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.
Market Insight- Global Patient Throughput & Capacity Management Market
Capacity management refers to practice of ensuring business optimizes its potential activities and production output at all times under any circumstances. The capacity management aids in evaluating how much companies can produce, achieve or sell within a time period. Capacity management deals with the regulation of performance engineering during the requirements and design activities of building systems. It also interacts during performance supervision as an input for managing capacity of deployed systems. Furthermore, patient throughput or flow refers to the movement of patient through healthcare facility. It includes physical resources, medical care, and internal systems required to proceed patients from the admission point to the discharge point and maintain the quality and patient/customer satisfaction at the same time.
The global patient throughput & capacity management market was valued at US$ 956.6 Mn in 2019, and is expected to grow at a CAGR of 5 % during the forecasted period (2019-27).
Market Dynamics- Driver
- Increasing patient pool in hospitals and nursing homes is expected to drive growth of the global patient throughput & capacity management market during the forecast period
Increasing incidences of accidents, disease, and trauma worldwide have increased the patient pool significantly. According to the Association for Safe International Road Travel (ASRHT), around 20-50 million people are injured or disabled annually in road accidents. According to the same source, road traffic crashes are the 9th leading cause of death, which accounts for 2.2% of deaths globally. Moreover, according to the World Health Organization (WHO), chronic diseases are the leading cause of death globally. Despite these numbers, hospital beds and healthcare professionals are not increasing at similar rates, which is creating disparity between demand and supply. It can be effectively managed with patient throughput and capacity management solutions. Therefore, increasing number of patients worldwide is expected to boost the global patient throughput & capacity management market during the forecast period.
- Increasing need for greater efficiency is expected to propel the global patient throughput & capacity management market over the forecast period
Management of existing resources is a critical issue for hospitals and healthcare service providers. Increasing number of in-patients combined with insufficient resources has increased the need for patient throughput and capacity management solutions. Hospitals are required to maximize the use of resources, in order to provide better patient care and generate more revenue. In such situations, patient throughput and capacity management enhance hospital’s efficiency and revenue. These solutions are offers in different modules such as assets and bed management, real-time location tracker, and patient flow tracker. Moreover, advancements in technology and inclusion of user-friendly features are expected to support growth of the global patient throughput & capacity management market over the forecast period.
North America region dominated the global patient throughput & capacity management market in 2019, accounting for 55.2% share in terms of value, followed by Europe and Asia Pacific, respectively
Source: Coherent Market Insights
Market Dynamics- Restraints
- Inconsistency in bed demand is expected to restrain growth of the global patient throughput & capacity management market over the forecast period
Although patient throughput and capacity management can maximize the bed occupancy, the patient flow remains indeterminate and scenario-driven. There is a possibility of demand forecast differing from real scenario thereby resulting lower demands for beds and healthcare services. This, in turn, is expected to restrain growth of the global patient throughput & capacity management market in the near future.
- Low awareness among healthcare providers and high initial cost are expected to hinder the global patient throughput & capacity management market growth during the forecast period
Patient throughput & capacity management services are quite popular in developed countries though there is lack of awareness regarding benefits of these services in emerging economies. Secondly, high initial costs are another major factoring hindering the adoption of these services. Therefore, lack of awareness and high costs issues are expected to hamper the market growth over the forecast period.
- Availability of reimbursement policies is expected to create major growth opportunities in the near future
Most healthcare procedures are covered by reimbursement policies and more people are adopting healthcare insurance across the globe as a result. Furthermore, more people can adopt surgical procedures that were previously unaffordable. However, this is resulting in increased workloads for hospital staffs, thereby necessitating the use of patient throughput & capacity management solutions to facilitate reliable and efficient patient care. Such factors are expected to pose lucrative business opportunities.
- Increased government funding in healthcare facilities is expected to pose major growth opportunities
Governments of various countries are focused on investing in healthcare infrastructure, which has accelerated the adoption of patient throughput & capacity management solutions. Hospitals receive lucrative incentives and funding from government agencies for adopting electronic solutions to improve management. This, in turn, is expected to create excellent growth opportunities for market players in the during the forecast period.
Source: Coherent Market Insights
In global patient throughput & capacity management market, by product type segment real time locating system (RTLS) sub-segment dominated the global patient throughput & capacity management market in 2019, accounting for 34.7% share in terms of value, followed by workflow management services, bed management solutions among others respectively.
Source: Coherent Market Insights
- Reduction in labor costs
Patient throughput & capacity management solutions monitor and automate workflow with greater efficiency, thereby decreasing labor costs, as staff deployment is optimized. This is a major factor expected to drive market growth during the forecast period.
- Increased Hospital Revenues
Patient throughput & capacity management solutions enhance asset and resource management and facilitate efficient allocation of healthcare staff, which in turn, increases productivity and reduces time and asset wastage. It also reduces mismanagement. This has resulted in increased adoption of patient throughput & capacity management solutions in the healthcare industry. This trend is expected to continue during the forecast period.
Key players involved in the global patient throughput & capacity management market are STANLEY Healthcare, Awarepoint Corporation, Sonitor Technologies, Inc., McKesson Corporation, Central Logic, CERNER CORPORATION, Care Logistics LLC, TeleTracking Technologies, Inc., and Allscripts.
- Major market players are involved in product and service launches, in order to enhance their market presence. For instance, in October 2016, STANLEY Healthcare introduced its new web-based management dashboard for areal emergency call platform, which harnesses the power of real-time visual analytics to give executive directors and others a comprehensive overview of how their community or network is performing against key benchmarks for resident safety and security.
- Key companies in the market are focused on product and service launches, in order to expand their product portfolio. For instance, in February 2019, TeleTracking Technologies, Inc., a U.S.-based technology company, introduced next-generation platform capabilities with patient access and analytics solutions at HIMSS19.