Market Trends of Patient Flow Management Solutions Industry
This section covers the major market trends shaping the Patient Flow Management Solutions Market according to our research experts:
Real-Time Locating Systems Segment is Expected to Witness Growth Over the Forecast Period
A real-time location system (RTLS) is an exact positioning system that uses radio frequency identification (RFID) tags on assets, employees, patients, materials, or visitors. In healthcare systems, RTLS is crucial because it lowers costs, speeds up the delivery of services, and reduces error rates. These technologies are used to track patients, medical personnel, and priceless medical equipment. Additionally, one of the fundamental uses of these systems is to increase staff and patient satisfaction. Positive features of this technology include control over processes, reduced pharmaceutical counterfeiting, and accurate data exchange. For instance, according to a report published by The Journal of Medicine Access 2022, more than 34,000 counterfeit COVID-19 items were found among the products confiscated globally, according to the Medicines and Healthcare Products Regulatory Agency (MHRA) of the United Kingdom. Additionally, an article published in the Journal of the American Medical Informatics Association in March 2021 stated that RTLS is a useful and effective adjunct methodology in process and quality improvement, workflow analysis, and patient safety and management. Thus, with the increase in pharmaceutical counterfeiting and the advantages of RTLS, the market is expected to show significant growth over the forecast period.
The increasing technological advancements, product launches, partnerships, and acquisitions in the RTLS segment are leading to an increase in market growth. For instance, in June 2021, Midmark RTLS, a leading real-time locating system (RTLS) technology provider focused on clinical workflow solutions and data insights that improve the delivery of care, announced the launch of a cloud-based, Bluetooth low energy (BLE) asset tracking solution. This solution can be quickly deployed across health systems in both new and existing facilities without time-consuming, resource-intensive projects. Such launches are likely to be the primary factor driving their increasing demand.
Furthermore, in August 2021, CenTrak, a global leader in healthcare-specific locating and sensing solutions, partnered with Cisco DNA Spaces, a cutting-edge indoor location and IoT services platform. This integration of CenTrak and Cisco DNA Spaces allowed existing CenTrak users to migrate to Cisco's cloud format to take full advantage of RTLS in a system in the healthcare industry for patient flow management and hospital asset tracking.
So, because RTLS has a lot of benefits and more products are coming out, this segment is expected to grow a lot over the next few years.
North America is Expected to Have Significant Growth in the Patient Flow Management Solutions Market
North America is expected to have significant growth in the market owing to factors such as better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States. For instance, according to the American Hospital Association's data for 2022, there were 6,093 hospitals in the United States, among the highest number of hospitals available in all countries of the world. This highlights that the demand for patient flow management is high in the United States. Furthermore, according to the National Health Expenditure Trend 2021 report from the Canadian Institute of Health Information, Canadian health expenditure increased to USD 308.1 billion in 2021 from USD 301.5 billion in 2020.Because of this, the region is likely to use more patient flow management solutions as healthcare costs and information technology go up.
Additionally, in August 2022, Tampa General Hospital (TGH) mentioned the implementation of an artificial intelligence (AI) tool designed to enhance the processes of admitting, moving, and discharging patients to improve patient experience and efficiency. TGH collaborated with startup Enroute to create and upgrade an AI platform to simplify patient transportation within hospitals and improve operational flow. Such initiatives are projected to drive the growth of the studied market in North America.
So, because of the above factors, it is likely that the studied market will grow in the North American region.
