Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Europe Hospital Capacity Management Solutions Market – Insights
Hospital capacity management solution (HCMS) is used to effectively utilize and manage availability and accommodation of hospital beds, caregivers, and other assets. These solutions comprise various modules such as workflow management, real-time tracking, and bed management.
Europe hospital capacity management solutions market is estimated to account for US$ 276.6 Mn in terms of value in 2019 and is expected to reach US$ 435.7 Mn by the end of 2027.
Europe Hospital Capacity Management Solutions Market: Drivers
Need for reduced hospital stay is expected to fuel demand for Europe hospital capacity management solutions market over the forecast period. HCMS enable better and timely care for patients and consequently reduce the length of a patient’s hospital stay. These solutions also track patient clinical data and assign the nearest nurse, doctor or caregiver to the patients for timely care, so that the patients can be discharged earlier.
Moreover, high cases of accidents are also expected to propel growth of the market. For instance, according to European Transport Safety Council, in 2018, EU28 recorded 25,058 road accident deaths in 2018.
U.K. held dominant position in Europe hospital capacity management solutions market in 2018, accounting for 20.9% share in terms of value, followed by Germany.
Europe Hospital Capacity Management Solutions Market: Restraints
Security breach or disclosure of data is expected to hinder growth of Europe hospital capacity management solutions market. The most commonly exposed data in healthcare breaches are medical records, followed by billing and insurance records, and payment information.
Moreover, poor integration of tools into existing workflows is also expected to hamper the market growth. The functionality of analytics applications has evolved over time. However, integration into existing workflows has been sub-optimal to the point where care providers have not benefitted from point-of-care insights from analytics tools. For instance, clinicians might end up having to exit from EHR portals and switch to an alternate interface to access analytics reports. Analytics solution vendors have the ability to provide tailored products, which can integrate well with existing EHR and other platforms, but few do it in practice. This is because it is difficult for these vendors to understand the nature of workflows for different end user cases and design appropriate solutions that meets the needs of healthcare providers.
Europe Hospital Capacity Management Solutions Market: Opportunities
Increasing healthcare expenditure is expected to offer lucrative growth opportunities for market players. For instance, according to Healthcare Expenditure Statistics (extracted in July 2019) by Eurostat, among the EU Member States, France, Germany, and Sweden recorded a healthcare expenditure between 11.0 % and 11.5 % of the GDP in 2016.
Moreover, increasing focus of government organizations to improve patient experience is also expected to boost growth of the market. For instance, in January 2020, Regional Health Command Europe amounted to standardize the check-in process in Military Treatment Facilities throughout Europe to enhance communication with patients and improve availability of information in patient waiting areas.
Real Time Locating System segment in Europe hospital capacity management solutions market was valued at US$ 96.2 Mn in 2018 and is expected to reach US$ 171.3 Mn by 2027 at a CAGR of 5.6% during the forecast period.
Market Trends/Key Takeaways
Hospitals are reducing the number of beds to cut down expenses. Hence, it is essential for hospitals to use its resources effectively and efficiently. Hospital capacity management solutions are helpful in reducing hospital stay period of patients and maximizing occupancy levels of hospital beds.
Hospital capacity management solutions optimize asset and resource management and also enable efficient assigning of healthcare staff, which increases productivity while reducing time and assets wastage, as well as mismanagement. These factors in turn reduce expenses and generate more revenue.
Europe Hospital Capacity Management Solutions Market: Competitive Landscape
Major players operating in Europe hospital capacity management solutions market include, Awarepoint Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, Epic Systems Corp., TeleTracking Technologies, Inc., Central Logic, Inc., Sonitor Technologies, Inc., and STANLEY Healthcare Solutions Limited.
Europe Hospital Capacity Management Solutions Market: Key Developments
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in October 2019, CenTrak, Inc. launched s TruView system, which has accurate locating technology to ensure safety, improve workflow and locate patients.
In December 2019, EPSi, Allscripts Healthcare Solutions, Inc’s budgeting, planning/forecasting, cost accounting and financial decision support platform, announced a new advanced analytics product and services solution to the marketplace.