Healthcare Enterprise Software Market Overview
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.
The expanding usage of big data in healthcare, increasing acceptance of EHR/EMR, regulatory mandates, and financing for the preservation of electronic patient health information are among the drivers driving the global healthcare enterprise software market’s growth. The adoption of healthcare information technology (IT) systems has accelerated in recent years in order to improve Chronic Illness Management (CDM) in light of the global rise in chronic disease prevalence.
The introduction of technical breakthroughs aimed at enhancing IT infrastructure, such as the adoption of IoT, AI, and big data, is a significant element propelling market expansion. Client desire for more efficient and effective care, as well as increased knowledge of enhanced technologies, are also projected to propel the market throughout the projection period. Additionally, the ongoing update of existing IT infrastructures, together with the introduction of healthcare cloud computing, contribute significantly to the sector’s growth.
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Growing elderly and paediatric populations, expanding need for home health services, and rising expenses of modern hospital facilities all contribute to increased demand for remote patient monitoring, which is predicted to accelerate market expansion.
However, the market’s growth is expected to be hampered by insufficient network coverage, data security concerns, and other connected challenges.
The notable players of the market 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 By-Products and Services, the on-premises category dominated enterprise application demand in 2018, and this trend is likely to continue throughout the forecast year. However, the cloud category is predicted to grow at the fastest rate over the projection period, owing to a paradigm shift in end users’ deployment methodologies from on-premise to cloud-based models.
By delivery method, the RCM dominated the enterprise software market in 2018 and is likely to continue dominating during the forecast era, owing to a consistent growth in the necessity to manage financial data.
Healthcare providers are predicted to grow at the fastest rate of any end-use sector throughout the forecast period. This is because rigorous regulatory legislation requires open and accessible medical records, even while the sector advances in digitization and automation.
In 2018, the Americas accounted for 47.4 percent of global market share. North America is the largest market, owing to healthcare practitioners’ broad use of healthcare software and the increasing significance 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 adopted in healthcare. In Latin America, this market is driven by the need to maintain health records, patient awareness of the critical nature of their medical data and legal applications, and the demand for user-friendly software solutions. Major medical device and healthcare information technology firms in the United States are world leaders in the manufacture of medical devices and components, as well as the providing of healthcare software solutions.
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Europe is the second largest market, owing to an increase in healthcare IT usage. The market is growing steadily and will soon catch up to the American market.
Asia-Pacific ranks third in the enterprise software market for healthcare. Asia Pacific is the fastest growing region in this market, owing to growing knowledge of software and the replacement of manual records with electronic ones. Toshiba Medical Systems Corporation is a market leader in Asia-Pacific. The Asia Pacific market is being driven by rising disease burdens, population growth, and healthcare demand outstripping supply.
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