Hospital Capacity Management Solutions Market - Need to Curtail the Increasing Healthcare Costs

Posted June 3, 2021 by mmvaidya

The research process involved the study of various factors affecting the industry to identify the segmentation types, key players, competitive landscape, key market dynamics, and key player strategies.
Expected Revenue Growth:

The global hospital capacity management solutions market is projected to reach USD 7.0 billion by 2026 from USD 3.2 billion in 2021, at a CAGR of 17.1% during the forecast period.

The growth in the hospital capacity management solutions market is mainly driven by factors such as the need for better capacity management in hospitals, need to curtail escalating healthcare costs, and the advantages of capacity management solutions in enhancing patient care and safety. Increasing patient volume due to the rising prevalence of chronic diseases and COVID-19 and the need to manage regulatory compliance through the effective utilization of capacity management solutions are further contributing to the growth of this market.

Restraint: IT infrastructural constraints in developing countries

Cost issues are one of the major barriers to the adoption of HCIT solutions. The cost of setting up capacity management solutions is high. Maintenance and software update costs for capacity management systems can be higher than the cost of the software. Support and maintenance services, including software upgrades (as per changing user requirements), represent a recurring expenditure. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end-users to maximize the efficiency of provider network management systems. This, in turn, increases the cost of ownership of these systems.

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Covid-19 Impact on the Hospital capacity management solutions Market

The current COVID-19 pandemic has resulted in a massive number of patients visiting healthcare facilities on a daily basis. As of May 2021, over 156 million cases of COVID-19 have been reported across Africa, Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in approximately 3.2 million deaths. With the COVID-19 pandemic, most countries, including the whole of Europe, the US, India, and Australia, among others, reported a surge in the number of patients being admitted in hospitals leading to a shortage of beds, equipment, and hospital staff. This had increased the demand of hospital capacity management solutions for better management of staff, bed, and devices.

Recent Developments:

# In November 2020, HealthStream (US) had acquired Change Healthcare's Staff Scheduling Business helped the company enhance its position in the healthcare workforce scheduling market.

# In May 2020, STANLEY Healthcare (US) partnered with Cisco DNA Spaces (US) to integrate STANLEY Healthcare’s AeroScout RTLS platform with Cisco DNA Spaces to simplify the operations management of healthcare organizations.

# In April 2020, TeleTracking Technologies (US) launched COVID-19 Capacity and Census Dashboard that equips health systems with critical information like patient census, bed availability, patients in need of ventilation, and other aspects that are needed to prepare for and respond to the COVID-19 patient surge.

By end-user, the hospitals segment is expected to account for the largest share of the hospital capacity management solutions market

The government initiatives to enhance patient satisfaction and improve the quality of care, the growing patient volume, and the need to reduce the rising healthcare costs are the major factor driving the growth of hospitals segment.

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Asia-Pacific is the fastest-growing market for hospital capacity management solutions market during the forecast period.

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the increasing government initiatives for eHealth, growing medical tourism, increasing need for management solutions due to the COVID-19 outbreak, and the increasing demand for quality healthcare

Key Market Players:

The major players in the global hospital capacity management solutions market are Cerner Corporation (US), McKesson Corporation (US), HealthStream (US), Stanley Healthcare (US), and Halma plc (US). Other prominent players in this market include Infosys (India), Teletracking Technologies, Inc. (US), NextGen Healthcare (US), Allscripts Healthcare Solutions, Inc. (US), Epic Systems Corporation (US), Sonitor Technologies (US), Koninklijke Philips N.V. (Netherlands), Neusoft Corporation (China), Infinitt Healthcare Co., Ltd. (South Korea), JVS Group (India), Infor Systems (US), Care Logistics (US), WellSky (US), Simul8 Corporation (US), and Alcidion Corporation (Australia).

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags hospital capacity management , hospital capacity management solutions , hospital capacity management solutions market
Last Updated June 3, 2021