LONDON, April 02, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s hospital bed management systems global market report 2024, the hospital bed management systems market has experienced rapid expansion in recent years, with significant growth projected for the near future. From a value of $1.97 billion in 2023, the market is anticipated to reach $2.17 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.2%. This hospital bed management systems market growth is attributed to various factors, including increased demand for aerospace industry applications, automotive lightweighting initiatives, renewable energy infrastructure development, and marine industry applications.
Looking ahead, the hospital bed management systems market is poised for continued robust growth, with a forecasted value of $3.16 billion by 2028, representing a CAGR of 9.8%. This hospital bed management systems market growth is expected to be driven by factors such as the expansion of the electric vehicle market, growth in the wind energy sector, infrastructure rehabilitation projects, and the increasing emphasis on sustainable construction and medical industry applications.
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Impact of Healthcare Spending
One of the key drivers propelling the growth of the hospital bed management systems market is the increase in healthcare spending worldwide. Healthcare spending refers to the total financial resources allocated to the healthcare sector within a specific region, country, or organization. With healthcare spending on the rise, there is a growing focus on adopting more advanced hospital bed management systems to improve efficiency, enhance patient care, optimize resource utilization, and address bed capacity challenges.
For example, in the United States, health spending increased by 2.7% in 2021 to $4.3 trillion, or $12,914 per capita, according to the American Medical Association. This increase in healthcare spending underscores the importance of investing in advanced hospital bed management systems to support efficient resource utilization and improve patient outcomes.
Strategic Partnerships Driving Innovation
In the competitive landscape of the hospital bed management systems market, major companies are increasingly turning to strategic partnerships to develop advanced solutions and gain a competitive edge. These partnerships enable organizations to leverage each other's expertise, resources, and technologies to address hospital bed management systems market needs and drive innovation.
For instance, GE HealthCare Partners partnered with Apprise Health Insight to launch an automated hospital bed management tool aimed at addressing capacity challenges resulting from the COVID-19 pandemic. This tool, supported by a Department of Health and Human Services grant, automates tracking and recording of bed availability data across multiple hospitals, helping healthcare organizations make informed decisions about staffing and resources.
Similarly, LeanTaaS Inc. acquired Hospital IQ Inc. to enhance its capacity management and patient flow software for health systems. This acquisition enables LeanTaaS to improve patient access, staff satisfaction, and revenue productivity by addressing capacity management and staffing shortages across multiple hospital departments.
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In conclusion, the hospital bed management systems market presents significant growth opportunities driven by factors such as healthcare spending, technological advancements, and strategic partnerships. By leveraging insights from this hospital bed management systems market report, stakeholders can navigate the evolving hospital bed management systems market landscape and capitalize on emerging opportunities for innovation and growth.
Hospital Bed Management Systems Global Market Report 2024 by The Business Research Company provides insights on the hospital bed management systems market size, hospital bed management systems market segments, hospital bed management systems market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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