Hospital capacity management solutions (HCMS) are designed to help improve patient throughput and quality of care by managing patient capacity, flow, and diversion rates.
The global hospital capacity management solutions market is estimated to account for US$ 1,540.6 Mn in terms of value and XYZ Thousand Tons in terms of value by the end of 2027.
Global Hospital Capacity Management Solutions Market: Drivers
Need for reduced hospital stay is expected to fuel demand for HCMS, thereby propelling growth of the global 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.
Global Hospital Capacity Management Solutions Market: Opportunities
Increasing healthcare expenditure is expected to offer lucrative growth opportunities for market players. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027.
Global Hospital Capacity Management Solutions Market: Restraints
However, high cost of installation and equipment and dearth of skilled healthcare professionals in developing and under developed countries are some of the factors that are expected to hinder growth of the global hospital capacity management solutions market.
The On Premise segment in the global hospital capacity management solutions market was valued at US$ 367.1 Mn in 2018 and is expected to reach US$ 584.2 Mn by 2027 at a CAGR of 5.2% during the forecast period. The growth of the segment is attributed to increasing technological advancements to improve patient throughput and quality of care during the forecast period.
The Integrated Solutions segment held dominant position in the global hospital capacity management solutions market in 2018, accounting for 64.5% share in terms of value, followed by standalone solutions respectively. The growth of the segment is attributed to increasing prevalence of chronic diseases during the forecast period.
Major medical associations are focused on opting for HCMS providers as their endorsed partners. For instance, in July 2018, The Michigan Health & Hospital Association chose Care Logistics to be one of only a select few endorsed partners to enhance quality, patient satisfaction, operational efficiency and patient throughput of Michigan hospitals and health systems.
The market is also witnessing use of indoor, ultrasound-based positioning technologies for real time location services. The technologies are a combination of ultrasound technology Wi-Fi, low frequency (RF) sensory technologies, and intelligent sensors.
Global Hospital Capacity Management Solutions Market: Competitive Landscape
Major players operating in the global hospital capacity management solutions market include, Awarepoint Corporation (CenTrak), Allscripts Healthcare Solutions, Inc., Care Logistics, LLC, McKesson Corporation, Central Logic, STANLEY Healthcare, Sonitor Technologies, Inc., TeleTracking Technologies, Inc., Cerner Corporation, and Epic Systems Corporation.
Global Hospital Capacity Management Solutions Market: Key Developments
Key players in the market are focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in July 2019, TeleTracking Technologies, Inc. collaborated with B. Braun Medical Inc.under which B. Braun Medical Inc. announced the integration of their Space Infusion Pump Systems with TeleTracking Technologies, Inc.’s RTLS Asset Tracking solution.
In September 2019, Central Logic partnered with Conduit Health Partners, a patient access company, to improve care access and operational efficiency for health systems.
Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.