Global Hospital Management Solutions Market Grows at a Staggering CAGR of 12.28%

Introduction

A hospital management solution oversees all healthcare operations, including administrative, medical, and financial. HMS was created to alleviate the difficulties associated with the confidential administration of all patient-related documents generated by hospital departments. Using hospital management systems, hospitals and other healthcare facilities enhance the quality of medical services, optimize the revenue cycle, and decrease operating expenses.

Market Dynamics

Rising Role of AI in Improving Patient Flow and Management Market Drives the Global Market

Artificial intelligence (AI) in healthcare assists healthcare professionals and stakeholders in managing massive quantities of data and transforming them into potentially lifesaving information. AI may be the optimal tool for optimizing HMS. The three primary areas where AI can improve patient flow are clinical decision-making, operational efficiency, and monitoring.

In the long run, AI tools will open new data collection and analysis avenues to improve understanding of health conditions, allowing for enhanced preventive and personalized care delivery. Despite the available evidence, the use of AI in patient flow management is still in its infancy. Further research can facilitate the incorporation of AI in patient flow management, thereby fostering market expansion.

Enormous Data Mounting in Healthcare Organizations Creates Tremendous Opportunities

The implementation of big data approaches in the healthcare business has become inevitable due to the increasing volume of data. This is done to improve the quality of healthcare delivery. Due to the extensive adoption of mobile and wearable sensor technologies, data sources in the healthcare industry have expanded quickly. In 2011, the US healthcare system generated 150 exabytes of data. Therefore, it has become difficult to analyze healthcare data using conventional methods, which are inadequate for handling large volumes of diverse medical data.

Healthcare organizations are expanding their IT infrastructures to be more flexible and scalable to meet the rising demand for data. EHRs, electronic medical records (EMRs), medical practice management software (MPM), personal health records (PHRs), and numerous other healthcare data components have the potential to store data and enhance the service efficacy, quality, and costs of healthcare, as well as reduce medical errors. Hospital management systems greatly influence the storage, access, and utilization of healthcare data in hospitals, which can have many different components. Thus, the vast amount of data generated by the healthcare industry will present opportunities for market expansion.

Regional Analysis

North America is the most significant global hospital management solutions market shareholder and is estimated to exhibit a CAGR of 10.57% during the forecast period. The region's preference for HMS increased due to the rising demand for streamlined operations, efficient workflow, and enhanced storage facilities management of patient data. In addition, the government and healthcare organizations are under increased pressure to adopt HMS due to increased clinical errors, operational failures, incoming patient data volume, and the growing healthcare workforce. Medical errors are the third leading reason of mortality in the United States and Canada. Each year, medical errors result in over 250,000 fatalities in the United States and 28,000 deaths in Canada. These include clinical errors, errors in patient information, invoicing errors, and many others. Due to the growing risk of errors in healthcare organizations, there is a surging demand for automating various medical processes with HMS, thereby driving regional market growth.

Europe is anticipated to exhibit a CAGR of 12.72% over the forecast period. The HMS market in Europe is anticipated to expand due to factors such as an aging population, rising healthcare costs, enhanced healthcare management, increased medical errors, rising demand for HMS, and the adoption of IT solutions in healthcare. The region's demand for HMS is being boosted by the rising demand for automation solutions for the efficient administration of healthcare organizations due to increased patient data and the burden of chronic diseases. In 2018, there were 2.4 million available hospital beds across the EU-27. Between 2013 and 2018, there were 2.5% fewer hospital beds in the EU-27. The total number of hospital spaces has also fallen precipitously in most EU member states. With the increasing number of hospital admissions, managing hospital capacity has become crucial. HMS has been widely adopted across regions, contributing to market growth because it can readily handle hospital bed management, billing, staffing, and other essential services.

Key Highlights

• The global hospital management solutions market size was valued at USD 46 billion in 2022. It is estimated to reach USD 97.73 billion by 2031, growing at a CAGR of 12.28% during the forecast period (2023–2031).
• Based on type, the global hospital management solutions market is bifurcated into clinical practice management, laboratory management, pharmacy management, inventory management, revenue cycle management, patient management, and others. The clinical practice management segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 12.70% over the forecast period.
• Based on delivery mode, the global hospital management solutions market is segmented into web and cloud-based and on-premises. The web and cloud-based segment is the largest revenue contributor to the market and is projected to exhibit a CAGR of 12.91% over the forecast period.
• Based on modality, the global hospital management solutions market is bifurcated into integrated and standalone. The integrated segment dominates the global market and is predicted to grow at a CAGR of 12.77% over the forecast period.
• Based on end-users, the global hospital management solutions market is bifurcated into hospitals, clinics, and others. The hospitals segment owns the highest market share and is expected to exhibit a CAGR of 13.22% over the forecast period.
• North America is the most significant global hospital management solutions market shareholder and is estimated to exhibit a CAGR of 10.57% during the forecast period.

Competitive Players

1. Epic Systems Corporation
2. Cerner Corporation
3. McKesson Corporation
4. Athenahealth
5. Allscripts Healthcare Solutions
6. eClinicalWorks
7. NextGen Healthcare
8. Meditech
9. GE Healthcare
10. Siemens Healthineers
11. Docpulse
12. Others

Recent Developments

• July 2023- Marolix, a software development and IT Outsourcing firm based in Hyderabad, introduced HOSPIOL, a comprehensive solution for hospital management systems.
• May 2023- TeleVox, the market-leading omnichannel digital patient technology provider, launched its automated reputation management solution, encouraging hospitals, health systems, and physician practices to manage their online presence.

Segmentation

1. By Offerings
   1. Software
   2. Services
2. By Deployment Mode
   1. On-Premises
   2. Cloud-Based
3. By Solution Type
   1. Electronic Health Records Software
   2. Practice Management Software
   3. Revenue Cycle Management Software
   4. Patient Engagement Solutions
   5. Healthcare Analytics Software
   6. Others
4. By Modality
   1. Integrated
   2. Standalone