Hospital Capacity Management Solution Market

Hospital Capacity Management Solution Market Research, 2031

The global hospital capacity management solution market size was valued at $2.9 billion in 2021, and is projected to reach $6.8 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031. Hospital capacity management (HCM) assists healthcare facilities in efficiently managing patient services and making the best use of existing resources to facilitate treatment services and increase revenue. It includes the technologies and devices for managing beds that track bed use rates and oversee the admission and upkeep of beds.

The drivers of the hospital capacity management solution market size are rise in the patient pool in hospitals for chronic diseases, the rise in demand for ambulatory hospital management solutions, adoption of the digitalization, rise in the demand for the IoT based healthcare services, and increase in demand for integrated health care systems.

The COVID-19 pandemic has proved to be an incomparable global public health emergency that has affected almost every industry and the effects are expected to impact every industry growth during the forecast period. Several changes in consumer demand and behavior, buying habits, supply chain redirection, and significant government initiatives have been seen around the globe.

According to the CDC, 1 in 4 U.S. adults have two or more chronic conditions, while more than half of older adults have three or more chronic conditions and these types of conditions occurring rises with the age. Thus, the growing burden of diseases and the corresponding rise in patient volumes highlights the need for the hospital capacity management solutions.

One of the main factors propelling the growth of this market is the rise in the need for better healthcare facilities, increased investment by healthcare IT businesses, and rapid technical innovation in hospital capacity management solutions.

The COVID-19 pandemic witnessed a great demand for hospital beds and related facilities. However, improvements in IoT technology and compatibility, along with capacity management software, location & sensing devices, offered benefits such as faster patient flow, better bed circulation, resource optimization for employees & essential medical equipment, and shorter stay times. Moreover, the increase in number of hospitals is boosting the growth of this market.

In addition, researchers and IT technicians together are trying to innovate and develop new software and services that can be easily accessible to the healthcare providers. The companies are focusing on bringing advanced integrated software with high accuracy and having high data security, which causes the large scale investment by the key players. Moreover, there is a huge focus of the key players on product approval and expansion which  will further provide the prevalence of  factors causing the growth of the market. For instance, Philips announced the expansion of its remote patient management with the introduction of medical tablet with advanced software, in North America, Europe, and Japan, which provides remote access to patient data to improve workflows, to manage the increasing patient volume.

In addition, by analyzing and forecasting bed availability at the emergency department (ED), HCMS can cut the wait times shorter. This helps to efficiently distribute the available beds and automatically changes the bed count, reducing the workload on the healthcare personnel. These user-friendly characteristics are anticipated to fuel market expansionduring the forecast period.

Impact of COVID-19 on Hospital Capacity Management Solution Market

The COVID-19 pandemic has proved to be an incomparable global public health emergency that has affected almost every industry and the effects are expected to impact every industry growth during the forecast period. Several changes in consumer demand and behavior, buying habits, supply chain redirection, and significant government initiatives have been seen around the globe. In the wake of overcrowded hospitals, lack of oxygen cylinders, dearth of hospital beds, difficulty maintaining adequate staffing & supporting staff, prolonged waits for test results, shortages of essential supplies, materials, and logistic support, as well as an expanding black market for drugs, the global medical community encountered an unprecedented strain on its facilities and resources. On the other hand, hospitals adopted hospital capacity management tools to overcome these worries and improve patient monitoring. This further lead to the increase in the sales of hospital capacity management solutions, thereby propelling the market growth.

The hospital capacity management solution market is segmented into Product Type, Component and End User.

The hospital capacity management solution market is segmented on the basis of product type, by component, by end user and region. On the basis of product type, the market is classified into workflow management solutions, bed management solutions, patient flow management solutions and others. On the basis of component, the market is bifurcated into services and software. On the basis of end user, the market is fragmented into private hospitals, state owned hospitals, and community hospitals.

Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment Review

By product type, the market is segmented into workflow management solutions, bed management solutions, patient flow management solutions, and others. The workflow management solutions segment generated maximum revenue in 2021, and is estimated to be the fastest growing segment, with a high CAGR owing to increase in the hospitalization of patients, surge in demand for the efficient patient management solutions, and rise in the number of chronic healthcare diseases.

Depending on component, the market is divided into services and software. The software segment dominated the market in 2021, and is estimated to grow with a CAGR during the forecast period due to increase in use of computer-based tools, digital health apps, and telemedicine services, and increased digitalization.

Depending on end user, the market is divided into private hospitals, state owned hospitals, and community hospitals. The state owned hospitals segment owned the largest hospital capacity management solution market share in 2021, because growth in the patient admissions to hospitals due to the COVID 19 pandemic. On the other hand, the private hospitals segment is expected to grow at the highest CAGR during the forecast period due to easy accessibility, user-friendly dashboards for improved time management and error reduction by the HCMS.

Region wise, North America acquired a major share, owing to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising awareness about the innovations in healthcare sector. The region registered the growth at a CAGR. However, Asia-Pacific is expected to witness the highest growth rate during the hospital capacity management solution market forecast period with a highest CAGR. The major factors that drive the hospital capacity management solution market growth, is the increase in the need for better healthcare facilities, increased investment by healthcare IT businesses, and IoT based technologies in managing the healthcare system and others.

The major companies profiled in this hospital capacity management solution industry report include Allscripts Healthcare Solutions, Inc., Epic System Corporation, General Electric, Halma plc, Healthstream Inc., Infosys, JVS Technologies Pvt Ltd., Koninklijke Philips N.V., McKesson Corporation, NextGen Healthcare, Inc., Steris plc., TeleTracking Technologies, Inc. and among others.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hospital capacity management solution market analysis from 2021 to 2031 to identify the prevailing hospital capacity management solution market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the hospital capacity management solution market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global hospital capacity management solution market trends, key players, market segments, application areas, and market growth strategies.

 Hospital Capacity Management Solution Market Report Highlights