Europe Hospital Capacity Management Solutions Market to Grow at a CAGR of 5.1% by 2027

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Posted By: Pradnya Kulkarni April 28, 2017

On-demand reporting critical for real-time decision making

Healthcare consists of a diverse set of private and public data collection such as administrative enrolment, health surveys, and medical records utilised by a number of entities including hospitals, health plans and physicians. Businesses have a continuous need for integrating data across the entire organisation. Businesses need to acquire intelligence from the information provided or delivered in real time. The Europe hospital capacity management solutions market provides ample opportunities to improve health safety by creating highly efficient software where data input is simplified and easily available for reporting and making decisions in real time.

Reducing waiting time in the emergency department is a key driver

Products in the Europe hospital capacity management solutions market analyse and predict bed occupancy in the emergency department and can reduce waiting time by a significant 35%, rising all the way up to 50%. In addition, these solutions provide a real-time visibility of patient location and status thereby improving care delivery, ensuring prompt communication between the hospital staff and the patient’s family. Real time location system (RTLS) is an immensely beneficial tool that optimises resource use by tracking both patients along with assets. RTLS solutions locate and assign the nearest and best suited caregiver to each patient and eliminate resource and time wastage almost entirely.

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Real Time Locating System (RTLS) to record a CAGR of 5.6% over the course of the forecast period

The value of the Real Time Locating System segment in the Europe hospital capacity management solutions market is anticipated to be worth slightly more than US$ 92 Mn in the year 2017. A rising number of patients undergoing surgery, high hospital bed occupancy, and improved efficiency of hospital capacity management solutions are some of the factors that are anticipated to contribute to higher growth in the Europe hospital capacity management solutions market for the decadal study. The Real Time Locating System segment is projected to show steady growth all through the forecast period in the Europe hospital capacity management solutions market. This segment is expected to gain a massive 165 BPS during the 10-year study and should almost touch US$ 160 Mn in terms of value by 2027. The Real Time Locating System segment is expected to create absolute $ opportunity of US$ 4.58 Mn in 2018 over 2017.

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europe hospital capacity management solutions market

Workflow Management Solutions segment poised to grow at a slower CAGR than the Real Time Locating System segment

The Workflow Management Solutions segment is anticipated to be worth just under US$ 35 Mn in the year 2017 and rise to more than US$ 56 Mn by the end of the forecast period, recording a CAGR of 4.9% in terms of value. The penetration of hospital capacity management solutions has been growing rapidly as these solutions are able to dramatically improve results by increasing revenue, reducing patient hospital stay, increasing hospital bed turnover and maximising hospital resource efficiency. The Workflow Management Solutions segment is expected to create absolute $ opportunity of US$ 1.56 Mn in 2018 over 2017. This segment is projected to lose 20 BPS over the duration of the study period. Revenue from the Workflow Management Solutions segment in the Europe hospital capacity management solutions market is expected to grow 1.6x by 2027 end as compared to that in 2017.

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Europe Hospital Capacity Management Solutions Market to Grow at a CAGR of 5.1% by 2027

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Posted By: Monica Nerkar April 25, 2017

Adoption of hospital management capacity solutions will grow at 5.1% CAGR through 2027, according to a latest research by Future Market Insights (FMI). Increasing need for enhanced health safety will influence healthcare institutes to adopt IT/HCMS. Furthermore, emphasis on financial and clinical integration will push incorporation of robust IT infrastructures such as PLEXIS.

Adoption of HCMS is also increasing as it enables users to access real-time location services. As healthcare institutes grapple with rising operating costs, HCMS is being looked upon as a next-gen solution that reduces medical and administrative errors. The market will also continue to be influenced by the broader industry-wide push to amalgamate IT with operations.

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Moreover, political dynamics have impacted the process of demand and supply through implementation of various healthcare related evolutions and reforms such as ‘The Patient Protection and Affordable Care Act’. The Patient Protection and Affordable Care Act mandates various regulations and requirements regarding storing, capturing and sharing data, which will bring fundamental transformation in various healthcare-related operations. In addition, enhanced technology such as wireless communication and easy internet accessibility, incorporated with various healthcare applications will create new opportunities and enable patients to access related information whenever they need it. Such factors are likely to contribute towards growth of the HCMS market.

However, Future Market Insights identifies that security breaches and vulnerabilities associated with IT will continue to hinder its widespread adoption. Imposition of complicated regulations by governments for enhanced quality and services, along with lack of integration with regards to analytical solutions with platforms such as electronic health record (EHR) can also pose challenges to growth of the HCMS market.

By product type, real-time locating system will account for a majority revenue share of the market. This segment accounted for US$ 88.34 Mn in 2016, and is expected to register highest CAGR through 2027. Event-driven solutions segment is expected to exhibit second-highest CAGR of 5.2% over the following decade.

Regional Analysis

U.K., with total revenues to the tune of US$ 50.78 Mn in 2016, is the largest market for hospital capacity management solutions in Europe. It will remain the largest, and the fastest-growing market in Europe, during the forecast period. The HCMS market in Germany is expected to surpass US$ 80 Mn by 2027.

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Vendor Insights

Leading players mainly focus on strategies such as expanding their global footprints through collaboration, conferences, product expansions, partnerships and strengthening distribution networks. Demand for applications and systems for new business requirements will intensify partnerships, mergers and acquisitions and consolidations among market players. Vendors are actively entering into partnerships and acquisitions to consolidate their position in the market. Moreover, majority of the stakeholders in healthcare are adopting cloud computing solutions to address security, scalability and availability issues.

Key players operating in the Europe HCMS market include Awarepoint Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, Epic Systems Corporation, TeleTracking Technologies, Inc., Central Logic, Sonitor Technologies, Inc., STANLEY Healthcare Solutions Limited and Care Logistics LLC.