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Patient Flow Management Market Growth At +22.5% CAGR With In Period Of 2025. With Key Players Like McKesson Corporation, Care Logistics, Epic Systems Corporation, Intelligent In Sites

Press release   •   Jul 02, 2019 17:12 IST

Patient Flow Management Market

North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. The Asia Pacific patient flow management market is expected to grow with CAGR of 22.5% to US$ 364.72 Mn 2025 from US$ 74.42 Mn in 2017. Factors such technological advancements and increasing adoption of IT in healthcare in countries such as, Japan and China, are likely to grow the market in the forecast period.

The global patient flow management market is expected to reach US$ 2,126.6 Mn in 2025 from US$ 452.7 Mn in 2017. The market is estimated to grow with a CAGR of 21.9% from 2018-2025, owing to factors such as rising adoption of patient-centric approach by healthcare providers and shortage of nursing staff and doctors.

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Partnership/acquisition, and service launch & collaborations were observed as the most adopted strategy in global patient flow management industry. Few of the acquisition, partnership, product launches and agreements made by the players in the market are listed below;

2018: Allscripts acquired HealthGrid Holding Company to expand the Allscripts FollowMyHealth platform.

2017: Allscripts acquired McKesson Corporation’s hospital and health system IT business to expand Allscripts client base in U.S. hospitals and health systems and expands its solutions portfolio

2017: Care Logistics partnered with New York Hospital System to transform care delivery and lower the cost of care.

2015: Aptean announced acquisition of the Medworxx Solutions Inc. The acquisition has helped the company to enter into the healthcare industry. Medworxx was among the leading providers of clinical patient flow, compliance and education solutions to more than 350 hospitals internationally, including Canada, France, the United States and the United Kingdom

2015: Cerner acquired Siemens Health Services' assets, client relationships and associates.

Market Insights

Rising Adoption of Patient-Centric Approach by Healthcare Providers:-

Patient-centric care is defined as healthcare system that establishes partnership among practitioners and patients to ensure the decisions are supportive of the patient’s demands and needs. In recent years, wireless technologies are built around the premise through which personalized data and interactions prompted by the patient are able to be managed by both the patient and provider. Smartphones are known as significantly important tools that helps to change the health-related behaviors and to manage hospital schedules by patients and medical staff. These internet-based tools also contribute to make healthcare practices more easy and manageable by, collecting health data or healthcare information and offer services to the patients in terms of providing appropriate guidance regarding the concern physicist and the related details of the time availability and appointment scheduling. Due to the easy access and vast variety of applications, the large number of people can use these have started using these tools to eliminate waiting times and get convenient appointments.

Shortage of Nursing Staff and Doctors:-

The North American geographies, especially the US is facing serious shortage of physicians and nursing staff, majorly due to the ageing population and impending retirements of the older physicians. According to the data published by Association of American Medical Colleges (AAMC), the US is expected to face a shortage of up to 120,000 physicians by 2030, impacting patient care across the nation. Other statistics reported by FirstQuoteHealth in June 2018 show that primary physicians have a projected lack be in the vicinity of 8,700 and 43,100 by 2030. Additionally, the country also faces a huge shortage of nursing staff owing to an influx of patients into our health system, the retirement of baby boomers. The burden of resource shortage impacts nurses working in the profession due to piling up of the work. The rising shortage translates into increased wait time for patients, higher risks of mistakes and inappropriate personal attention to the patients in the hospitals.

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Risks Associated with Cyber Threats:-

Healthcare is emerging as a lucrative target for cyber threats and breaches with misconfigured cloud storage buckets, weaponized ransom ware, and phishing emails being the most prominent ones. According to a survey published in the HIPAA Journal 2015, Healthcare Data Breach Statistics reports that there have been 955 major security breaches in healthcare in the last three years that have resulted in the exposure/theft of 135,060,443 healthcare records. More than 41% of the population of the United States have had some of their protected health information exposed as a result of those breaches, which have been occurring at a rate of almost one a day over the past three years.

Product Insights:-

The patient flow management market by product is segmented into integrated and standalone. The standalone segment is poised to grow with a largest market share of 68.2% in 2017. With the inclusion of integrated solution, patient safety is also improved, with fewer instance of mistaken identity or errors associated with manual data handling

Delivery Mode Insights:-

On the basis of delivery mode, the patient flow management market is segmented into on premise, web based and cloud based. The web based segment led the market for patient flow management in 2017, contributing a market share of 42.7% and is expected to retain its dominance during the forecast period from 2017 to 2025 to account for a market share of 41.2% of the overall revenue generated in 2025.

Key Company Profiles:-

McKesson Corporation

Care Logistics

Epic Systems Corporation

Intelligent In Sites

Aptean

Cerner Corporation

Teletracking Technologies, Inc.

Central Logic

Allscripts Healthcare Solutions, Inc.

Sonitor Technologies

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