Hospital Capacity Management Solutions Market to Reach Value of $99 Million by the End of 2020 Due to Adoption of RTLS and Cloud Monitoring -- FMI

The hospital capacity management solutions market is slated to reach a value of $99 million by the end of 2020 according to Future Market Insight's (FMI) recent report. Management solutions, such as real time location systems (RTLS) and cloud-based monitoring, help to increase hospitals’ operational efficiency. The demand for these technologies has increased drastically since the outbreak of COVID-19.

"Saturation of operations and an overburdened staff have pushed healthcare providers to allocate their funds towards procuring advanced capacity management solutions. They are therefore collaborating with software behemoths to provide effective cloud-based hospital capacity management solutions," concludes an FMI analyst.

Expansion of patient care due to high incidences of chronic and infectious diseases has compelled hospitals to invest heavily in streamlining their operations. In recent years, rapid technological advancements have made it possible to integrate artificial intelligence to enhance healthcare. Adoption of hospital capacity management solutions has ushered in a smooth workflow by reducing maintenance downtime and yielding significant cost savings.

Investments in RTLS and cloud-based monitoring solutions are on the rise across hospitals worldwide. A host of advantages such as improvements in patient flow, faster room turnover, throughput optimization and automated occupancy and discharge are driving increased adoption of RTLS systems across healthcare settings. It also facilitates effective asset management.

The ongoing COVID-19 pandemic has only accelerated the need for hospital capacity management solutions. The pandemic has burgeoned demand for point-of-care access to medical records, increasing the need to implement cloud-based solutions in the upcoming forecast period. Furthermore, demand for wireless monitoring devices has ascended, enabling doctors to prescribe effective treatment to the infected patients without the need to come in direct contact.