Rising competition among the companies involved in medical device companies, coupled with the latest software solutions available for healthcare management is estimated to encourage the market growth across the globe. The surging demand for developing healthcare software, increasing focus on patient safety and cost reduction, and R&D activities for the production of novel products are likely to influence the market growth in the coming years.
Healthcare software is extensively used by the hospitals in order to manage clinical as well as non-clinical data. The software assists in maintaining records of the patient electronically for easy retrieval and storage. This software also aids in securing, managing, and analyzing information in the healthcare industry. A huge chunk of data can be stored easily instead of handling it manually. The global healthcare enterprise software market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 15.7%, surpassing a valuation of USD 8.20 billion during the forecast period (2017-2023).
The healthcare enterprise software market has witnessed a tectonic surge over the past few years, mainly due to the surging number of software solutions, which are available for healthcare management. High focus on electronic health records along with strict rules governing the management of patient information is estimated to encourage the market growth across the globe. The increased demand to curtail healthcare costs and initiatives taken by the government to improve patient care are some of the primary growth stimulants of the market. Also, increased government funding for healthcare interoperability and surging emphasis on patient-centric care delivery are likely to accelerate the market demand.
Global Healthcare Enterprise Software Market: Segmental Analysis
The healthcare enterprise software market has been segmented on the basis of software type, mode of delivery, application, and end users.
By software type, the healthcare enterprise software market is segmented into inventory management software, patient registration software, OT management software, scheduling software, HR management software, laboratory management software, billing, and others.
By mode of delivery, the market comprises on-premise and cloud-based.
The application segment constitutes of clinical and non-clinical.
The end users segment comprises hospitals, pharmacy, clinics, and others. Of these, the hospital segment is likely to gain prominence due to favorable reimbursement policies.
Geographically, the healthcare enterprise software market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, North America commands the largest share in the healthcare enterprise software market. The surging use of healthcare software by healthcare professionals will further promote the market growth. The rising importance of electronics medical records is predicted to encourage the market in the region. Europe acquires the second spot globally, mainly due to the surging adoption of information technology for healthcare management.
The Asia Pacific will register the fastest growth in the market owing to the increasing awareness regarding software, coupled with the replacement of manual records by electric ones. The presence of major market players like Toshiba Medical Systems Corporation is further estimated to drive the regional market. Moreover, ever-increasing population, growing prevalence of chronic diseases, and healthcare demand outreaching supplies are considered to fuel the market in the APAC.
The top players operating in the healthcare enterprise software market include Allscripts Healthcare Solutions (U.S), Microsoft Corporation (U.S), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S), McKesson Corporation (US), Infosys Ltd. (U.S), Athenahealth (US), Cerner Corporations (US), CompuGroup (UK), and Medidata Solutions (US).