Global Hospital Capacity Management Market Highlights Over 2022 - 2031
The global hospital capacity management market is estimated to garner remarkable revenue by growing at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors, such as, rising demand for better hospital management capacity, and need for reduction in healthcare expenditure, along with increasing awareness of patient care and safety. Moreover, significant advancement in medical technology, rising geriatric population across the globe, and higher prevalence of chronic diseases are expected to boost the market growth. A report published by the National Library of Medicine (NLM) showed that one out of three people have some type of chronic disease globally, meanwhile, in 2019, approximately 17 million deaths were noticed on account of cardiovascular diseases across the globe. Hospital capacity management, shortly known as HCM, is a system to provide better monitoring process for patients and make maximum utilization of available resources. Furthermore, the growth of the hospital capacity management market is also interlinked with the growth of the multiple medical technologies, such as, MRI scanners, stethoscopes, heart monitors, hypodermic, blood cuffs, hypodermic, EKG machines, and others. For instance, in 2020, the global medtech industry amounted to about USD 350 billion.
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The market is segmented by delivery mode into cloud-based and on-premise, out of which, the cloud-based segment is anticipated to hold the notable share in the global hospital capacity management market during the forecast period on account of its agreeable expandability. Cloud-based services are utilized more frequently owing to their on-demand availability feature, enhanced personalized care, and better workflow.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Hospital Capacity Management Market Regional Synopsis
Regionally, the global hospital capacity management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness significant growth over the forecast period on the back of growing geriatric population, increasing population with chronic diseases, rising government initiatives to reduce the healthcare expenditure, and increasing visits of people to the hospitals. Based on the data provided by National Health Council, it was stated that approximately 133 million people in the North Americans summing up to 40% of the total population of the region have some sort of chronic disease. The prevalence of chronic diseases is extremely high in the region. Furthermore, the rising geriatric population in the region with multiple diseases also projected to hike the growth of the market over the forecast period. For instance, according the data by the World Bank, the geriatric population (aged 65 or above) in North America touched 62,018,091 in 2020, while in U.S., it was 53.131 million.
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The global hospital capacity management market is further classified on the basis of region as follows:
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North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
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Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global hospital capacity management market includes the following segments:
By Product Type
- Management
- Asset
- Bed
- Patient Flow
- Workforce
- Leave & Absence
- Staff Scheduling
- Medical Equipment
- Quality Patient Care
By Delivery Mode
- Cloud-Based
- On-Premise
By Component
- Integrated
- Software
- Others
By End-User
- Ambulatory Surgical Center
- Hospital
- Clinic
- Others
Growth Drivers
- Increasing Demand for Enhanced Hospital Management Capacity
- Requirement of Reduction in Healthcare Expenditure
- Rising Awareness of Patient Care and Safety
- Rising Cases of Chronic Diseases
Challenges
- Lack of Awareness regarding Hospital Capacity Management
- Certain Behavioral Boundaries
Top Featured Companies Dominating the Market
- Koninklijke Philips N.V.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Asahi Kasei Advance Corporation
- Medtronic plc
- Advance Monitored Caregiving, Inc.
- Cerner Corporation
- Teladoc Health, Inc.
- Medvivo Group Limited
- Cisco Systems, Inc.
- American Well Corporation
- ClearArch, Inc.
