Patient Flow Management Solutions Market Size

Patient Flow Management Solutions Market Analysis

The Patient Flow Management Solutions Market size is estimated at USD 1.57 billion in 2024, and is expected to reach USD 4 billion by 2029, growing at a CAGR of 20.62% during the forecast period (2024-2029).

The pandemic altered the way people live and work. Many of these changes would have long-term effects. As they adjusted to these new realities, companies in every area, including the medical industry, adopted new technologies and working methods. The demand for patient flow management solutions has significantly increased because of the pandemic. According to an article published in the Daily Bundle, in July 2022, to help with containment, hospitals used RFID technology to track down and identify staff members who had contact with infected patients during the pandemic. In particular, the deployment of tracking and alarm systems can help to ensure the security of medical personnel in high-risk environments. Also, according to TechTarget, in 2022, it was estimated that by 2025, there would be 22 billion linked IoT devices, up from the estimated 7 billion in 2022. The number of IoT use cases in healthcare is growing quickly as the technology base develops. The COVID-19 pandemic raised the necessity of addressing the problem of rising healthcare expenditures. The market was expected to show better growth during the forecast period due to the increasing dependency of hospitals and the healthcare sector on digital platforms.

The major market growth factors include the growing burden to minimize healthcare costs, a high return on information (ROI) (an impetus to install patient flow management solutions), and a shortage of nursing staff and doctors, which will increase the need for solutions. For instance, as per the August 2021 update from the Commonwealth Fund, rising healthcare expenditure concerns state governments and their constituents, who are facing greater out-of-pocket costs and premiums. By integrating patient flow management solutions into EHRs in hospitals, expenses are intended to be reduced based on these common health system issues, which is likely to boost the growth of the market over the forecast period. Furthermore, as per an article published by SelectHub in January 2022, with more excellent patient care and the convenience of delivering superior treatment with doctors and medical institutions employing digital technologies, the futures of EHR and EMR offer a lot of potential. At roughly 89%, EHR/EMR adoption rates are higher than ever. Risk-based management codes and the usage of modifiers are two documentation difficulties that continue to worry medical practices. According to experts, patient participation, accessibility, regulation, and standardization will see the biggest gains in the EHR. The healthcare sector is about to undergo significant transformation because of technologies like AI, blockchain, and patient flow management solutions. Thus, considering the rising adoption of EHR and connectivity, the market is expected to witness high growth over the forecast period.

Furthermore, in October 2021, Queen's Hospital Burton deployed the ExtraMed Patient Flow system to help clinicians more efficiently manage patient flow, avoid delays in discharge, enhance patient care, and free up crucial capacity. Following the success of the ExtraMed Patient Flow solution at Royal Derby Hospital, where staff reduced lengths of stay and enhanced care for patients, the University Hospitals of Derby and Burton NHS Foundation Trust (UHDB) rolled out the same system in wards across its Burton site. So, the growth of the patient flow management solutions market is directly tied to the rate at which patient flow systems are being used.

Therefore, the factors mentioned above are attributed collectively to the studied market's growth over the forecast period. But worries about security, a rise in data security breaches, and a lack of skilled IT workers are likely to slow market growth over the next few years.