Healthcare Enterprise Software Market Overview
The MRFR research report on the healthcare enterprise software market states that the market is expected to cross over USD 76.45 billion while exhibiting a healthy CAGR of approximately 13.0% during the forecast period.
The healthcare enterprise software market has witnessed massive growth in recent years. The market’s growth is being driven by the growth in funding for different start-ups in mHealth and the rising demand for preventive treatment. Furthermore, the factors such as the rising use of big data in healthcare, funding for the preservation of electronic patient health records, government mandates, and increasing acceptance of EHR/EMR. Moreover, the emergence of technological innovations, rising costs for advanced hospital facilities, increasing demand for home health services, growing pediatric and geriatric populations are also likely to catalyze the growth of the healthcare enterprise software market. On the other hand, the factors such as data security concerns, poor network coverage, and other associated issues are anticipated to restrict the growth of the healthcare enterprise software market over coming years.
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Healthcare Enterprise Software Market Segment Analysis
The healthcare enterprise software market has been split into several segments based on product & services, delivery mode, end-user, and region.
Based on product & services, the global healthcare enterprise software market is split into enterprise content management, business intelligence, customer relationship management (CRM), and revenue cycle management (RCM).
The healthcare enterprise software market is bifurcated into cloud-based and on-premises modes by delivery mode.
The global market for healthcare enterprise software is split into healthcare payers and providers based on end-user.
Healthcare Enterprise Software Market Regional Analysis
The healthcare enterprise software market is studied across five major regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
According to the MRFR report on the healthcare enterprise software market, in 2018, the Americas region contributed over 47.4% share in the net market revenues. The region is further divided into South America and North America. The North American region is the largest market for healthcare enterprise software owing to the rising value of electronic medical records and healthcare practitioners’ extensive use of healthcare software. The growth of the healthcare enterprise software market across the region promotes 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 being propelled by the demand for user-friendly software solutions, patient awareness regarding the significance of their medical records & legal applications, and the maintenance of health records.
The Asia-Pacific region secures the third position in the global healthcare enterprise software market. The regional market’s growth is attributed to the replacement of manual records by electronic ones, rising awareness of software, healthcare demand-reaching supplies, population growth, and increased disease burden.
Healthcare Enterprise Software Market Competitive Analysis
The healthcare enterprise software market is highly concentrated, and the extent of concentration is likely to fall over the review timeframe. The major market leaders adopt several growth strategies such as partnerships and acquisitions to grow their geographical reach and customer base. The list of prominent 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 several others.
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Recent Developments
TigerConnect, a healthcare collaboration software maker, received a USD300 million growth investment from Vista Equity Partners to develop its health collaboration platform. TigerConnect offers a suite of HIPAA-compliant software tools to over 7,000 health organizations. The solution enhances care team communication to enable providers to offer better patient care while reducing costs.
Stryker has announced its plans to acquire Vocera Communications for USD2.97 billion, kicking off Medtech M&A in 2022. Vocera focuses on workflow and communication platforms and software for healthcare providers such as clinics and hospitals, enabling internal and patient-to-doctor communications to get better patient data sharing. The firm also produces smart wearable devices for smartphone applications and healthcare professionals.
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