Covid-19 Impact on the Hospital capacity management solutions Market

The current COVID-19 pandemic has resulted in a massive number of patients visiting healthcare facilities on a daily basis. As of May 2021, over 156 million cases of COVID-19 have been reported across Africa, Asia Pacific, the Americas, Europe, and Oceania.

The virus has resulted in approximately 3.2 million deaths. With the COVID-19 pandemic, most countries, including the whole of Europe, the US, India, and Australia, among others, reported a surge in the number of patients being admitted in hospitals leading to a shortage of beds, equipment, and hospital staff. This had increased the demand of hospital capacity management solutions for better management of staff, bed, and devices.

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.

Revenue Growth Expectations:

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.

Growth Influencing Factors:

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 this market.

North America dominates the hospital capacity management solutions market during the forecast period.

North America accounted for the largest share of the hospital capacity management solutions 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 hospital capacity management solutions market in this region.

Key Players:

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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