PUBLISHER: KBV Research | PRODUCT CODE: 1395693
PUBLISHER: KBV Research | PRODUCT CODE: 1395693
The Global Hospital Bed Management Systems Market size is expected to reach $3.5 billion by 2030, rising at a market growth of 10.0% CAGR during the forecast period.
With large and diverse populations in many countries across the Asia Pacific, HBMS helps healthcare facilities manage patient populations efficiently. Therefore, Asia Pacific segment would capture 1/4th share of the market by 2030. As a result, with the integration of telehealth, HBMS assists in providing healthcare services to remote locations in the Asia-Pacific region where access to healthcare facilities may be limited. Some of the factors impacting the market are technological advancements and integration, increasing prevalence of chronic diseases and resource constraints and budgetary concerns.
Continuous advancements in healthcare technology, including data analytics, artificial intelligence, and interoperability, contribute to the growth of the HBMS. Integrating these technologies into bed management systems enhances their capabilities, allowing for real-time data analysis, predictive modeling, and seamless connectivity with other healthcare IT systems. The integration of artificial intelligence into bed management systems is transforming decision-making processes. Additionally, the increasing prevalence of chronic diseases globally strains healthcare systems, requiring better patient admissions and ongoing care management. Hospital bed management systems help healthcare providers handle the complexities associated with chronic conditions by optimizing bed allocation, ensuring continuity of care, and improving overall patient outcomes. Chronic diseases, including cardiovascular diseases, diabetes, respiratory conditions, and cancer, are on the rise globally. Therefore, the market is expanding significantly due to the technological advancements and integration and as a result of the increasing prevalence of chronic diseases.
Additionally, the strain on healthcare systems revealed the vulnerabilities in traditional bed management processes. As hospitals faced bed shortages due to the influx of COVID-19 patients, there was a rapid acceleration in the adoption of these systems. These systems played a pivotal role in optimizing existing resources, ensuring that beds were allocated based on urgency and severity of cases. Hospital bed management systems are considered integral components of digitally resilient healthcare infrastructure, prompting ongoing technological investments to ensure preparedness for future public health crises. These technologies became instrumental in forecasting patient admissions, optimizing resource allocation, and facilitating informed decision-making amidst the uncertainties of the pandemic. Thus, the COVID-19 pandemic had a moderate effect on the market.
However, Insufficient financial resources can compromise the implementation and maintenance of hospital bed management systems. Limited budgets may result in the selection of lower-cost, less robust solutions, leading to suboptimal system performance and reduced functionality. Additionally, ongoing maintenance and updates may be neglected, affecting the long-term effectiveness of the systems. Resource constraints and budgetary concerns is a significant challenge that hampers the growth of market.
Deployment Outlook
Based on deployment, the market is classified into cloud & web based and on-premise. The on-premise segment acquired a substantial revenue share in the market in 2022. Healthcare facilities often prioritize maintaining control over sensitive patient data. On-premises solutions provide higher control and security as data is stored within the facility's local servers. This can particularly appeal to organizations with strict data governance requirements and data privacy and compliance concerns. Healthcare facilities with established on-premises infrastructure, including EHR, laboratory information systems, and other in-house solutions, may prefer on-premises bed management systems for seamless integration. This approach enables a cohesive healthcare IT environment, avoiding potential compatibility issues with existing systems.
Type Outlook
By type, the market is categorized into acute care bed, critical care bed, long-term care bed, and others. In 2022, the acute care bed segment held the highest revenue share in the market. Hospital bed management systems are designed to optimize the allocation of acute care beds based on patient acuity, medical needs, and bed availability. These systems use real-time data to match the severity of patient conditions with the appropriate level of care, ensuring efficient bed utilization and reducing wait times. Acute care beds are often in high demand due to the urgent nature of conditions requiring this level of care. Hospital bed management systems streamline the admission process by providing quick access to real-time bed availability data, allowing healthcare providers to admit patients promptly and initiate necessary treatments without delays.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. North America boasts an advanced and well-developed healthcare infrastructure comprising a network of hospitals, clinics, and healthcare facilities. The integration of telehealth capabilities within HBMS is gaining prominence in North America. The interconnected nature of the North American healthcare landscape requires HBMS to be interoperable with various healthcare systems and technologies.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Epic Systems Corporation, GE HealthCare Technologies, Inc., HealthStream, Inc., TeleTracking Technologies, Inc., SAP SE, JVS Group, Advanced Data Systems Corporation, NextGen Healthcare, Inc., and McKesson Corporation.
Strategies Deployed in Hospital Bed Management Systems Market
Jun-2023: TeleTracking Technologies, Inc. came into partnership with Medway NHS Foundation Trust, based in Kent which runs Medway Maritime Hospital. Through this partnership, TeleTracking would provide a new care coordination center, a comprehensive, centralized method for managing beds and patient movement.
Jan-2023: HealthStream, Inc. took over Electronic Education Documentation System, LLC, a North Carolina-based healthcare technology company. Through this acquisition, HealthStream would offer an integrated inventive, SaaS-driven system for managing continuing education.
Dec-2021: HealthStream, Inc. took over Rievent Technologies, a software development company. Through this acquisition, Healthstream would enhance cutting-edge, SaaS-powered applications for managing and delivering continuing education in CME/CE.
Oct-2021: GE HealthCare Technologies, Inc. came into partnership with Apprise Health Insights, a hospital and healthcare company in Oregon. Through this partnership, GE Healthcare would provide an automated statewide hospital bed management solution in Oregon.
Jan-2021: HealthStream, Inc. took over ComplyALIGN, a Software Development company in Illinois. Through this acquisition, HealthStream would enhance the SaaS-based policy management system. Additionally, Healthcare would provide hospital facilities.
Apr-2020: GE HealthCare Technologies, Inc. unveiled a Remote patient data monitoring technology, designed to aid clinicians and health systems in caring for patients with COVID-19. Additionally, Mural supports health systems in implementing COVID-19 care protocols for patients and helps caregivers ensure they're followed in real-time.
Market Segments covered in the Report:
By Deployment
By Type
By Geography
Companies Profiled
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