Patient Flow Management Solutions Market is Estimated to Witness High Growth Owing to Increased Healthcare Costs and Need for Efficiency
The patient flow management solutions market is estimated to be valued at USD 1.49 Bn in 2024, exhibiting a CAGR of 18.9% over the forecast period (2024-2031). There is an increasing need for patient flow management due to rising volume of patients and inefficient workflow processes across healthcare facilities. Furthermore, a rise in chronic diseases and geriatric population have fueled the demand for effective patient flow management.
Market Dynamics:
The growth of the patient flow management solutions market is driven by the need for efficiency in healthcare organizations and growing healthcare costs. Rising patient volumes have increased pressure on existing resources and infrastructure of most hospitals. This has led to a need for solutions that can streamline workflow, reduce waiting times, and manage capacity more effectively. Patient flow management solutions help address these issues by providing real-time visibility and automated allocation of resources. They also help improve coordination among departments. This enhances productivity and ensures the smooth flow of patients from admission to discharge. Additionally, growing healthcare costs have increased the focus on operational efficiency. Patient flow management enables better resource utilization which can help lower costs for healthcare providers.
Market Drivers
Increasing Healthcare Cost Pressures Healthcare Providers to Optimize Patient Flow
With rising healthcare costs putting pressure on budgets, healthcare providers are looking for ways to streamline operations and enhance efficiency. Patient flow management solutions help providers reduce wait times, shorten length of hospital stay, and manage bed occupancy better. This helps improve patient satisfaction while lowering costs for providers. As costs continue to rise across the healthcare industry, more providers will adopt such solutions to optimize workflows and patient flow.
Growing Focus on Improving Patient Experience and Outcomes
Patients want a seamless healthcare experience with minimal wait times. Any delays or lack of coordination negatively impacts patient satisfaction. Patient flow solutions help providers track patient movement, allocate beds efficiently, and manage transfers seamlessly. This integrated approach enhances patient experience. It also ensures patients get timely care and appropriate follow ups, thereby improving health outcomes. With growing focus on value-based models, providers will increasingly invest in such solutions to capture incentives tied to quality-of-care metrics.
Market Restraints
High Investment and Implementation Costs
Setting up a comprehensive patient flow management system requires significant upfront investment in software, hardware, customization, and integration with existing IT infrastructure. It also needs trained staff for implementation and ongoing maintenance. These costs pose a barrier, especially for smaller providers with tight budgets. However, as the benefits and return on investment become clearer, this restraint will weaken over time.
Resistance to Change from Clinical and Non-Clinical Staff
Implementing new technologies often meets with resistance from staff accustomed to traditional workflows. Patient flow solutions require changes to roles and responsibilities. It may need retraining clinical and non-clinical staff alike. Addressing this resistance through effective change management and training programs is crucial for successful adoption. Staff needs to clearly see how the new systems will improve their work rather than replace them.
Market Opportunities
Growing Remote and Home-based Healthcare
The increasing shift to telehealth, remote patient monitoring, and home healthcare presents an opportunity. Patient flow management solutions can help providers seamlessly coordinate these remote care delivery models. It ensures patients get appropriate follow up care and their movements across various care settings are well-managed. This will be a key growth area.
Demand in Developing Markets
While developed markets will continue upgrading existing systems, developing healthcare markets entering the modernization phase provide a major greenfield opportunity. Governments are investing heavily in IT-enabled healthcare infrastructure. This growing infrastructure demand coupled with a shortage of skilled workers will drive the adoption of automated patient flow management globally. Vendors should focus on emerging markets and tailored solutions for these regions.
Link - https://www.coherentmarketinsights.com/market-insight/patient-flow-management-solutions-market-730
Key Developments
- On September 6, 2024, SMARTHMS & Solutions Private Limited, a leading innovator in healthcare technology, announced that it had launched its latest hospital management software, designed to revolutionize the way healthcare facilities operate. This cutting-edge solution promises to streamline hospital operations, enhance patient care, and significantly improve overall efficiency.
- On July 30, 2024, Alcidion, a healthcare informatics and innovation company, launched its new Portable Patient Summary within its Fast Healthcare Interoperability Resources (FHIR)-native platform, Miya Precision. This capability allows care teams to exchange patient records in a form that meets the International Patient Summary (IPS) standard, enabling the seamless transfer of critical care information to other health providers and into patient health apps.
- On July 10, 2024, Kontakt.io, a market player in healthcare RTLS and digital transformation, announced the launch of the Patient Flow solution. The solution, delivered as a service, is powered by the new Nano Tag IR – the world's smallest disposable, wearable Bluetooth Low Energy (BLE) tag equipped with infrared (IR). Compatible with hospital wristbands and ergonomic to wear, the Nano Tag IR reliably locates patients in real-time at the hospital room level.
Key Players
Getinge AB, Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, Epic Systems Corporation, Aptean, Inc., Sonitor Technologies, Inc., Stanley Black & Decker, Inc., TeleTracking Technologies, Inc, and GE Healthcare
