PUBLISHER: The Business Research Company | PRODUCT CODE: 1455251
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455251
Hospital bed management systems (HBMS) are technological solutions and software designed to optimize the allocation, tracking, and efficient utilization of hospital beds within healthcare facilities. These systems play a crucial role in enhancing patient care, improving hospital operations, and maximizing bed availability.
The primary components of hospital bed management systems include services and software. Services encompass a diverse range of economic activities involving the provision of assistance, tasks, or expertise to fulfill specific needs or demands for individuals, businesses, or organizations. These services can be deployed through various modes, including on-premise and cloud-based solutions. Hospital bed management systems come in different types, such as acute care bed management systems, critical care bed management systems, long-term care bed management systems, among others. They find application across various end-users, including hospitals, ambulatory surgical centers, and others.
The hospital bed management systems market research report is one of a series of new reports from The Business Research Company that provides hospital bed management systems market statistics, including hospital bed management systems industry global market size, regional shares, competitors with hospital bed management systems market share, detailed hospital bed management systems market segments, market trends, and opportunities, and any further data you may need to thrive in the hospital bed management systems industry. This hospital bed management systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hospital bed management systems market size has grown rapidly in recent years. It will grow from $1.97 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed in the historic period can be attributed to factors such as increased demand from the aerospace industry, initiatives for automotive lightweighting, development in renewable energy infrastructure, applications in the marine industry, and utilization in sports and leisure equipment.
The hospital bed management systems market size is expected to see strong growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be attributed to the expansion of electric vehicles, growth in the wind energy sector, infrastructure rehabilitation projects, an increased focus on sustainable construction, and applications in the medical industry. Major trends expected in the forecast period encompass advancements in manufacturing technologies, innovations in material composition, expanding applications in renewable energy, market growth in construction and infrastructure, and increased adoption in automotive manufacturing.
The growth of the hospital bed management systems market is anticipated to be fueled by the rising rates of hospitalization. Hospitalization involves admitting patients to healthcare facilities for medical treatment, care, and monitoring. Hospital bed management systems play a crucial role in this process by ensuring the efficient allocation of hospital beds and resources to inpatients. As an example, in November 2022, the Centers for Disease Control and Prevention (CDC) reported a 12% increase in ventilator-associated events (VAE), including a 12% rise in intensive care units (ICUs) and a 16% increase in non-ICUs from 2020 to 2021, as per the HAI Progress Report. Consequently, the surge in hospitalization rates is a key driver for the hospital bed management systems market.
The growth of the hospital bed management systems market is expected to be driven by the escalation in healthcare spending. Healthcare spending refers to the total financial resources allocated to the healthcare sector within a specific region, country, or organization. The increased investment in healthcare can lead to the adoption of more advanced hospital bed management systems, resulting in improved efficiency, enhanced patient care, and optimized resource utilization. This rise in spending supports the implementation of hospital bed management systems, as evidenced by a 2.7% increase in health spending in the United States in 2021, reaching $4.3 trillion, or $12,914 per capita, according to the American Medical Association in March 2023. Hence, the upsurge in healthcare spending is a significant factor propelling the growth of the hospital bed management systems market.
The growth of the hospital bed management systems market is anticipated to be hampered by increasing privacy and security concerns in the healthcare sector. Healthcare security breaches involve unauthorized access, disclosure, or loss of sensitive healthcare information, encompassing patients' identity details, health status, disease diagnosis and treatment, and biogenetic information. The heightened apprehensions regarding data safety pose a significant obstacle to the adoption of hospital bed management systems in healthcare facilities. For example, in June 2023, the US Department of Health and Human Services (HHS) Office for Civil Rights (OCR) data breach portal reported approximately 295 breaches in the healthcare sector during the first half of 2023 alone, affecting over 39 million individuals. Consequently, the rising concerns about privacy and security for data safety are limiting the growth of the hospital bed management systems market.
Key players in the hospital bed management systems market are strategically forming partnerships to develop advanced solutions and gain a competitive edge. A strategic partnership involves a collaborative agreement between two or more organizations with the aim of achieving mutually beneficial goals that would be challenging to accomplish individually. For instance, in October 2021, GE HealthCare Partners, a US-based healthcare consulting firm, collaborated with Apprise Health Insight, an Oregon-based provider of data collection and analytics, to introduce an automated hospital bed management tool. This innovative tool, funded by a Department of Health and Human Services grant, facilitates the automated tracking and recording of bed availability data to address capacity challenges arising from the COVID-19 pandemic. It can automatically track and manage 7,368 beds and approximately 800 ventilators across 60 hospitals, processing 4.2 million data points daily. The objective is to assist health organizations in making timely, informed decisions about staffing and resources.
In January 2023, LeanTaaS Inc., a US-based provider of AI-powered and SaaS-based capacity management and patient flow software, acquired Hospital IQ Inc. for an undisclosed amount. This acquisition positions LeanTaaS to enhance patient access, staff satisfaction, and revenue productivity by addressing challenges in multiple departments, including the infusion suite, operating room, and inpatient units, related to capacity management and staffing shortages. Hospital IQ Inc., a US-based software company, specializes in providing healthcare institutions with workforce and bed management systems to enhance hospital operational efficiency.
Major companies operating in the hospital bed management systems market report are McKesson Corporation, Oracle Corporation, SAP SE, Koninklijke Philips N.V., Stryker Corporation, GE Healthcare Technologies Inc., Infor Inc., Epic Systems Corporation, Getinge AB, Oracle Cerner, Veradigm Inc., Kronos Incorporated, Omnicell Inc., athenahealth Inc., Medical Information Technology Inc., CentralSquare Technologies LLC, Mcleod Health Services Inc., Egton Medical Information Systems Limited, CareCloud Corporation, Lyngsoe Systems A/S, Advanced Data Systems Corporation, PatientKeeper Inc., Siemens Healthcare GmbH, Central Logic Inc., LeanTaaS Inc., Terawe Corporation, TeleTracking Technologies Inc., The Access Group.
North America was the largest region in the hospital bed management systems market in 2023. The regions covered in the hospital bed management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hospital bed management systems (HBMS) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The hospital bed management systems (HBMS) market consists of revenues earned by entities by providing real-time bed tracking, patient tracking, reduced waiting time, cost reduction, and improved coordination. The market value includes the value of related goods sold by the service provider or included within the service offering. The hospital bed management systems (HBMS) market also includes sales of beside terminals, automated bed systems, and location tracking devices. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hospital Bed Management Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hospital bed management systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hospital bed management systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hospital bed management systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.