Hospital Capacity Management Solution Market Expected to Reach $6.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hospital Capacity Management Solution Market," The hospital capacity management solution market size was valued at $2.9 billion in 2021, and is estimated to reach $6.8 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.

The hospital capacity management solution (HCMS) is a program which helps hospitals efficiently use and maintain hospital beds, caregivers, and other asset availability in an efficient manner. These solutions for hospital capacity management improve and accelerate patient treatment, which in turn shortens a patient's stay in the hospital. Moreover, the nearest nurse, doctor, or caregiver is assigned to the patient by the HCMS to provide prompt care, allowing for an early discharge. Reduced hospital stays is one reason that is anticipated to drive HCMS demand during the forecast period.

The drivers that are accelerating the hospital capacity management solution market growth includes the demand for better hospital capacity management, the need to control the rising healthcare costs, and the benefits of capacity management systems in improving patient care and safety. Also, factors such as rise in patient volume brought on by chronic disease and COVID-19 prevalence as well as the requirement to effectively manage regulatory compliance through the application of capacity management systems drives the growth of the hospital capacity management solution market share. 

The tremendous growth in chronic conditions, as well as the rapidly increasing healthcare centers, and rising economies in the developing countries highlights the demand for the bed management system which analyze and predict bed vacancy at the emergency department (ED) and thereby reduce wait time by 35–50% and causes the prevalence of factors that lead to the growth of the hospital capacity management solution market trends.

However, the market is expected to be significantly constrained in the near future by factors such as concerns about the data security and privacy of the patient’s data.

According to the product type, workflow management solutions segment was the largest segment in the 2021 and is expected to grow at a highest CAGR during the forecast period, due to increase in due to the growing need for efficient workflow maintenance, workforce training, and supply monitoring in hospitals, all of which help save money and time.

By component, the software segment holds a dominant portion in the global hospital capacity management solution market in 2021. This is mainly due to increase in the adoption of the IoT based healthcare solutions which assist in managing the large patient crowd and is also expected to grow at the fastest rate at a CAGR during the forecast period.

By end user, the state owned hospitals segment owned the largest share of the hospital capacity management solution industry in 2021, because of growing demand for end-to-end healthcare solutions and growing unmet need for workflow management systems, due to the rise in the number of hospital admissions due to the prevalence of serious diseases. On the other hand, the private hospitals are expected to grow at the highest CAGR during the forecast period.

Region wise, North America acquired a major share, owing to the presence of key players, and government initiatives to invest in the research and development further boosts the growth of the hospital capacity management solution market. However, Asia-Pacific is expected to witness the highest growth rate for the market throughout the forecast period due to the investments by the public and private market players for business expansion in this region.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “Rise in the demand for the better healthcare facilities, increasing investment by healthcare and IT companies, and rapid technological advancements are some factors that boost the growth of the market.”

KEY FINDINGS OF THE STUDY

• By product type, the workflow management solutions segment was the highest contributor to the market in 2021.
• By component, the software segment was the highest contributor to the market in 2021, and is expected to continue this trend during the forecast period.
• Depending on end user, the state owned hospitals segment was highest contributor in 2021 and the private hospitals segment is expected to grow at the fastest CAGR during the forecast period.
• Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.