Capacity management involves various planning actions to ensure that a business infrastructure has adequate resources to maximize its production output and potential activities under any condition. Health systems use capacity planning methods to balance staff availability, beds, and other resources with patient demand. Hospital Capacity Management (HCM) Solutions helps hospitals better monitor patient services and optimize their resources to generate more revenue. HCM solutions also promote better hospital risk management and adopt a proactive approach for accurate demand forecasting, acuity–aligned medical staffing, and displaying dynamic patient flows based on real-time scenarios to mitigate risks. HCM ensures earlier patient recovery and faster treatment routes and helps hospitals maintain a competitive advantage in the market.
The global hospital capacity management solutions market size was valued at USD 3.2 million in 2019 and projected to reach USD 7.03 million by 2027, growing at a CAGR of 17.2% during the forecast period, 2020-2027. The major factors are the growing need to dispense better patient care and transparency in healthcare transactions. Additionally, the rise in the number of registered in-patients who need long-term treatment and the rising requirement to provide timely treatment & effective cure will spur the global hospital capacity management solutions industry in the future periods. Furthermore, the availability of user-friendly solutions and interfaces for capacity management coupled with the advantages of capacity management solutions in enhancing patient care & safety is expected to witness remarkable hospital capacity management solutions. The increasing patient volume due to the rapidly growing chronic diseases, growing numbers of hospitals, and technical development in hospital capacity management are expected to propel the demand for hospital capacity management solutions over the coming years.
Moreover, the increase in demand for integrated health care systems and the rise in government initiatives to enhance patient care positively impact the market for hospital capacity management solutions in the healthcare industry. Furthermore, the growing investment by health care IT corporations and the rise in acceptance of portable health IT are fueling the demand for the hospital capacity management solutions market. The growing need for better scheduling and responsive methods for ensuring a smooth flow of patients from one department to another, notably in critical care and emergency units, will bolster global hospital capacity management solutions market share. Additionally, the increase in the number of mergers and acquisitions and the rise in the adoption of real-time locating systems across various healthcare verticals propel the growth of the hospital capacity management solutions market across the globe.
Developing nations, especially those with emerging economies, are facing challenges of the growing incidence of chronic diseases, which leads to a financial burden on people. This burden is being driven by the ever-increasing cost of medical treatment, which is flying faster than the consumer price index. Governments and healthcare systems worldwide focus on controlling the rising healthcare costs by minimizing medical errors, administration costs, and patient readmissions, with the effective utilization of capacity management software, such as asset and workforce management. The thriving adoption and implementation of these solutions are expected to save million-dollar healthcare bills across the globe. For instance, In 2013, the cost for family insurance coverage topped $20,000 in the US, and medical bills comprise fully one-half of all overdue credit card debt. Americans are drowning in medical bills; thus, to curb spending, public and private bodies focus on strategies to reduce healthcare costs. In addition, there are many factors that healthcare systems need to be concerned about. However, the inefficient patient flow in hospitals with poorly managed flow leads to higher volume and overutilization of emergency rooms and intensive care units, which can significantly increase healthcare costs. Thus, the adoption of hospital capacity management solutions helps reduce overall healthcare costs.
Based on the product, the global hospital capacity management solutions market is segregated into asset management solutions, patient flow management solutions, workforce management solutions, and quality patient care solutions. The asset management segment estimated to witness the highest growth over the analysis timeframe due to the rising focus on the proper management and storage of high-end medical devices & pieces of equipment and growing demand to improve patient care and reduce healthcare costs. In addition, the asset management solution reduces costs in the long run and provides a rise in staff productivity.
The patient flow management solutions will grow significantly due to the increase in the deployment of the solution in the healthcare facility. In addition, it improves the quality of healthcare, increases patient throughput, and streamlines operational processes.
Based on the component, the global hospital capacity management solutions market is categorized into software and services. Furthermore, the software segment is bifurcated into integrated and standalone. The software segment maintains a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable to the widespread advantages of integrated software across the medical industry, the rise in hospital capacity management software adoption, and technological advancements related to HCM software.
The services segment is poised to witness significant growth over the forecast period due to the rising trend of outsourcing services to improve clinical outcomes and patient care.
Based on the mode of delivery, the global hospital capacity management solutions market is classified into on-premise and cloud-based. The cloud-based are expected to be the highest revenue share for hospital capacity management solutions during the forecast period. The segment’s growth is attributed to its advantage of less time taking & reduced costs and managing and maintaining an electronic health record through cloud-based solutions. In addition, it helps the hospitals in decision-making and ensures operational efficiency.
The on-premise will witness a lucrative growth rate in the estimated period. It does not require a wireless internet connection to retrieve clinical data, making it considerably less risky.
Based on the end-user, the global hospital capacity management solutions market is segmented into hospitals, ambulatory surgical centers, and others. The hospital segment will dominate the global hospital capacity management solutions market by 2027. Due to the surge in the hospitals using hospital capacity management solutions to enhance patient satisfaction & improve the quality of care, economic expansion, and government focus on broader healthcare policies.
The ambulatory surgical centers accounted for the largest share of the hospital capacity management solutions market in 2019 because of the growing patient volume and the rising need to reduce the rising healthcare costs.
The global hospital capacity management solutions market is merged into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. North America is to project considerable growth over 2020-2026. It is due to increasing government initiatives for eHealth, leading industry players, and increasing healthcare expenditure.
The Asia Pacific will get a prominent share of the hospital capacity management solutions market by 2027. Due to the growing medical tourism, increasing demand for quality healthcare, and continually improving healthcare infrastructure in the region.
Companies such as McKesson Corporation, Stanley Healthcare, Cerner Corporation, HealthStream, NextGen Healthcare, Allscripts Healthcare Solutions Inc, Infosys, Halma plc, Teletracking Technologies Inc, Epic Systems Corporation, Sonitor Technologies, Koninklijke Philips N.V., Neusoft Corporation, Infinitt Healthcare Co. Ltd, JVS Group, Infor Systems, Care Logistics, WellSky, and Alcidion Corporation are the key players in the global hospital capacity management solutions market.
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