The patient flow management solutions market is projected to reach US$ 3,621.51 Million by 2028 from US$ 886.43 Million in 2021; it is expected to grow at a CAGR of 22.3% during 2021-2028.
The market's growth is attributed to some key driving factors such as rising adoption of patient-centric approach, rising numbers of start-ups, and shortage of nursing staff and doctors are driving the growth of the global patient flow management solutions market. However, the shortage of skilled IT technicians and risks of cyber threats are hampering the market growth.
Patient-centric care is a healthcare system that establishes a partnership among practitioners and patients to ensure that important decisions support patients’ demands and needs. Wireless technologies have been built around the hospital environments through which patients and providers can manage personalized data. Smartphones are essential to change health-related behavior and manage hospital schedules. Internet-based tools also make healthcare practices easy and manageable by collecting healthcare information and offering services to enlighten patients about concerned physicists and provide details about their availability and appointment scheduling. Due to the availability of a wide variety of applications and easy access to them, many people have started using these tools to eliminate waiting time and get convenient appointments.
Commonly faced problems by hospitals, such as clinical mistakes, queues, delays, under and overcapacity utilization, patient acceptance in inappropriate settings, variability of workload, and stress for hospital staff are often related to poor patient flow management. Thus, shifting the approach from self-referential designs to a patient-centric and convenient approach promotes the patient flow management solutions market growth.
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Patient Flow Management Solutions Market: Strategic Insights
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Patient Flow Management Solutions Market: Strategic Insights
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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
Market Insights
Shortage of Nursing Staff and Doctors
Shortage of Nursing Staff and Doctors
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
Product-Based Insights
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.
Type-Based Insights
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%.
Component-Based Insights
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.
Delivery Mode-Based Insights
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.
Patient Flow Management Solutions Market Regional Insights
Patient Flow Management Solutions Market Regional Insights
The regional trends and factors influencing the Patient Flow Management Solutions Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Patient Flow Management Solutions Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Patient Flow Management Solutions Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 886.43 Million |
| Market Size by 2028 | US$ 3,621.51 Million |
| Global CAGR (2021 - 2028) | 22.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Patient Flow Management Solutions Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Patient Flow Management Solutions Market are:
- McKESSON CORPORATION
- Epic Systems Corporation
- Cerner Corporation
- TeleTracking Technologies Inc
- Allscripts Healthcare, LLC
Disclaimer: The companies listed above are not ranked in any particular order.
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- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Type, Component, and Delivery Mode
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, UAE, UK, US
Frequently Asked Questions
The patient flow management solutions market majorly consists of the players such as McKESSON CORPORATION; Epic Systems Corporation; Cerner Corporation; TeleTracking Technologies Inc; Allscripts Healthcare, LLC; Sonitor Technologies AS; ABOUT Healthcare, Inc.; Care Logistics; Intelligent InSites; and Aptean among others.
The web-based segment are expected to be the leading delivery mode in the patient flow management solutions market in 2021.
The global patient flow management solutions market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The largest market for patient flow management solutions is held by the North American region. The United States held the largest market for patient flow solutions management. The Asia-Pacific region is expected to be the fastest-growing region during the forecast period.
The standalone segment is expected to be the leading product in the patient flow management solutions market in 2021.
The factors that are driving the growth of the market are the rising adoption of patient-centric approach, shortage of nursing staff and doctors, and rising numbers of start-ups.
Patient flow management solutions are central-server software solution that provides patient reception, queuing, routing and interaction management tools to the clinics and departments. The solutions allows to handle all the aspects of patient flow such as routing, reception, triage, treatment, payment, preparation and administration. The patient flow management solutions helps to manage waiting rooms and treatment rooms. It synchronizes back-office workflow that helps to inform the family members and patients during long procedures. The report would be of an interest to various stakeholders operating in the patient flow management market. These stakeholders include research & consulting firms, patient flow management solutions developers and consumers, financial analysts as well as new entrants in the market.
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The List of Companies - Patient Flow Management Market
- McKESSON CORPORATION
- Epic Systems Corporation
- Cerner Corporation
- TeleTracking Technologies Inc
- Allscripts Healthcare, LLC
- Sonitor Technologies AS
- ABOUT Healthcare, Inc.
- Care Logistics
- Intelligent InSites
- Aptean
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