Hospital Capacity Management Industry - Reasons Behind Increasing Need For Technology Advancements

By Author: MarketsandMarkets
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Major Reasons Behind the Need for Tech Advancements:

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 hospital capacity management market.

Revenue Growth Impact:

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.

Recent Developments in Hospital Capacity Management Market:

# 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.

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Driver: Need to curtail healthcare costs

Governments and healthcare systems across the globe are focusing on controlling the rising healthcare costs by minimizing patient readmissions, medical errors, and administration costs with the effective utilization of capacity management software, such as workforce management and asset management. The successful adoption and implementation of these solutions are expected to save billions of dollars for healthcare systems worldwide. Delays and incorrect placement of patients in wrong beds can significantly increase healthcare costs. Thus, the adoption of hospital capacity management solutions helps reduce the overall healthcare costs.

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.

Opportunity: IoT-based healthcare capacity management

Advancements in information technology have provided the industry with an ever-expanding array of options like Internet of Things (IoT), which has generated significant growth opportunities for healthcare capacity management vendors. The healthcare-based IoT platform is integrated with smart sensors over a cloud-based network, which allows hospitals and other healthcare organizations to monitor cold storage and other aspects of their operations that must be maintained at specific conditions to ensure quality patient care. Through the implementation of IoT for asset monitoring and tracking of medical equipment, hospitals can access real-time data using smart sensors and devices and gain real-time visibility into the operational status. Also, IoT-based asset management aids in monitoring performance through a single dashboard, which tracks and analyzes various parameters for each asset. These advancements help in reducing healthcare costs and improving the overall quality of patient care.

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