Healthcare Enterprise Software Market Overview
The healthcare enterprise software market, according to MRFR, is expected to register a CAGR of 13.0% to reach USD 76.45 billion during the forecast period.
Growing use of big data in healthcare, increasing acceptance of EHRs/EMRs, regulatory mandates and funding for the preservation of electronic patient health information are some of the growth drivers for the global software market healthcare business. Adoption of healthcare information technology (IT) systems has accelerated in recent years to improve chronic disease management (CDM) in light of the global increase in disease prevalence chronicles.
The introduction of technical breakthroughs aimed at improving the IT infrastructure such as the adoption of IoT, AI and Big Data is an important element propelling the expansion of the market. Customers’ desire for more efficient and effective care, along with increased awareness of improved technologies, are also expected to propel the market throughout the projection period. Moreover, the continuous updating of existing IT infrastructures, as well as the introduction of cloud computing in the healthcare field, contribute significantly to the growth of the sector.
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Growing elderly and pediatric populations, growing need for home healthcare services, and increasing expenditures of modern hospital facilities are all contributing to increased demand for remote patient monitoring, which is expected to accelerate the expansion of the market.
However, market growth is expected to be hampered by insufficient network coverage, data security issues and other connected challenges.
The major market players are MEDICAL Information Technology Inc., SAP, CPSI, Meta Inc., Elinext Group, EPIC Systems Corporation, INFOR Inc., Cognizant, Oracle, Jag products LLC, Allscripts Healthcare, LLC, Cerner Corporation, General Electric Company and Koninklijke Philips NV.
In terms of sub-products and services, the on-premises category dominated enterprise application demand in 2018, and this trend is expected to continue throughout the forecast year. However, the cloud category is expected to grow at the fastest rate over the projection period, owing to a paradigm shift in end-user deployment methodologies from on-premises to cloud-based models.
By delivery method, RCM dominated the enterprise software market in 2018 and is expected to continue to dominate in the forecast era, due to a steady growth in the need to manage financial data.
Healthcare providers are expected to grow at the fastest rate of all end-use sectors throughout the forecast period. Indeed, stringent regulatory legislation demands open and accessible medical records, even as the industry advances in digitization and automation.
In 2018, the Americas accounted for 47.4% of the global market share. North America is the largest market, owing to the widespread use of healthcare software by healthcare practitioners and the growing importance of electronic medical data. Additionally, the expansion of this market in North America is facilitated by technological advancements in software development and the ease with which information technology is being adopted in healthcare. In Latin America, this market is driven by the need to maintain up-to-date health records, patient awareness of the critical nature of their medical data and legal applications, and demand for user-friendly software solutions. In the United States, the major medical device and health care information technology companies are world leaders in the manufacture of medical devices and components, as well as in the provision of software solutions for health care .
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Europe is the second largest market, due to an increase in the use of IT in healthcare. The market is constantly growing and will soon catch up with the US market.
Asia-Pacific ranks third in the healthcare enterprise software market. Asia-Pacific is the fastest growing region in this market, due to the increasing knowledge of software and the replacement of manual records with electronic records. Toshiba Medical Systems Corporation is a market leader in Asia-Pacific. The Asia-Pacific market is driven by increasing disease burden, population growth and healthcare demand exceeding supply.
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