LOS ANGELES, Jan. 25, 2023 (GLOBE NEWSWIRE) — The Global Medical Software Market Size gathered USD 41.2 Billion in 2021 and is set to garner a market size of USD 104.1 Billion by 2030 growing at a CAGR of 10.9% from 2022 to 2030.
Medical Software Market Overview
The Medical Software Market has been growing rapidly. The medical software applies computer technology to improve healthcare delivery and management. The medical software market encompasses a wide range of software products and services, including electronic health records (EHRs), practice management systems, medical billing and coding software, telemedicine platforms, and population health management tools.
Primary driver of growth in the medical software market share is the high adoption of EHRs by healthcare providers. EHRs can replace traditional paper-based records to provide better efficiency and effective ways to manage patient information. They also help providers in meeting regulatory requirements and improving patient care coordination.
Another driver of growth in the medical software market share is the increasing use of telemedicine. Using telemedicine platforms, healthcare providers can remotely diagnose and treat patients with videoconferencing, remote monitoring, and other digital tools. This technology has many benefits for patients in remote and rural areas and for those with mobility issues.
The market for medical software is also being impacted by the growing use of big data and analytics. These technologies are being used to analyze large amounts of patient data and identify patterns that can help providers to improve patient outcomes and reduce costs.
However, the market is also facing few challenges, such as the need for better data security and privacy, and the need for providers to integrate different software systems to work together seamlessly.
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Medical Software Market Report Coverage:
|Medical Software Market
|Medical Software Market Size 2021
|USD 41.2 Billion
|Medical Software Market Forecast 2030
|USD 104.1 Billion
|Medical Software Market CAGR During 2022 – 2030
|Medical Software Market Analysis Period
|2018 – 2030
|Medical Software Market Base Year
|Medical Software Market Forecast Data
|2022 – 2030
|By Software Type, By Application, By End-User, And By Geography
|Medical Software Market Regional Scope
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Allscripts Healthcare, Athenahealth, Cerner Corporation, CureMD Healthcare, Epic Systems, eClinicalWorks, First Databank, GE Healthcare, Henry Schein, IBM, McKesson Corporation, and Siemens Healthcare.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Medical Software Market Highlights and Statistics
- The global Medical software market size in 2021 stood at USD 41,200 Million and is set to reach USD 104,100 Million by 2030, growing at a CAGR of 10.9%
- The growing usage of electronic health records (EHRs) and increased demand for cost-effective and efficient healthcare delivery are the major reasons for the market growth.
- Under the software type segment, medical practice management software made up for over 20% market share.
- Whereas for the application segment, the hospitals category made up for over 30% of market share.
- North America’s medical software market size stands out as the largest in terms of revenue and is expected to continue its dominant position during the forecast period, thanks to the increasing adoption of advanced medical software solutions and high patient population in the region.
- Some players operating in the market for medical software include Cerner Corporation, McKesson Corporation, Athenahealth, Inc., Epic Systems Corporation, GE Healthcare, Allscripts Healthcare Solutions, Inc., NextGen Healthcare, Inc., Meditech, and Siemens Healthineers.
Trends in the Medical Software Market
Increasing adoption of cloud-based medical software: With the growing need for remote monitoring and telemedicine, cloud-based medical software is becoming increasingly popular among healthcare providers. This allows them to access patient data and medical records from any location, making it easier to provide patient care and conduct remote consultations.
Growing use of artificial intelligence and machine learning in Medical software technologies to provide more accurate and efficient patient care. They are used in areas such as diagnostic imaging, drug discovery, and predictive analytics.
The high usage of smartphones and other mobile devices leading to a rise in the development of mobile health solutions, which include mobile apps for tracking health data, monitoring chronic conditions, and providing medication reminders.
Expansion of the Internet of Medical Things (IoMT): The IoMT refers to the integration of internet-connected medical devices for example, wearables and remote monitoring devices, with medical software. This allows for real-time monitoring of patients and the provision of more accurate and timely care.
Growing use of blockchain technology which can provide secure and transparent data sharing among healthcare providers to improve patient outcomes by providing doctors with access to a patient’s complete medical history.
