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2 PATIENT FLOW MANAGEMENT SOLUTIONS MARKET BY TYPE (RTLS, EVENT DRIVEN), BY PRODUCT (INTEGRATED, STANDALONE), BY COMPONENT (HARDWARE, SOFTWARE, SERVICES), BY DELIVERY MODE (WEB-BASED, ON-PREMISE, CLOUD-BASED) TRENDS AND GLOBAL FORECASTS TO 2019 It s all about markets MARKETSANDMARKETS sales@marketsandmarkets.com

3 MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers fourteen industry verticals, including aerospace and defence, advanced materials, automotives and transportation,, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2015 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. 2

4 1 INTRODUCTION 1.1 MARKET SCOPE Patient flow can be defined as a patient s movement through the healthcare continuum. Patient flow management is a very broad term and there are various interpretations of the meaning of the term. One way to define patient flow management is the use of solutions based on quantitative methods to help analysts and decision-makers in a healthcare setting to analyze, and improve the flow of patients across the healthcare continuum. Patient flow management solutions assist in coordinating and allocating personnel, physical space, and equipment needed to meet the needs of patients in a hospital. The scope of patient management solutions for this study is given below: The market study covers various hardware, software, and services that are directly related to the progression of a patient while at the healthcare organization, which includes patient tracking, patient placement, bed management, and staff calling for arriving at the patient flow management solutions market revenue in the period from 2012 to 2019 Asset management, asset tracking, temperature management, and other operations management solutions that are not directly related to patient flow management are not considered in the scope of this study MARKETS COVERED This research report categorizes the patient flow management solutions market into the following segments: FIGURE 1 PATIENT FLOW MANAGEMENT SOLUTIONS MARKET SEGMENTATION Patient Flow Management Market, by Component Patient Flow Management Market, by Delivery Mode Patient Flow Management Market, by Product Patient Flow Management Market, by Type Patient Flow Management Market, by Geography Software Web-based Integrated RTLS North America Services On-premise Standalone Event-driven Europe Hardware Cloud-based Asia RoW Source: Press Releases, American Case Management Association (ACMA), American Association of Healthcare Administrative Management (AAHAM), Commission for Case Manager Certification, American Association of Managed Care Nurses (AAMCN), Case Management Society of Australia and New Zealand (CMSA), The Institute for Health Technology Transformation (iht2), Healthcare Information and Management Systems Society (HIMSS), American Medical Group Association (AMGA), International Association of Health Policy (IAHP), Institute of Population and Public Health (IPPH), Public Health Agency of Canada, Expert Interviews, and MarketsandMarkets Analysis 3

5 2 EXECUTIVE SUMMARY The patient flow management solutions market is expected to grow rapidly as the healthcare industry is witnessing a shift to a patient-centric approach and aims to curtail costs. The admission rates in hospitals and emergency department have been increasing. According to the Healthcare Cost and Utilization Project (HCUP) the emergency department visits have gone up by from 2006 to This indicates the huge patient burden on hospitals with admission rates consistently increasing. The U.S. healthcare system is poised to undergo a radical transformation in order to combat the rising healthcare costs. The healthcare expenditure in the U.S. has risen to of GDP in 2012 from of GDP in According to the Centers for Medicare & Medicaid Services (CMS), this expenditure will reach $XX trillion by 2020 and will continue to grow in the future. Thus, rising pressure to curtail healthcare costs and increasing demand for quality care are slated to drive the adoption of patient flow management solutions in the U.S. The global patient flow management solutions market is projected to reach $XX million in 2019 from $XX million in 2014, growing at an estimated CAGR of from 2014 to One of the pivotal factors driving the growth of patient flow management solutions market is the increase in the number of healthcare mandates and incentives for adopting HCIT solutions by governments across the globe. The acts offer stimulus for healthcare stakeholders who adopt HCIT solutions and enables governments to curtail cost and make quality care available for the population. This significantly leads to an increase in the adoption of patient flow management solutions. Furthermore, demand for the improved quality of care and the adoption of patient-centric approach by healthcare givers also drives the patient flow management solutions market. With decreased length of stay, quality care at affordable costs, and decreased wait time for patients, healthcare givers can achieve high levels of patient satisfaction. The benefits provided by patient flow management solutions such as high return on investment (RoI) for the healthcare givers, increased patient throughput, enhanced staff productivity, and ability to manage patients across the care continuum boost the adoption of these solutions. However, in spite of the numerous benefits of patient flow management solutions, certain barriers such as huge investments, lack of skilled IT professionals, and concerns regarding security of patient data are restraining the growth of this market. FIGURE 2 SOFTWARE ACCOUNTS FOR MAJOR SHARE OF GLOBAL PATIENT FLOW MANAGEMENT MARKET IN 2014 Market Size ($Million) Market Size ($Million) Hardware Services Software RTLS Event driven Source: Press Releases, Society for Participatory Medicine, Association for Patient Experience, American Association of Healthcare Administrative Management (AAHAM), Australian Health Services Financial Management Association (AHSFMA), Japanese Association of Healthcare Information Systems Industry (JAHIS), European Health Management Association (EHMA), The Institute for Health Technology Transformation (iht2), Healthcare Information and Management Systems Society (HIMSS), Agency for Healthcare Research and Quality (AHRQ), American Hospital Association (AHA), International Association of Health Policy (IAHP), Public Health Agency of Canada, Expert Interviews, and MarketsandMarkets Analysis 4

