July 20, 2021
According to the research report titled ‘Global Hospital Capacity Management Solutions Market Size study, by Product Type (Asset management solutions, Patient flow management solutions, Workforce management solutions, Quality patient care solutions), Component (Software, Services) and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global hospital capacity management solutions market size was worth USD 2.73 billion in 2020 and is expected to multiply at a CAGR of 17.1% over 2021-2027, subsequently reaching USD 8.24 billion by the end of the forecast period.
Booming elderly population and rising investments in urgent care are primarily driving global hospital capacity management solutions market growth. Besides, mounting demand for improved capacity management in urgent care is also boosting the product adoption, enhancing the overall market outlook.
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According to the Journal of Urgent Care Medicine, in 2017, Hospital Corporation of America announced its aim to amplify hospital capacity management solutions incorporation to increase patient access points in its 14 key regions. In addition, the corporation used a portion of its USD 2.9 billion capital budget in 2017 to raise the number of urgent care centers from 72 to 120 by the end of the year. Similar steps by other organizations in the vertical are anticipated to significantly contribute to the industry progression.
For those unversed, capacity management (CM) refers to an organizational response to experienced demand. CM in healthcare entails decisions about the allocation of critical resources including equipment, facilities, and personnel to patients.
Despite the favorable prospects, hefty cost of deployment is likely to hinder the remuneration scope of the industry over 2021-2027.
Geographically, Europe presently dominates worldwide hospital capacity management solutions industry share, attributable to presence of well-established healthcare infrastructure, booming elderly population, and readiness & affordability of urgent care services.
Meanwhile, Asia Pacific industry is slated to grow substantially over the coming years, creditable to enhancing healthcare infrastructure, increasing incidents of injuries, and rising disposable income.
Top firms in global hospital capacity management solutions market are Halma plc, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., Nextgen Healthcare Inc., TeleTracking Technologies Inc., Stanley Black & Decker Inc. (Stanley Healthcare), Infosys Ltd., McKesson Corporation, HealthStream Inc., and Cerner Corporation.