Global Healthcare Enterprise Software Market, By Product and Services (Revenue Cycle Management (RCM), Customer Relationship Management (CRM), Business Intelligence and Enterprise Content Management), Delivery Mode (On-Premise and Cloud-Based), End User (Healthcare Providers and Healthcare Payers) – Industry Trends and Forecast to 2029
Market Analysis and Size
As per the WHO, stable growth in the adoption of national electronic health record (EHR) systems is observed over the last 15 years. Around 46% worldwide boost in the past five years. Around half of high-income and upper-middle-income countries have implemented national EHR systems. According to the Office of the National Coordinator for Health Information Technology, in 2017, roughly 9 out of 10 office-based physicians in the United States, or 86%, had implemented any type of EHR. Approximately four out of five people (80%) had adopted a certified HER.
Data Bridge Market Research analyses that the healthcare enterprise software market which was USD 27.58 billion in 2021, would rocket up to USD 75.96 billion by 2029, and is expected to undergo a CAGR of 13.50% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product and Services (Revenue Cycle Management (RCM), Customer Relationship Management (CRM), Business Intelligence and Enterprise Content Management), Delivery Mode (On-Premise and Cloud-Based), End User (Healthcare Providers and Healthcare Payers)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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MEDICAL Information Technology Inc. (U.S), SAP (Germany), CPSI (U.S), Meta (U.S), Elinext (U.S), EPIC Systems Corporation (U.S), INFOR (U.S), Cognizant (U.S), Oracle (U.S), Jag products LLC (U.S), Allscripts Healthcare LLC (U.S), Optum Inc. (U.S), Cerner Corporation (U.S), Change Healthcare (U.S), Koninklijke Philips N.V. (Netherlands), athenahealth (U.S), eClinicalWorks (U.S)
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Market Opportunities
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Market Definition
Any medical software system designed to meet the needs of larger healthcare organisations, such as acute care hospitals (ACHs), critical access hospitals (CAHs), psychiatric hospitals or rehabilitation centres, large multi-specialty physician groups, and so on, is referred to as enterprise medical software. Inpatient software, hospital information systems (HIS), hospital management systems (HMS), and even hospital enterprise resource planning (ERP) systems are all terms used to describe enterprise medical software.
Healthcare Enterprise Software Market Dynamics
Drivers
- Rising requirement for expanding health care software IT
Intensifying competition among pharmaceutical equipment companies, combined with the most powerful software solutions available for health care management, is predicted to drive industry growth around the world. In the coming years, the growing need for expanding health care software IT, increased focus on inpatient security and cost reduction, and research and development exercises for the composition of new items are expected to determine the business germination. The high cost of healthcare sector software, on the other hand, is expected to impede market growth throughout the projection period.
- Steady rise in the need for effective maintenance of financial data
RCM is the major contributor to the global enterprise software market's growth and is likely to remain at the top during the forecast period. The segment's growth is fueled by a steady increase in the requirement for good financial data management and the fact that many companies are implementing financial enterprise modules to improve business productivity and efficiency. On the other hand, CRM services are in high demand because they assist firms streamline their operations and improve patient care management. These services also assist in lowering overall costs and increasing overall efficiency.
- Rising paediatric populations
Growing geriatric and paediatric populations, growing need for home health care, and rising costs of contemporary hospital facilities all contribute to increased demand for remote patient monitoring, which is expected to drive market growth.
Opportunities
One of the most important growth boosters in the global market is the emergence of breakthrough technologies that improve IT infrastructure, such as AI, big data, and IoT deployment. In future, escalating client need for effective and efficient medical care and a surge in knowledge about upgraded and modern technologies could boost market expansion.
Restraints/Challenges
The market’s growth is expected to be hampered by insufficient network coverage, data security concerns, and other connected challenges.
This healthcare enterprise software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare enterprise software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 impact on Healthcare Enterprise Software Market
The COVID-19 pandemic has fueled the demand for healthcare enterprise software and related advanced solutions, owing to rapid improvements in digital technology, the increased burden of chronic illnesses, and the rising consumerism in the healthcare industry. Following the worldwide lockdown, the novel coronavirus has opened up multiple prospects for the players, as healthcare and a variety of other businesses have become increasingly reliant on digital technologies to continue their operations. In addition, the rising number of SARS-CoV-2 cases around the globe has boosted demand for healthcare business software, owing to the increased burden of not just the novel coronavirus but also the rise in a variety of other medical diseases.
Recent Development
- January 2022- TigerConnect, a provider of healthcare collaboration software, has obtained a USD 300 million expansion investment from Vista Equity Partners to further enhance its platform. Over 7,000 healthcare companies use TigerConnect's HIPAA-compliant software technologies. The approach improves communication across care teams, allowing providers to provide better patient care while lowering expenses.
- January 2022- Stryker has announced plans to buy Vocera Communications for $2.97 billion, starting off a wave of Medtech mergers and acquisitions in 2022. Vocera focuses on workflow and communication systems and software for healthcare providers such as clinics and hospitals, allowing for greater patient data sharing through internal and patient-to-doctor communications. The company also makes smart wearable gadgets for healthcare professionals and smartphone applications.
Global Healthcare Enterprise Software Market Scope
The healthcare enterprise software market is segmented on the basis of product, application and delivery mode. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Revenue Cycle Management (RCM)
- Customer Relationship Management (CRM)
- Business Intelligence
- Ententerprise Content Management
Delivery Mode
- On-Premise
- Cloud-Based
Application
- Healthcare Providers
- Healthcare Payers
Healthcare Enterprise Software Market Regional Analysis/Insights
The healthcare enterprise software market is analysed and market size insights and trends are provided by country, product, application and delivery mode as referenced above.
The countries covered in the healthcare enterprise software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the most substantial percentage in the healthcare enterprise software industry due to the growing application of software by healthcare experts, which will increase the industry increment.
Asia-Pacific exhibits the fastest growth in the global industry due to the soaring awareness level regarding the latest software and the fast rate at which electronic ones in healthcare are replacing manual records.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Healthcare Enterprise Software Market Share Analysis
The healthcare enterprise software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare enterprise software market.
Some of the major players operating in the healthcare enterprise software market are:
- MEDICAL Information Technology Inc. (U.S)
- SAP (Germany)
- CPSI (U.S)
- Meta (U.S)
- Elinext (U.S)
- EPIC Systems Corporation (U.S)
- INFOR (U.S)
- Cognizant (U.S)
- Oracle (U.S)
- Jag products LLC (U.S)
- Allscripts Healthcare LLC (U.S)
- Optum Inc. (U.S)
- Cerner Corporation (U.S)
- Change Healthcare (U.S)
- Koninklijke Philips N.V. (Netherlands)
- athenahealth (U.S)
- eClinicalWorks (U.S)
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