent players operating in the hospital capacity management solutions market are McKesson Corporation, HealthStream, Cerner Corporation, Halma plc, Stanley Healthcare, Infosys, Teletracking Technologies, Inc., NextGen Healthcare, Allscripts Healthcare Solutions, Inc., Sonitor Technologies, Epic Systems Corporation, Koninklijke Philips N.V.
On 27 April 2021, Halma plc acquired PriGen a company in North Carolina. It has empowered the organization to broaden its market presence in advanced patient assessment and monitoring and enhanced the company’s analytics and artificial intelligence capabilities.
The capacity management market is highly competitive with companies focusing on mergers, acquisitions, partnerships, product portfolio expansion to gain a larger market share and deliver innovative solutions. In 2020, Tele Tracking Technologies a U.S.-based company launched COVID-19 census and capacity dashboard for easy handling of crucial information such as bed availability, patients' need for ventilation, patient census, etc.