What is the Historic and Current Scenario of the Healthcare Workforce Management System Market?
The healthcare workforce management system market has seen considerable growth due to a variety of factors.
• The market size for healthcare workforce management systems has seen substantial growth lately. It's anticipated to increase from a value of $2.12 billion in 2024 to a value of $2.38 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.0%.
The expansion during the historic period can be credited to factors such as labor deficiencies, regulatory norms, emphasis on patient gratification, cost management, population health control, and the need for contemporaneous data.
How Will The Healthcare Workforce Management System Market Size Evolve In The Foreseeable Future?
The healthcare workforce management system market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipated surge in the size of the healthcare workforce management system market in the coming years, with an estimated valuation of $4.12 billion in 2029 at a compound annual growth rate (CAGR) of 14.8%.
Factors such as telehealth developments, prioritizing work-life equilibrium, the necessity for interoperability, stress on further education, the emergence of healthcare consumerism, and value-based compensation models are all poised to drive growth within the expected timeframe. During this forecast period, significant trends that would shape the market comprise cloud-based workforce management systems, patient-centric staffing approaches, mobile workforce solutions, employing predictive analytics for workforce strategization, and a focus on utilizing data in decision-making.
Which Key Drivers Are Propelling Th Healthcare Workforce Management System Market's Growth?
The escalation in the need to cut back on healthcare expenses among the healthcare workforce is intensifying the growth of the healthcare workforce management system market. Solutions for managing the healthcare workforce aids medical facilities in handling employee schedules, payrolls, attendance, recruitment, budgeting, and reporting. Quite often, healthcare facilities grapple with managing their staff due to a spike in inpatients and outpatients. These cumbersome manual tasks often lead to schedule inaccuracies and issues with shift-based payments. The workforce management systems provide assistance to hospital administration by managing service demand and allocating resources and staff in an efficient manner to increase productivity. Such software is being devised by multiple companies for effective workforce management. As an example, in March 2022, QGenda, a US-based operations and healthcare workforce management platform provider, introduced ProviderCloud, a platform centered around scheduling for healthcare provider operations. Healthcare organizations of different sizes can achieve comprehensive visibility into their entire workforce using these platforms, along with the necessary data needed for delivering quality patient care. Therefore, the burgeoning need to minimize healthcare costs through effective workforce management is driving the market's growth.
What Are The Core Segments Of The Globa Healthcare Workforce Management System Market?
The healthcare workforce management system market covered in this report is segmented –
1) By Software: Time And Attendance, HR And Payroll, Talent Management, Analytics
2) By Solution: Software, Services
3) By Mode Of Delivery: Web-Based, Cloud-Based, On-Premise
4) By End User: Nursing Homes, Long-Term Care Centers, Hospitals, Other Healthcare Institutions
Subsegments:
1) By Time And Attendance: Time Tracking Solutions, Scheduling Software, Attendance Management Systems, Overtime Management Tools
2) By HR And Payroll: Human Resource Management Systems (HRMS), Payroll Processing Solutions, Benefits Administration Software, Compliance Management Tools
3) By Talent Management: Recruitment And Onboarding Solutions, Performance Management Systems, Learning And Development Tools, Succession Planning Software
4) By Analytics: Workforce Analytics Tools, Reporting And Dashboard Solutions, Predictive Analytics For Staffing Needs, Labor Cost Analysis Tools
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Which Emerging Trends Are Reshaping The Healthcare Workforce Management System Market?
Firms dominating the healthcare workforce management system market are concentrating on creating ingenious solutions like digital tools that help systematize scheduling, advance worker productivity, optimize resource distribution, and develop overall patient care delivery. Digital tools imply software applications and internet platforms that enable a variety of activities, including communication, project management, data analytics, and content production, by improving efficiency and effectiveness in both personal and professional contexts. For example, in October 2023, Empeon, a company based in the US that specializes in delivering workforce management solutions, announced their new product, Scheduling Solution to Optimize Healthcare Workforce Management. This groundbreaking solution simplifies shift management, strengthens compliance with changing regulations, and encourages adaptability among caregivers, eventually allowing healthcare entities to concentrate more on providing remarkable patient care. By utilizing such sophisticated solutions, healthcare providers can effectively steer staffing obstacles and enhance their operational efficiency overall.
Who Are the Key Players in the Healthcare Workforce Management System Market?
Major companies operating in the healthcare workforce management system market include:
• Mckesson Corporation
• Oracle Corporation
• GE Healthcare
• ADP LLC
• Cerner Corporation
• Workday Inc.
• Epic Systems Corporation
• Infor Inc.
• Nice Systems
• Allscripts Healthcare Solutions Inc.
• Athenahealth Inc.
• eClinicalWorks
• NextGen Healthcare Information Systems LLC
• SYMPLR
• Cornerstone Ondemand Inc.
• QGenda LLC
• Greenway Health LLC
• Atoss Software
• AdvancedMD Inc.
• Allocate Software
• Workforce Software Group Inc.
• Strata Decision Technology LLC
• Kareo Inc.
• DrChrono Inc.
• ActiveOps plc
• Timeware
• Ultimate Software Group Inc.
What are the Regional Insights into the Healthcare Workforce Management System Market?
North America was the largest region in the healthcare workforce management system market in 2024. The regions covered in the healthcare workforce management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
