This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, key players, competitive landscape, key market dynamics, and key player strategies.
Recent Developments Hospital Capacity Management Solutions Market:
# In November 2020, HealthStream (US) had acquired Change Healthcares Staff Scheduling Business helped the company enhance its position in the healthcare workforce scheduling market.
# In May 2020, STANLEY Healthcare (US) partnered with Cisco DNA Spaces (US) to integrate STANLEY Healthcares AeroScout RTLS platform with Cisco DNA Spaces to simplify the operations management of healthcare organizations.
# In April 2020, TeleTracking Technologies (US) launched COVID-19 Capacity and Census Dashboard that equips health systems with critical information like patient census, bed availability, patients in need of ventilation, and other aspects that are needed to prepare for and respond to the COVID-19 patient surge.
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.
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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.
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.
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.
Challenge: Issues related to data security and privacy
IoT-enabled devices that connect and share patient-generated data increase the number of potential vulnerabilities within a system. In most healthcare organizations, several IoT-enabled devices are deployed
on the same network. Networking technologies such as second-generation ultrasound, BLE, and RTLS also add an extra layer to already complex networks. These outside networks may or may not be as secure or protected as required. The information being transferred over these networks can be accessed by external parties, such as government agencies, data collectors, or hackers. This might not only interfere with the privacy of the concerned individual but may also pose a security threat to the individual as well as the organization.
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