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.
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.
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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.
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.
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.
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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.
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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