Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) — Healthcare Enterprise Software Market Overview:
According to Market Research Future (MRFR), Healthcare Enterprise Software Market can continue to grow at a rate of 13.0% between 2016 and 2025 (assessment period), and reach USD 76.45 Billion by the year 2025. The market demand has been soaring owing to the mounting need for preventive treatment, combined with the rising spending by start-ups on mHealth.
Key Players Locking Horns:
The Healthcare Enterprise Software Market is densely concentrated with a number of business titans that adopt various competitive strategies including partnerships, new launches, agreements and acquisitions to capture a higher share. This has resulted in an intensely competitive ambience in the global market. Some of the top companies profiled in the MRFR report are:
- Koninklijke Philips NV
- 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
Future Market Factors:
The healthcare enterprise software market has picked up significant pace over the years, thanks to the surging adoption of big data in the healthcare sector along with the rapid deployment of EHR/EMR. Rise in government mandates and large-scale funding that goes into maintenance of electronic patient health records also benefit the worldwide industry. Healthcare IT has emerged as a significant concept in recent years, in view of the urgent need for effective chronic disease management.
Emergence of innovative technologies that enhance the IT infrastructure, including implementation of AI, big data and IoT also remains one of the most essential growth boosters in the global market. Escalating client demand for effective and efficient medical care and surging knowledge about upgraded and modern technologies could also drive business growth in the near future.
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Market Segmentation:
Products and Services-based segments are Business Intelligence and Enterprise Content Management, Customer Relationship Management (CRM), Revenue Cycle Management (RCM), and more. RCM is the leading contributor to the growth of the global enterprise software market and could remain at the top position throughout the review era. Steady rise in the need for effective maintenance of financial data and the fact that numerous firms are deploying financial enterprise modules to enhance business productivity and efficiency foster the segment’s growth. On the other hand, CRM services are witnessing significant demand as these help organizations in streamlining their workflows and improve patient care management. These services also help bring down the total costs and boost overall efficiency.
Delivery modes considered in the report are cloud-based and on-site. The on-site segment has stayed in the lead since 2018, and can continue to maintain its winning streak all through the evaluation period, owing to several benefits offered including retention of IP in the organization, availability of customization options and end-to-end software management. In view of these benefits, several major companies across various countries go for on-site deployment mode for storage as well as protection of their data. However, over the coming years, the cloud segment can experience a better growth rate during the analysis period.
With respect to end-use, healthcare payers and healthcare providers are the key market segments listed in the report. Healthcare providers will be the faster growing segment in the market owing to the stringent regulations that require medical records to be accessible during investments in automation and digitization. Also, the high focus on improving operational efficiency and cutting down inventory and labor costs can raise the demand for enterprise software among healthcare providers.
Browse In-depth Market Research Report (127 Pages) on Healthcare Enterprise Software: https://www.marketresearchfuture.com/reports/healthcare-enterprise-software-market-1060
Regional Analysis:
America, Asia Pacific/APAC, MEA/Middle East & Africa and Europe are the key markets for healthcare enterprise software.
America will stay at the top of the game and remain the top performer coming years, backed by a number of factors including rising use of IT in healthcare and the rampant demand for advanced software solutions for management of patients’ medical records. Microsoft Corporation and IBM Corporation are among the top firms in the U.S that leverage the opportunities in the region. The rising significance and deployment of electronics medical records in healthcare is bound to work in favor of the healthcare enterprise software market during the analysis period.
Europe remains the second most profitable market for healthcare enterprise software, considering the rapid surge in the use of IT with respect to healthcare management. Technological innovations in software, growing need to effectively maintain medical records and the mounting demand for user friendly solutions also trigger the market growth in Europe.
Asia Pacific exhibits the fastest growth in the global industry thanks to the soaring awareness level regarding the latest software and the fast rate at which manual records are being replaced by electronic ones in healthcare. The healthcare enterprise software market is growing in line with the rising demand for diagnostic devices, one of the fastest growing segments in the region. Toshiba Medical Systems Corporation is one of the leading firms in Asia Pacific. Surging cases of chronic diseases, exploding population and the imbalance between healthcare demand and supplies also benefit the APAC market.
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Latest Updates:
In January 2021, K Health, the digital primary care solution firm, launched K for Parents, which is a huge step towards developing a worldwide integrated healthcare system backed by medical intelligence. K for Parents is the first ever virtual pediatrics platform that offers vital pediatric insights along with medical care for patients between the ages of 3 and 17.
In the same month, Clearlake Capital Group L.P. acquired nThrive’s Technology Division, a well-known healthcare revenue cycle management software-as-a-service platform from nThrive Holdings LP. nThrive Technology is a popular healthcare RCM SaaS system that offers patient charge integrity, access, contract management, claims management, data & analytics, education software and machine learning & robotic process automation solutions. Its acquisition will help place the company among the top leaders of revenue cycle management systems.
Latest Trends Post COVID-19 Outbreak
In view of the rapid advancements in the digital technology, rising burden of chronic disorders, and the surging consumerism in the healthcare industry, the COVID-19 pandemic has fostered the need for healthcare enterprise software and similar advanced solutions. The novel coronavirus has opened up numerous opportunities for the players, as healthcare and various other industries are now more dependent on digital technologies following the worldwide lockdown to carry on with their operations. Also, the escalating cases of SARS-CoV-2 across countries have bolstered the demand for healthcare enterprise software, in light of increased burden of not only the novel coronavirus but also the rise in various other medical conditions.
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