Hospital Bed Management Systems Market to Grow at 9.5% CAGR: Forecast to $4.18 Bn by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hospital Bed Management Systems Market- (By Type (Acute Care Bed, Critical Care Bed, Long-term Care Bed, Others), By Deployment (Cloud & Web Based, On-premises)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Hospital Bed Management Systems Market is valued at US$ 1.86 Bn in 2022, and it is expected to reach $ 4.18 Bn by 2031, with a CAGR of 9.5% during a forecast period of 2023-2031.

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Effective bed management is essential for hospitals to provide quality patient care and optimize operational efficiency. Hospital bed management systems leverage technology and data to ensure that beds are allocated judiciously, helping healthcare facilities meet the needs of their patient population efficiently and effectively.

The rise in the patient pool in hospitals for chronic diseases, the rise in requirement for ambulatory hospital management solutions, the adoption of digitalization, the rise in demand for IoT-based healthcare services, and the rise in demand for integrated healthcare systems are the drivers of the hospital capacity management solution market size. The rising need for better healthcare facilities, greater investment by healthcare IT companies, and rapid technological innovation in hospital capacity management solutions are projected to drive the market in the future. Furthermore, prominent competitors are focusing heavily on product approval and expansion, which will increase the prevalence of factors driving market growth.

List of Prominent Players in the Hospital Bed Management Systems Market:
• Oracle
• Epic Systems Corporation
• GE Healthcare
• Veradigm LLC
• CentralSquare Technologies
• Advanced-Data Systems
• Terawe Corp
• Lyngsoe Systems A/S
• The Access Group
• EMIS Health
• TeleTracking Technologies, Inc.
• SAP

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Market Dynamics:
Drivers-
Governments and healthcare systems around the world are concentrating on reducing rising healthcare costs by reducing patient readmissions, medical errors, and administrative costs through the effective use of capacity management software such as workforce management and asset management. The successful acceptance and deployment of these technologies are predicted to save healthcare systems around the world billions of dollars. Delays and placing patients in the wrong beds can drastically raise healthcare expenses. As a result, using hospital capacity management solutions helps to lower total healthcare expenditures.

Challenges:
IoT-enabled devices that link and share patient-generated data expand the amount of potential system risks. Most healthcare organisations typically place Several IoT-enabled devices on the same network. Second-generation ultrasound, Bluetooth Low Energy, and RTLS are all networking technologies that add another layer to already complex networks. These external networks might not be as safe or secured as needed. External parties, such as data collectors, government agencies, or hackers, can gain access to the information transmitted across these networks. This may not only infringe on the concerned individual's privacy, but it may also constitute a security risk to both the individual and the organization.

Regional Trends:
The North America Hospital Bed Management Systems Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. Rising government initiatives, well-developed healthcare infrastructure, and increased knowledge about healthcare advancements are projected to drive market expansion in the region.

However, Asia-Pacific is predicted to have the highest CAGR during the hospital capacity management solution market projection period. The need for better healthcare facilities, higher investment by healthcare IT enterprises, and IoT-based technologies in controlling the healthcare system, among other factors, is driving the hospital capacity management solution market expansion.

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Recent Developments:
• In June 2023, Medway NHS Foundation Trust has partnered with TeleTracking UK to implement its new Care Co-ordination Centre, a centralised bed management and patient flow system. Underpinned by TeleTracking's operational electronic bed management platform, the Centre will give a dedicated team of nursing professionals and bed placement specialists real-time bed status visibility at Medway Maritime Hospital, the Trust's Gillingham-based hospital site that serves over 424,000 Kent and Medway residents.
• In Oct 2021, GE Healthcare Partners, in collaboration with Apprise Health Insight of Oregon, introduced an innovative instrument for hospital capacity and critical resource management. The tool, which was introduced via a Department of Health and Human Services grant, sought to alleviate capacity issues resulting from the COVID-19 pandemic by automatically monitoring and recording bed availability data.

Segmentation of Hospital Bed Management Systems Market-
By Type-
• Acute Care Bed
• Critical Care Bed
• Long-term Care Bed
• Others
By Deployment-
• Cloud & Web Based
• On-premises
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.