According to a recent report by the highly regarded market research company Future Market Insight, the market for hospital capacity management solutions is expected to reach US$ 994 Mn by the end of 2020.
Hospitals have been forced to make significant investments in streamlining their operations due to the expansion of patient care caused by the high incidences of chronic and infectious diseases. Rapid technological progress in recent years has made it possible to incorporate artificial intelligence to improve healthcare. By minimising maintenance downtime and producing significant cost savings, the adoption of hospital capacity management solutions has ushered in a smooth workflow.
Hospitals all over the world are increasing their investments in real-time location systems (RTLS) and cloud-based monitoring solutions. The adoption of RTLS systems in healthcare settings is rising due to a number of benefits, including better patient flow, quicker room turnover, throughput optimization, and automated occupancy and discharge. Effective asset management is made possible by it as well.
The demand for hospital capacity management solutions has only increased due to the ongoing coronavirus pandemic. The pandemic has increased the need to implement cloud-based solutions in the upcoming forecast period as the demand for point-of-care access to medical records has grown. Additionally, there is a growing need for wireless monitoring tools, which allows doctors to prescribe efficient treatments to infected patients without having to be in close proximity.
Key Takeaways from FMI’s Hospital Capacity Management Solutions Report
- Manufacturers are emphasizing on integrated management solutions to facilitate multiple supervisory operations simultaneously
- More than 30% of the hospital capacity management solutions needs are met by RTLS, attributed to the utilization of system-based crisis response and emergency management
- North America and Europe collectively enjoyed 70% of the global hospital capacity management market revenue in 2019 while developing countries are seen as potential future investment hubs
- Global hospital capacity management solutions market is slated to expand at a CAGR of 5% between 2020 and 2030
Hospital Capacity Management Solutions Market- Key Trends
- Mushrooming demand for enhanced healthcare facilities in the wake of rapidly evolving health complications is providing traction to hospital capacity management solutions since a long time
- Implementation of technologically advanced hospital capacity management solutions is being advocated by governments, setting aside a major chunk of their budgets in streamlining hospital care
- Hospitals are collaborating with leading software and IT companies to design and implement state-of-the-art capacity management solutions, thereby spurring high investment inflow
Hospital Capacity Management Solutions Market- Region-wise Analysis
- Increasing adoption of e-health solutions, demand for reduction in labor costs and waiting time for patients is driving capacity management solutions across hospitals in North America and Europe
- Brazil, India, China and South Africa are expected to experience a massive upsurge in the adoption of hospital capacity management solutions. Increase in ICT spending and high patient pool are the key drivers
Hospital Capacity Management Solutions Market- Competitive Landscape
A number of players have penetrated the hospital capacity management market landscape over the past few years. In this study, these players have been profiled according to their regional prominence.
In the Americas, the prominent players include STANLEY Healthcare, Sonitor Technologies Inc., Cerner Corporation, Epic Systems Corporation and TeleTracking Technologies, Inc. among others. The European landscape is dominated by two main players: Koninklijke Philips N.V and Acromed AG while the Asia-Pacific landscape contains Neusoft Corporation, JVS Group, INFINITT Healthcare Co Ltd and Infosys Limited.
All these players primarily focus on acquiring greater market shares by virtue of organic growth strategies such as expansion of product portfolios in the software sector. For instance, in May 2020, STANLEY Healthcare announced the incorporation of the Aero Scout RTLS certified by Cisco DNA Spaces.
In March 2020, Neusoft Medical Systems established a robust cloud-enabled platform in collaboration with the Kenyatta National Hospital in Nairobi to provide proper diagnosis to COVID-19 patients.
Hospital Capacity Management Solutions Market Taxonomy
- Workflow Management Solutions
- Asset Management Solutions
- Bed Management Solutions
- Quality Patient Care Solutions
- Real Time Location Systems (RTLS)
- Event Driven Solutions
- Online Registration Solutions
- Attendance Management Tools
- Event-Driven Patient Tracking
- Standalone Solutions
- Integrated Solutions
- Nordic countries
- New Zealand
Middle East & Africa
- Southern Africa
- North Africa