CHICAGO, May 14, 2021 /PRNewswire/ -- 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", published by MarketsandMarkets™, the global 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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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.
By product type segment, the asset management segment accounted for the largest market share during the forecast period
Among the product type segment, the asset management segment accounted for the largest market share during the forecast period. The large share of this segment is attributed to the increasing focus on the proper management and storage of healthcare equipment. Government incentives, penalties, and the necessity to reduce healthcare costs are also contributing to the growth of this market segment.
By component, the software is expected to account for the largest share of the hospital capacity management solutions market
The software segment accounted for the largest share of the global market in 2020. The frequent need for upgrades and improvements in software applications are the key growth drivers for the software segment.
By mode of delivery, the cloud-based solutions segment is expected to grow at a high CAGR during the forecast period
Based on mode of delivery, the hospital capacity management solutions market is segmented into on-premise and cloud-based solutions. With technological advancements in place, healthcare organizations are adopting new technologies to enhance their operational and administrative processes. The increasing need for and growing awareness of cloud-based hospital capacity management solutions have supported the growth of the cloud deployment model, and this trend is expected to continue in the near future.
By end-user, the hospitals segment is expected to account for the largest share of the hospital capacity management solutions market
Based on end-users, the hospital capacity management solutions market is segmented into hospitals, ASC and others. The large share of this segment can be attributed to 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.
North America dominates the hospital capacity management solutions market during the forecast period.
North America accounted for the largest share of the market in 2020. The presence of a strong IT infrastructure in the region, admission of a large number of COVID-19 patients, increasing investments and regulatory mandates favoring the implementation of healthcare IT solutions, and the increasing number of patients due to the growing prevalence of chronic diseases and lifestyle disorders are some of the factors driving the growth of the market in this region.
Cerner Corporation (US), McKesson Corporation (US), HealthStream (US), Stanley Healthcare (US), and Halma plc (US) are the key players operating in the hospital capacity management solutions market. 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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