The Global Hospital Capacity Management Solutions Market is set to witness a healthy growth rate of 18% in the next 5 years. Some of the main factors propelling the global hospital capacity management solutions market include the rising burden of diseases, a corresponding rise in patient volumes, the need for better capacity management in hospitals, increasing adoption fueled by benefits offered by hospital capacity management solutions, the introduction of IoT-enabled devices and technologically advanced hospital capacity management solutions, Covid-19, and need to reduce escalating healthcare costs. However, concerns related to data security and privacy is likely to hamper the growth of the hospital capacity management solutions market.
Covid-19 Triggers Increase in Demand for Hospital Capacity Management Solutions Market
Globally, the Covid-19 pandemic had an adverse impact on health services and requires major and quick changes in patient care. A major capacity planning challenge was caring for patients with Covid-19 alongside patients with other conditions. The global medical community faced an unparalleled strain on its facilities and its resources in the wake of overcrowded hospitals, lack of oxygen cylinders, dearth of hospital beds, difficulty maintaining adequate staffing and supporting staff, extended waits for test results, shortages of critical supplies, materials, and logistic support and an expanding black market for drugs. The situation lead to increase in costs for hospitals, decreased revenues and posed as a threat to their financial viability. To address these concerns, hospitals involved hospital capacity management solutions that assisted hospitals to better monitor patient services and make optimum use of its resources to generate more revenue.
IoT-based Healthcare Capacity Management Solutions Opens New Growth Prospects
Hospitals are increasingly relying on data about equipment assets, bed availability, workflows, patient/staff interactions, and safety compliance for making decisions about long-term planning, facility performance, and patient care & satisfaction. Emergence of various IoT-enabled devices and real-time location systems (RTLS) has automated data collection on medical equipment location, usage and staff and patient interactions within all healthcare environments. This has helped facilities enhance compliance reporting, staff safety and shortage, workflow, hand hygiene and patient throughput by gathering meaningful data.
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Hospital Capacity Management Solutions Benefits Fuels the Hospital Capacity Management Solutions Market Demand
Hospital capacity management software provides a number of advantages due to technological and interoperability developments, which is boosting its adoption.
- The software automates patient room and staff assignments, which in turn reduces waiting time and crowding in the hospital
- The software increases bed turnover capabilities by communicating bed status automatically, allowing another patient to be treated quickly
- It decreases waiting times and time spent in the hospital which in turn lowers the risk of patient developing hospital acquired infection
- It helps in appropriate resource allotment by integrating real-time patient flows with business analytics
“Hospital capacity management solutions follows a proactive approach for accurate demand forecasting. Bed management solutions, asset management solutions and patient care solutions allow hospitals to monitor patient services, makes optimum utilization of its resources and promotes better hospital risk management.” – Director, Leading Hospital Capacity Management Software Provider, United States
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Hospital Capacity Management Solutions Market
The hospital capacity management solutions market is noticeable by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as new product launches, and partnerships to garner market share.
- In October 2021, GE Healthcare partnered with Apprise Health Insights to launch nation’s first automated statewide hospital bed management solution in Oregon. Oregon is the first state in the U.S. to launch a new statewide command center software solution for hospital capacity and critical resource management developed by GE Healthcare
The hospital capacity management solutions market is a booming market that is anticipated to gain further momentum in the coming years due to growing prominence of digitalization, automation tools and data-driven solutions that utilize predictive analytics, AI, and ML.
Competitive Landscape Analysis of Hospital Capacity Management Solutions Market
The hospital capacity management solutions market is marked by the presence of players such as Cerner, McKesson, HealthStream, Stanley Healthcare, Infosys, Teletracking Technologies, WellSky, Simul8 Corporation, among others.
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