SAN FRANCISCO, March 2, 2020
SAN FRANCISCO, March 2, 2020 /PRNewswire/ -- The global Healthcare Workforce Management System Market size is expected to value at USD 1.78 billion in the near future. It is also anticipated to register a CAGR of 13.8% during the forecast span. The workforce dynamics in the healthcare industry is gaining a wide attention as institutions emphasize on providing remarkable services for patients. Although, there is a constant juggle for organizations to align staff for administrative tasks and simultaneously cater to patient needs. Therefore, managing workforce in the healthcare industry is one of the significant concern. Healthcare workforce imparts lasting effects on socioeconomic scenarios. For instance, investing in human resources can help in designing regulatory framework i.e. staffing levels, filling vacancies, etc. Budgeting is another instance wherein the size of staff should suffice the workload requirements. Overall, labor expenses account for nearly 60% of total expenses for a healthcare institution. Hence, a technological approach can create wonders within medical industry to overcome staffing and budgeting issues. Going forward, the size of a healthcare organization can encompass attributes such as patient census, government norms, corporate policies and union rules adhering to international standards. At such scenarios, having a workforce suite and software to comply with the changing dynamics proves beneficial for the administrative body within a healthcare institution.
The healthcare workforce management system market is driven by enormous demand for reliable personnel and staff to conduct daily activities. With the rise in geriatric population and high prevalence of chronic disease, there is a significant demand for healthcare staff to support elderly patients during diagnostic procedures. The healthcare market has also undergone rapid transformation in the past few years exhibiting tremendous need for qualified medical and non-medical professionals. It is anticipated that there will be a huge shortage of physicians by the end of the next decade. Currently, the market faces steep decline in the manual resources as the healthcare industry is becoming highly competitive. In addition, retention of qualified professionals and non-clinical staff and cost-cutting on labor is a huge challenge in the market. On the other hand, the market witness opportunities such as bridging the gap between policy formation and implementation. Moreover, angel investors in healthcare are likely to create growth opportunities in terms of sustainable employment.
By application, the healthcare workforce management industry can be segmented as software and services. Software holds the largest share attributing to increase in use across medical industry for patient records. Services are likely to gain a second leading position owing to demand for a safety and security for pre and post hospital procedures. By end-user, the healthcare workforce management industry can be segmented as healthcare institutions, hospitals, nursing homes and assisted living centers. Nursing homes are in huge demand driven by rising rate of patient influx for shelter and medical needs. Healthcare institutions are in second leading position attributing to rise in awareness campaigns for drug addicts and patients with mental illness.
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By mode of delivery, the healthcare workforce management industry can be segmented as web-based, cloud-based and on-premise. Cloud-based delivery is leading due to demand for data management services. However, on-premise deployment is gaining a huge traction attributing to popularity and customized solutions.By region, the market can be segmented as North America, South America, Europe, Asia Pacific, Middle-East and Africa. North America registered a huge growth in the forecast span owing to rise in awareness for effective healthcare workforce management. High adoption of technology for staff retention is highly evident followed by effective monetary facilities for institutional staff. Europe is expected to witness a robust growth attributing to shift in approach towards workforce. Development of healthcare solutions and infrastructure is expected to play a crucial role in the development of regional markets. Some of the key players in the healthcare workforce management system market are Automatic Data Processing Inc., Kronos Inc., IBM, Cornerstone Ondemand Inc., Workday Inc., and McKesson Corporation Inc.
In this report, global Healthcare Workforce Management System Market will reach 1780 Million USD by the end of 2022 with a CAGR of 13.8%. The global Healthcare Workforce Management System market was valued at USD 820 million in 2016 and is expected to reach USD 1780 million by the end of 2022, growing at a CAGR of 13.8% between 2016 and 2022. Workforce management is an institutional process that maximizes performance levels and competency for an organization. The process includes all the activities needed to maintain a productive workforce, such as field service management, human resource management, performance and training management, data collection, recruiting, budgeting, forecasting, scheduling and analytics. Healthcare Workforce Management System can be divided into three categories: Software type, Hardware type and Service type. Software type accounted for the highest proportion in revenue market, with a figure of 64.08% in 2017, followed by Hardware type, account for 13.11% and Service type account for 22.81%.
The sales market share of global Healthcare Workforce Management System in Payroll use, Staffing and Scheduling use, Time and Attendance use, Patient Classification use and Analytics use have been stable year by year, at 16.03%, 31.57%, 35.37%, 11.48% and 5.56% respectively in 2017, and for several consecutive years, the amplitude was within one percent. This indicates that the segment of the Healthcare Workforce Management System in the global market tends to be fixed without great changes. Among them, the Healthcare Workforce Management System market has the most promising sales prospects in Time and Attendance use. United States is the biggest contributor to the Healthcare Workforce Management System revenue market, accounted for 60.02% of the total global market with a revenue of 564.87 million USD in 2017, followed by Europe, 32.05% with a revenue of 301.67 million USD.
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Kronos is the largest company in the global Healthcare Workforce Management System market, accounted for 26.65% of the revenue market share in 2017, followed by Infor and Oracle, accounted for 17.37% and 10.58% of the revenue market share in 2017. The competition will become more intense, companies will play more and more attention to developing regions in the future.
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