6 The patient flow management solutions market by component is predominantly driven by the software segment which accounts for a share of of the patient flow management solutions market in This market is expected to reach $XX million by 2019 from $XX million in 2014, growing at an estimated CAGR of from 2014 to The services sector is the fastest-growing segment which is growing at a CAGR of. By delivery mode, the web-based market will continue to hold the largest market share during the forecast period. This is mainly due to the minimum requirements of hardware and software for using web-based patient flow management solutions, which helps in cutting down the upfront installation costs. However, the cloud-based market also poses a strong growth opportunity due to its advantages such as on-demand self-serving patient flow management solutions, no upfront capital investment for hardware, and extreme capacity flexibility. In spite of the concerns regarding security of patient data, the growth rate for cloudbased solutions remains the highest in the market. By type, the event-driven market will continue to hold a major market share during the forecast period. However, the RTLS market is expected to grow at a higher rate due to increasing awareness about RTLSenabled patient flow solutions and their benefits. Additionally, the adoption of RTLS is expected to increase owing to benefits such as enterprise-wide automation and ability to integrate with other HCIT solutions. Also, the real-time data decreases the response time. On the basis of products, the patient flow management solutions market is divided into integrated and standalone solutions. The market for standalone solutions is larger, accounting for of the market share. It is expected to reach $XX million by 2019 from $XX million in 2014, growing at an estimated CAGR of from 2014 to As of now, standalone solutions dominate the patient flow management solutions market; however, increasing interoperability and integration between various departments is expected to boost the market for integrated solutions. FIGURE 3 AISA IS THE FASTEST GROWING MARKET OF GLOBAL PATIENT FLOW MANAGEMENT SOLUTIONS MARKET CAGR% ( ) Asia 20 Europe 1 15 North America RoW Rank (In Terms of Market Size for 2014) Source: Press Releases, Society for Participatory Medicine, Association for Patient Experience, American Association of Healthcare Administrative Management (AAHAM), Australian Health Services Financial Management Association (AHSFMA), Japanese Association of Healthcare Information Systems Industry (JAHIS), European Health Management Association (EHMA), The Institute for Health Technology Transformation (iht2), Healthcare Information and Management Systems Society (HIMSS), Agency for Healthcare Research and Quality (AHRQ), American Hospital Association (AHA), International Association of Health Policy (IAHP), Public Health Agency of Canada, Expert Interviews, and MarketsandMarkets Analysis 5

7 3 PATIENT FLOW MANAGEMENT SOLUTIONS MARKET, BY PRODUCT 3.1 INTRODUCTION Patient flow management solutions can be categorized into two types, namely, standalone and integrated, on the basis of type of product. Each solution has different capabilities and functionalities, and requires different investments, and as a result the cost of these solutions varies to a great extent. The solutions also differ with respect to their ability to communicate with other systems. The changing landscape of the healthcare industry and the growing popularity of HCIT solutions have led to a higher adoption rate for integrated systems, as customers seek to streamline the front and back office workflows and thereby reduce workload. Vendors of patient flow management solutions provide a wide range of products that can be offered as standalone solutions, or integrated to form a customized platform that suits clients needs. Integrated solutions provide a comprehensive, strategic and operational view of the patient flow to hospitals and healthcare organizations, whereas standalone solutions are specific to particular areas of consideration. FIGURE 4 STANDALONE SOLUTIONS WILL CONTINUE TO HOLD MAJOR SHARE OF PATIENT FLOW MANAGEMENT SOLUTIONS MARKET Market Size ($Million) xx Standalone xx xx Integrated xx Source: Press Releases, Society for Participatory Medicine, Association for Patient Experience, American Association of Healthcare Administrative Management (AAHAM), Australian Health Services Financial Management Association (AHSFMA), Japanese Association of Healthcare Information Systems Industry (JAHIS), European Health Management Association (EHMA), The Institute for Health Technology Transformation (iht2), Healthcare Information and Management Systems Society (HIMSS), Agency for Healthcare Research and Quality (AHRQ), American Hospital Association (AHA), International Association of Health Policy (IAHP), Public Health Agency of Canada, Expert Interviews, and MarketsandMarkets Analysis 6

8 TABLE 1 GLOBAL PATIENT FLOW MANAGEMENT SOLUTIONS MARKET SIZE, BY PRODUCT, ($MILLION) Product CAGR% ( ) Integrated XX XX XX XX XX Standalone XX XX XX XX XX Total XX XX XX XX XX Source: Press Releases, Society for Participatory Medicine, Association for Patient Experience, American Association of Healthcare Administrative Management (AAHAM), Australian Health Services Financial Management Association (AHSFMA), Japanese Association of Healthcare Information Systems Industry (JAHIS), European Health Management Association (EHMA), The Institute for Health Technology Transformation (iht2), Healthcare Information and Management Systems Society (HIMSS), Agency for Healthcare Research and Quality (AHRQ), American Hospital Association (AHA), International Association of Health Policy (IAHP), Public Health Agency of Canada, Expert Interviews, and MarketsandMarkets Analysis 7

