Market Size Estimation Methodologies Followed:
The total size of the Hospital Capacity Management Solutions Market was arrived at after data triangulation from two different approaches, as mentioned below.
Approach to calculate the revenue of different players in the hospital capacity management solutions market
The size of the global Hospital Capacity Management Solutions Market was obtained from annual reports, SEC filings, online publications, and extensive primary interviews. A percentage split was applied to arrive at the size of market segments. Further splits were applied to arrive at the size for each sub-segment. These percentage splits were validated by primary participants. The country-level market sizes obtained from the annual reports, SEC filings, online publications, and extensive primary interviews were added up to reach the total market size for regions. By adding up the market sizes for all the regions, the global hospital capacity management solutions market was derived.
Approach to derive the market size and estimate market growth
The market size and market growth were estimated through primary interviews on a regional and global level. All responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.
Projected Surge in Revenue Generation:
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 Growth Boosting Factors:
The growth in the 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.
Data Triangulation:
After arriving at the overall market size-using the market size estimation processes explained above-the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
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.
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.
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Asia-Pacific is the fastest-growing market for hospital capacity management solutions market during the forecast period.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the increasing government initiatives for eHealth, growing medical tourism, increasing need for management solutions due to the COVID-19 outbreak, and the increasing demand for quality healthcare
Key Market Players:
The major players in the global hospital capacity management solutions market are Cerner Corporation (US), McKesson Corporation (US), HealthStream (US), Stanley Healthcare (US), and Halma plc (US). 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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