According to the new market research report, "Hospital Capacity Management Solutions Market by Product (Asset, Bed Management, Nurse Scheduling, Patient Flow Management), Component (Software, Integrated, Services), Delivery Mode (On-premise, Cloud), End User (Hospitals, ASC) - Global Forecast to 2026" 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.
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Global Industry Growth Boosting Factors:
The growth of this market is majorly attributed to 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. However, the high cost of deployment of these solutions, IT infrastructural constraints in developing countries, and issues related to data security and privacy are expected to restrain the growth of this market during the forecast period.
This study involved the extensive use of both primary and secondary sources. 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.
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.
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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.
Challenge: Issues related to data security and privacy
IoT-enabled devices that connect and share patient-generated data increase the number of potential vulnerabilities within a system. In most healthcare organizations, several IoT-enabled devices are deployed on the same network. Networking technologies such as second-generation ultrasound, BLE, and RTLS also add an extra layer to already complex networks. These outside networks may or may not be as secure or protected as required. The information being transferred over these networks can be accessed by external parties, such as government agencies, data collectors, or hackers. This might not only interfere with the privacy of the concerned individual but may also pose a security threat to the individual as well as the organization.
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