Market Overview
Healthcare Enterprise Software Market, according to MRFR, is expected to register a CAGR of 13.0% to reach USD 76.45 Billion by 2025.
Market Dynamics
The expanding usage of big data in healthcare, increasing acceptance of EHR/EMR, regulatory mandates, and financing for the preservation of electronic patient health records, among other factors, are propelling the global healthcare enterprise software market forward. Because of the rising frequency of chronic diseases around the world, the use of healthcare IT systems has gained traction in recent years in order to improve Chronic Disease Management (CDM). One of the key reasons driving market expansion is the advent of technological advancements to improve IT infrastructure, such as the use of IoT, AI, and big data. Over the projected period, the market is expected to be fueled by rising customer demand for efficient and effective care, as well as increased awareness of enhanced technologies. Furthermore, the sector’s growth is aided by the continual update of present IT infrastructures, as well as the adoption of healthcare cloud computing.
Growing elderly and pediatric populations, increased demand for home health care, and rising expenses for modern hospital facilities are all predicted to drive demand for remote patient monitoring, accelerating market expansion. Continuous network infrastructure upgrades, as well as expanding network coverage, provide different growth prospects for industry players. Furthermore, the growing demand for enterprise among small and medium-sized businesses, as well as technology advancements in enterprise resource planning software, are projected to present profitable chances for business growth in the coming years. Furthermore, rising need for solutions for remote monitoring is driving demand for healthcare cost reduction and workflow productivity, which has a favorable impact on market growth.
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Poor network coverage, data security concerns, and other related difficulties, on the other hand, are expected to stymie market expansion.
Segmental Analysis
In 2018, the on-premises category dominated overall demand for enterprise applications, and this trend is likely to continue throughout the projection period. This is due to a number of benefits provided by enterprise software, including end-to-end software management, the retention of IP within the business, and the introduction of significant customization as and when the organization requires it. However, due to a paradigm shift in end user deployment methods from on-premise to cloud-based models, the cloud segment is predicted to grow at the fastest rate during the forecast period.
Due to a consistent growth in the necessity to manage financial data, the RCM was the greatest contributor to the enterprise software market in 2018 and is likely to continue dominant during the projection period. The human resource (HR) module, on the other hand, is predicted to expand the most due to increased usage of the HR module in IT firms and BPOs to execute HR functions in a seamless and straightforward manner. Furthermore, organizations in growing economies are being forced to implement enterprise HR modules in order to properly include and manage all of the necessary details of their existing and new workforces.
Healthcare providers are predicted to have the highest CAGR among end-users during the forecast period. This is due to stringent regulatory legislation requiring open and accessible medical records while the business advances in digitization and automation.
Regional Overview
In 2018, the Americas accounted for 47.4 percent of global market share. Within the Americas, North America and South America are divided. Because of the broad usage of healthcare software by healthcare practitioners and the increasing significance of electronic medical data, North America is the largest market. This market’s expansion in North America also favors technological advancements in software development and the widespread implementation of information technology in healthcare. The maintenance of health records, patient awareness of the relevance of their medical records and legal applications, and the demand for user-friendly software solutions are driving this market in South America. Major medical device and healthcare IT firms in the United States are world leaders in the production of medical devices and components, as well as the offering of healthcare software solutions.
In the enterprise software industry for healthcare, Asia-Pacific is the third-largest region. Asia Pacific is growing at the quickest rate in this market, owing to increased software awareness and the replacement of manual data with electronic records. Toshiba Medical Systems Corporation is a key market player in Asia-Pacific. Increased illness burden, population growth, and healthcare demand-reaching supplies are driving this market in Asia Pacific.
Competitive Dynamics
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, Koninklijke Philips NV.
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