Leeds, UK -- (SBWire) -- 03/24/2020 --Patient flow management is a one-stop software solution to manage all the patient information in hospitals and plays a vital role in customer feedback and satisfaction. Reforming healthcare management and infrastructure in developing nations is expected to drive growth for global patient flow management solutions market during the forecast period.
With the increasing inflow of patients, the amount of patient information to be processed is also large in volume across the globe, thus increasing the need for such solutions. The manual system to manage patient data is relatively unreliable being prone to human error and data loss. Manual management of data requires extensive labour with additional costs. The adoption of integrated patient flow management solutions, promises a significant saving of time, labour cost, reduced human error, and data mismanagement. The global patient flow management solutions market is anticipated to value over US$ 1 billion by the end of 2026 and register at a CAGR of over 19.8% during the forecast period of 2019-2026.
Changing government policies to help promote healthcare services are incentives for the growth of the market. Additionally, sedentary lifestyle and increasing disposable income for healthcare expenditure are expected to boost the growth of the global patient flow management solutions market. Technological improvements also greatly help expand trade of the market globally. All these factors along with the private sector's capital investments lead to an increase in reach, quality and efficiency of the patient flow management markets. All these factors lead to the potential growth of patient flow management solutions market.
The seepage of smartphones into the everyday lifestyle and growing network technology provides the digital healthcare system with novel opportunities to address more challenges.
According to the American Hospital Association, the margins of Medicare and Medicaid are getting narrowed down due to low payments. The centers for Medicare & Medicaid Services evaluate and publish hospital performance rating data publicly which can be publicly used while selecting a provider. These factors result in leaving almost no funds left from the hospital's providing care costs and the reimbursement they receive from private payers. In 2014, the Medicare patient admission payment was increased by 0.5%, and the exit payment was increased by 1.8%. This, therefore, put the burden of rising healthcare costs on providers, with the new regulations like Medicare shifting to the value-based system through its Medicare Shared Savings Program (MSSP) and through Value-Based Purchasing (VBP) schemes. Hospitals run on the principles of costs minimisation while also trying to improve their standards.
Other factors which drive the patient flow management solutions market growth are high ROI, an impetus to install patient flow management solutions, and shortage of nursing staff & doctors will increase the need for solutions.
New developments in the field are Bluetooth Low Energy (BLE), which has less battery consumption than conventional Bluetooth technology. BLE enabled devices are able to optimise workflow when it gets integrated with RTLS and Electronic Health Records (EHR). The difficulty of locating patients, staff, and visitors in huge hospitals and healthcare environment requires a fully integrated combination of diverse technologies to achieve desired results.
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Global Patient Flow Management Solutions Market: Restraints
+ High-cost technology
+ Lack of skilled professionals
+ Risk related to data security
Global Patient Flow Management Solutions Market: Segmentation
By Solution
+ Surgical Oncology
+ Radiation Oncology
By Deployment
+ On-premise
+ Cloud-Based
The cloud-based models are favoured over their counterparts due to the increasing integration of technology into the public's daily lives thus beneficial to accommodate that into the global patient flow management solutions will offer lucrative growth opportunities in the near future.
By End User
+ Hospitals
+ Diagnostic Laboratories
+ Outpatient Centres
+ Clinics
By Region
+ Europe
+ North America
+ APAC
+ Latin America
+ Rest of World
Markets of North America and Europe patient flow management solutions is expected to witness high profits due to rising end users. The Asia Pacific and Latin America are also expected to create an opportunistic space for service providers.
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Competitive Landscape:
+ Tier 1 players- Established companies in the market with a major market share
+ Tier 2 players -Emerging players which are growing rapidly
+ New Entrants
Allscripts Healthcare Solutions Inc., Awarepoint Corporation, Care logistics LLC, Central Logic, Inc., Cerner Corporation, Mckesson Corporation, Medworxx Solutions, INC., Sonitor Technologies, Stanley Healthcare, Teletracking Technologies INC among others.
Factors of the burden of healthcare maintenance and standardisation are building on the government and its agencies, thus leading to the implementation of the innovative patient flow management techniques and created opportunistic space for existing and new service providers.
FutureWise Takeaways
+ Growth prospects
+ SWOT analysis
+ Key trends
+ Key data-points affecting market growth
Objectives of the Study:
+ To provide with an exhaustive analysis on global patient flow management solutions market by solution, deployment type, end-user and region
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
+ To evaluate and forecast micro-markets and the overall market
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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