Healthcare Enterprise Software Market by Product and Services [Revenue Cycle Management (RCM), Customer Relationship Management (CRM), Business Intelligence and Enterprise Content Management]By delivery method (on-premises and cloud-based), by end user, forecast to 2027
Healthcare Enterprise Software Market Overview
The healthcare enterprise software market is expected to surpass $76.45 billion by 2025 while growing at a healthy CAGR of around 13%, according to Market Research Future (MRFR).
The healthcare enterprise software market has seen massive growth in recent years. The growth of the market is driven by the growth in funding of different mHealth start-ups and the growing demand for preventive treatments. Additionally, factors such as the growing use of big data in healthcare, funding for electronic patient health record retention, government mandates, and growing acceptance of EHRs/EMRs. Additionally, emergence of technological innovations, rising costs of advanced hospital facilities, rising demand for home healthcare services, growing pediatric and geriatric populations are also likely to catalyze the growth of the software market. healthcare company. On the other hand, factors such as data security issues, poor network coverage, and other associated issues are expected to limit the growth of the healthcare enterprise software market over the next few years.
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Healthcare Enterprise Software Market Segment Analysis
The healthcare enterprise software market has been bifurcated into several segments on the basis of products and services, delivery mode, end-user, and region.
Based on products and services, the global healthcare enterprise software market is divided into enterprise content management, business intelligence, customer relationship management (CRM) and revenue cycle management (RCM).
Healthcare enterprise software market is segmented into cloud and on-premise by delivery mode.
The global healthcare enterprise software market is divided into payers and healthcare providers based on end-user.
Healthcare Enterprise Software Market Regional Analysis
The Healthcare Enterprise Software Market is studied across five major regions including Americas, Europe, Asia-Pacific, and Middle East & Africa.
According to the MRFR report on the healthcare enterprise software market, in 2018, the Americas region contributed more than 47.4% of the market’s net revenue. The region is further divided into South America and North America. The North American region is the largest market for enterprise healthcare software owing to the rising value of electronic medical records and the heavy usage of healthcare software by healthcare practitioners. The growing healthcare enterprise software market in the region is driving the easy acceptance of information technology in healthcare and technological advancements in software development.
The growth of the healthcare enterprise software market for the South American region is propelled by the demand for user-friendly software solutions, patient awareness of the importance of their medical records and legal applications, and maintenance of health records.
The Asia-Pacific region ranks third in the global healthcare enterprise software market. The growth of the regional market is attributed to the replacement of manual records with electronic records, growing awareness of software, supplies meeting healthcare demand, population growth and rising disease burden.
Healthcare Enterprise Software Market Competitive Analysis
The healthcare enterprise software market is highly concentrated and the extent of concentration is expected to decrease over the review period. Major market leaders are adopting several growth strategies such as partnerships and acquisitions to increase their geographic reach and customer base. The list of top leaders in the healthcare enterprise software market includes Allscripts Healthcare, LLC, Oracle, INFOR Inc., Elinext Group, CPSI, MEDICAL Information Technology Inc., Koninklijke Philips NV, Cerner Corporation, Jag products LLC, EPIC Systems Corporation, SAP , General Electric Company, Cognizant, Meta Inc. and many others.
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TigerConnect, a maker of healthcare collaboration software, has received a $300 million growth investment from Vista Equity Partners to expand its healthcare collaboration platform. TigerConnect offers a suite of HIPAA-compliant software tools to over 7,000 healthcare organizations. The solution improves communication between healthcare teams to enable providers to provide better patient care while reducing costs.
Stryker has announced plans to acquire Vocera Communications for $2.97 billion, kicking off medical technology mergers and acquisitions in 2022. Vocera is focused on workflow and workflow platforms and software. communication for healthcare providers such as clinics and hospitals, allowing internal and patient-doctor communications to achieve better sharing of patient data. The company also produces smart wearables for smartphone applications and healthcare professionals.
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