Publication Month: Mar 2022 | Report Code: TIPRE00003067 | No. of Pages: 163 | Category: Healthcare IT | Status: Published
|Market Size Value in||US$ 886.43 Million in 2021|
|Market Size Value by||US$ 3,621.51 Million by 2028|
|Growth rate||CAGR of 22.3% from 2021 to 2028|
|No. of Pages||163|
|No. of Tables||140|
|No. of Charts & Figures||78|
|Historical data available||Yes|
|Segments covered||Product, Type, Component, and Delivery Mode|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Patient flow monitoring helps reduce wait time, provides insight, promotes on-demand services, and organizes versatile medical record keeping. A holistic virtual care platform based on patient flow data and unique devices designed for healthcare practitioners and patients allows them to have strategic plans to deploy required services across hospitals. More organizations are entering this market with the increasing adoption of patient flow management solutions in the healthcare sector. For instance, EmOpti, a US-based startup founded in 2015, offers a telehealth platform that is interoperable with patient electronic health records (EHR). The company offers an EmOpti Requestor consisting of a nurse device and a patient device. The company's hardware and software empower nurses to manage fluctuating patient volumes efficiently. Similarly, Tracworx, an Irish startup founded in 2016, provides real-time patient tracking software that aims to deliver reliable data on every stage of treatment. The business offers a wearable wrist device that records patients’ locations and sends data to the cloud for automated analysis, allowing hospitals to save money and time spent on patient tracking. As a result, the entry of start-ups in patient management solutions supports market expansion. Therefore, the factors mentioned above are driving the demand for patient flow management solutions.
North America held the largest market share for the patient flow management solutions market in 2021. The US held the largest market in North America for patient flow management solutions. The market is expected to grow due to the rising adoption of a patient-centric approach by healthcare providers and the shortage of nursing staff and doctors. Increase in demand for patient flow management solutions in hospitals and clinics in the US and increasing healthcare funding dedicated towards the development of IT-based solutions for healthcare characterize the growth in North America
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The US is facing a severe shortage of physicians and nursing staff due to a surge in the aging population and impending retirements of older physicians. According to the Association of American Medical Colleges (AAMC), the US is expected to face a shortage of 120,000 physicians by 2030. According to the Global Strategy on Human Resources for Health Workforce 2030 forecasts, the global collective shortage of physicians, nurses, and midwives could reach 9.9 million by 2030. According to an article published in IndiaSpen, India has 1.7 nurses per 1,000 people, 43% lesser than the World Health Organization standard (3 per 1,000). Moreover, there were approximately 3.07 million registered nursing personnel in India in 2020. According to World Bank Group figures for 2017, there was 1 doctor for 550 people and 1 nurse for 425 people in China. Such shortage conditions translate into increased for patients, higher possibilities of mistakes, and lack of personal attention.
The limitations of manual patient flow management include the increasing difficulty of decision-making and the rising complexity of processes with the growth in hospital size. Moreover, decisions are not recorded in any system; knowledge sharing only relies on human interactions. Thus, shifting from manual scheduling and dispatching to automated patient flow management workflow offers solutions to the rising shortage of nursing staff and physicians worldwide and boosts the growth of the patient flow management solutions market
The patient flow management solutions market based on product is segmented into integrated and standalone. In 2021, the standalone segment accounted for a higher market share due to higher adoption in small and medium-size healthcare organizations prefer standalone platforms to improve the quality and efficiency of patient flow management. However, the integrated segment is expected to grow at a CAGR of 23.0% in the forecast period due to the rising needs of a large population of patients and reducing or minimizing the costs associated.
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The type segment of the patient flow management solutions market is segmented into real-time locating systems and event-driven patient tracking. Event-driven patient tracking held a larger market share in 2021 and is anticipated to grow at a significant rate and accounted to grow at the CAGR of 22.0%.
The component segment of the patient flow management solutions market is segmented into software, hardware and services. Software is the largest segment among the component segment in the patient flow management market in 2021. The segment is also anticipated to grow at a significant rate and is accounted to grow at the CAGR of 23.1%. Further, the services segment is subsegmented into consulting services, post-sale & maintenance services, and ongoing IT support & implementation services. These services help by reducing the waiting times, better handling of in as well as outpatient flow. Other than software and hardware, services facilitate additional support for enabling better patient flow management solutions.
The patient flow management solutions market, based on application, is segmented into on-premise, cloud-based, and web-based. In 2021, the web based segment held the largest share of the market. However, the cloud-based segment is also expected to grow at the fastest rate during the coming years.
Companies operating in the patient flow management solutions market adopt the product innovation strategy to meet the evolving customer demands worldwide, permitting them to maintain their brand name in the global patient flow management solutions market.