9 CAGR % ( ) Patient Flow Management Market Trends and Global Forecasts to PATIENT FLOW MANAGEMENT SOLUTIONS MARKET, BY DELIVERY MODE 4.1 INTRODUCTION Software is provided to end users through three modes on-premise, web-based, and cloud-based. The phenomenal pace of technological advancement is modifying the way healthcare organizations use IT systems and solutions. A number of healthcare organizations are shifting from on-premise to cloud-based or web-based models for core applications. It is expected that a growing number of online storage vendors will use cloud-based backup, on account of the concerns of healthcare organizations on preserving patient data confidentiality. All three delivery modes have their pros and cons, but an ideal combination would be a solution that integrates both on-premise and cloud-based models. Unfortunately, with the current vendor polarization, wherein end users utilize both delivery modes from different vendors, achieving this cross-model combination would add complexity and cost, as end users would have to buy and support two different technologies. It would also mean that healthcare organizations would have to manage multiple vendor relationships and ensure interfacing between solutions. The web-based market segment, valued at $XX million (in 2014), accounted for the largest share of the overall healthcare information technology (HCIT) market. This segment is expected to reach $XX million by 2019, at an estimatedc AGR of XX %. The web-based solutions segment holds the highest share in the market by delivery mode, as it pushes infrastructure costs to the vendor. The vendors would have to provide servers and associated services, sparing customers the server cost as well as the service charges. Cloud-based technology is growing at a higher CAGR as it is more cost-effective and is a secured delivery mode. Various players such as TeleTracking (U.S.), Central Logic (U.S.), and Awarepoint (U.S.) have their software delivered through the cloud. For instance, Central Logic s ForeFront is a web-based hospital transfer center that helps optimize patient flow. FIGURE 5 CLOUD-BASED PATIENT FLOW MANAGEMENT SOLUTIONS TO GROW AT FASTEST RATE FROM 2014 TO % 30.0% 25.0% Cloud based 20.0% 15.0% Web-based 10.0% On-premise 5.0% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Market Share for 2014 (%) Note: the bubble indicates market size for particular segment. Source: Press Releases, Society for Participatory Medicine, Association for Patient Experience, American Association of Healthcare Administrative Management (AAHAM), Australian Health Services Financial Management Association (AHSFMA), Japanese Association of Healthcare Information Systems Industry (JAHIS), European Health Management Association (EHMA), The Institute for Health Technology Transformation (iht2), Healthcare Information and Management Systems Society (HIMSS), Agency for Healthcare Research and Quality (AHRQ), American Hospital Association (AHA), International Association of Health Policy (IAHP), Public Health Agency of Canada, Expert Interviews, and MarketsandMarkets Analysis 8

10 5 COMPETITIVE LANDSCAPE 5.1 INTRODUCTION In the competitive landscape, the report studies the various growth strategies adopted by companies in the patient flow management solutions market during The players in this market adopted various strategies to expand their presence and increase their market share. Major strategies adopted by players in this market are agreements, partnerships, and collaborations; acquisitions and client acquisitions; new product launches; expansions; and other strategies. The other strategies section includes marketing and promotional activities, patent applications, equity funding, and certifications. FIGURE 6 BATTLE FOR MARKET SHARE: CLIENT ACQUISITIONS WAS THE KEY STRATEGY Client acquisition was the key strategy followed by the majority of players in the global patient flow management solutions market. This strategy accounted for of all strategies adopted by market players. Client acquisitions enable companies to significantly increase their customer base. Agreements, partnerships, and collaborations accounted for to the total growth strategies in the global patient flow management solutions market. These were aimed at integrating technologies with partnering companies in order to improve the quality of solutions offered. Client Acquisitions New Product Launches Agreements, Partnerships, and Collaborations Expansions Acquisitions New product launches accounted for. Market players are focusing on entering new markets by launching technologically advanced and innovative patient flow management solutions. Newly developed products helped healthcare providers to better utilize their existing resources and improve patient satisfaction. Acquisitions accounted for a share of of the total strategies adopted. Firms followed this strategy to combine proprietary technologies in order to create a strong service portfolio and capture the customer base of the acquired company, which in turn increases the company s market share. A number of partnerships were observed between companies specializing in RTLS and those that have been traditionally developing event-driven solutions. Expansions accounted for of the strategies adopted. Companies adopted this strategy to increase their sales capabilities and meet customers demands. Additionally, companies used this strategy to expand into new geographies and gain a foothold in hitherto untapped markets. Other growth strategies accounted for. These include certifications, marketing and promotional activities, patent applications, and equity funding. Firms operating in this market followed these strategies to stay competitive and increase their market share. Others 9

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