Patient Flow Management Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Patient Flow Management Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The patient flow management solutions market is expected to register a CAGR of 8% over the forecast period, 2022-2027.

The COVID-19 crisis has negatively impacted patient flow management due to a lack of better management systems, and improper poor staff coordination and management of patient care. Therefore, there was an urgent need for technology and solutions for better patient flow management solutions in hospitals. For instance, the United States Department of Health and Human Services conducted a national survey in 2020 which stated that hospitals were not always able to manage patient services, maintain adequate staffing levels, or offer staff adequate support, and patient flow was disturbed during the COVID-19 pandemic. The incident highlighted that hospitals noted a lack of essential materials and lack in availability of hospital beds which ultimately impacted patient flow management. Hence, the patient flow management market was adversely impacted by the COVID-19 pandemic.

In addition to it, the growing burden to minimize the healthcare cost, high return on investment, an impetus to install patient flow management solutions, and shortage of nursing staff & doctors will increase the need for patient flow management solutions are actively affecting the growth of the studied market.

The growing burden to minimize the healthcare cost will drive the patient flow management market. For instance, the Organisation for Economic Co-operation and Development 2020 report stated that Switzerland and Iceland have the highest average health sector pricing, with identical healthcare supplies and services costing 70% and 60% more than the OECD average, respectively. Prices for healthcare are also frequently quite high in Norway and Sweden. Thus, hospitals are striving to reduce costs and improve the efficiency of care, and hence the studied market is projected to grow.

The increasing awareness and need for better asset tracking solutions, innovation, product launches, partnerships, and acquisitions are leading to an increase in market growth. For instance, in May 2020, Stanley Healthcare joined Cisco DNA spaces as the first healthcare-specific certified partner to allow hospitals a quick and economical wide range of real-time location systems for efficient patient flow management.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, security concerns, rising incidences of data security breaches, and a lack of skilled IT professionals are likely to impede market growth.

Key Market TrendsReal-Time Locating Systems is expected to witness growth over the forecast period

A real-time location system (RTLS) is an exact positioning system that uses radio frequency identification (RFID) tags on assets, employees, patients, materials, or visitors.

In healthcare systems, RTLS is crucial because it lowers costs, speeds up delivery of services, and reduces error rates. These technologies are used to track patients, medical personnel, and priceless medical equipment. Additionally, one of the fundamental uses of these systems is to increase staff and patient satisfaction. Positive features of this technology include control over processes and accurate data exchange. For instance, an article titled "Real-time locating systems to improve healthcare delivery: A systematic review" published in the Journal of the American Medical Informatics Association in March 2021 stated that RTLS is a useful and effective adjunct methodology in process and quality improvement, workflow analysis, and patient safety and management.

The increasing technological advancements, product launches, partnerships, and acquisitions in the RTLS segment are leading to an increase in market growth. For instance, in June 2021, Midmark RTLS, a leading real-time locating system (RTLS) technology provider focused on clinical workflow solutions and data insights that improve the delivery of care, announced the launch of a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution. This solution can be quickly deployed across health systems in both new and existing facilities without time-consuming, resource-intensive projects. Such launches are likely to be the prime factor driving their increasing demand.

Furthermore, in August 2021 CenTrak, a global leader in healthcare-specific locating and sensing solutions, partnered with Cisco DNA Spaces, a cutting-edge indoor location, and IoT Services platform. This integration of CenTrak and Cisco DNA Spaces allowed existing CenTrak users to migrate to cisco's cloud format to take full advantage of RTLS using a system in the healthcare industry for patient flow management and hospital asset tracking.

Thus, given the advantages of RTLS and increasing product launches, the segment is expected to grow significantly over the forecast period.

North America is Expected to Dominate the Patient Flow Management Solutions Market.

North America is expected to dominate the market owing to factors such as the better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.

According to the American Hospital Association data for 2022, there were a total of 6,093 hospitals in the United States which is among the highest number of hospitals available in all countries of the world. This highlights that demand for patient flow management is high in North America.

Additionally, in August 2022, Tampa General Hospital (TGH) mentioned the implementation of artificial intelligence (AI) tool designed to enhance the processes of admitting, moving, and discharging patients to improve patient experience and efficiency. TGH collaborated with startup Enroute to create and upgrade an AI platform to simplify patient transportation within hospitals to improve operational flow. Such initiatives are projected to drive the growth of the studied market in North America.

Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The patient flow management solutions market is slightly fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. Awarepoint Corporation, McKesson Corporation, Care Logistics LLC, Cerner Corporation, Allscripts, Meditech, GE Healthcare, Central Logic, Inc., Medworxx Solutions, Inc., and Teletracking Technologies Inc. among others.

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