Increasing focus on patient engagement including patient portals and mobile apps to help patients access their medical records, make appointments, and receive medication reminders.
Medical Software Market Dynamics
- Increasing implementation of electronic health records (EHRs) as they help to improve patient outcomes and reduce medical errors.
- Growing need for cost-effective and efficient healthcare delivery by automating routine processes and reducing administrative costs.
- Advancements in technology: The development of advanced medical software solutions, such as telemedicine, mHealth, and cloud-based solutions, is driving the market growth.
- Government initiatives and regulations: Government initiatives have been promoting the adoption of EHR systems and other medical software solutions.
- Rise in the number of chronic diseases: The increasing incidence of chronic diseases due to various reasons is driving the demand for medical software solutions.
- Increasing adoption of value-based care models: Medical software solutions help to improve the quality of care and reduce costs, making them an essential part of value-based care models.
- Growing geriatric population: The aging population is driving the demand for medical software solutions, as elderly patients require more frequent and specialized care.
Medical Software Market Growth Hampering Factors
- Lack of standardization and interoperability of medical software systems has the capability to hamper the market growth.
- Limited budget allocation and limited access to healthcare infrastructure and resources in developing countries can impede the adoption of medical software.
- High costs of implementation and maintenance of medical software can be a major barrier for small and medium-sized healthcare organizations.
- Data security and privacy concerns can lead to limitation in the adoption of medical software in healthcare organizations.
- Inadequate awareness regarding the benefits and capabilities of medical software among healthcare professionals can also hamper the market growth.
- The lack of technical expertise among healthcare professionals to operate and maintain complex medical software systems can also hinder the market growth.
- Some healthcare professionals are reluctant to adopt and adapt to new technologies, this can also hamper the market growth.
Check the detailed table of contents of the report @
By Type of Software
- Electronic Health Records (EHR)
- Telemedicine Software
- Medical Practice Management Software
- Clinical Decision Support Systems (CDSS)
- Medical Billing and Coding Software
By Type of Application
- Ambulatory Care Centers
By End-User segment
Medical Software Market Overview by Region
North America is expected to dominate the medical software market share during the forecast period, owing to the increasing adoption of advanced medical software solutions in the region. The US and Canada are the major contributors to the market growth with the USA being home to several companies developing medical software, the country also has a high healthcare expenditure.
Europe is also an important market for medical software, driven by the increasing adoption of EHRs in the region. The medical software market share in Europe is driven by the growing focus on reducing healthcare costs and improving patient outcomes. Countries such as Germany, the UK, and France are amongst the largest contributors to the market growth in the region.
The Asia-Pacific medical software market share is projected to grow at the fastest CAGR for our forecast analysis period, owing to the increasing adoption of medical software solutions in the region. The market in the Asia-Pacific region is driven by the increasing healthcare expenditure and the growing focus on improving healthcare delivery in countries such as China, India and Japan.
The Latin America and the MEA region, and is expected to show moderate growth in the medical software market size.
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Medical Software Market Key Players
Cerner, Epic Systems, and Allscripts, as well as smaller companies that specialize in specific areas such as electronic health records (EHRs), medical billing and coding, telemedicine, and practice management. Other players in the market include Athenahealth, McKesson, Meditech, eClinicalWorks, Greenway Health, GE Healthcare, Siemens Healthineers, Philips Healthcare,
Oracle Corporation, IBM Watson Health, Infor, Medidata Solutions, eHealth Technologies, Practice Fusion (Allscripts) and NextGen Healthcare. Additionally, there are many start-ups and new entrants in the market.
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Confluence former executive joins fintech Premialab
James Carrington, a former executive at Confluence, Investment Metrics, Style Analytics has joined fintech Premialab. He brings extensive client engagement expertise in investment analytics and data for the institutional investment community.
LONDON, Feb. 27, 2024 /PRNewswire/ — Premialab, the financial data and analytics firm, announced today the appointment of James Carrington as Head of Client Engagement. Mr. Carrington, based in London, will spearhead global client engagement, leveraging over 10 years of experience in driving client engagement gained at Investment Metrics, Style Analytics, and most recently at Confluence, part of the Clearlake Capital Group portfolio. His primary focus will be on enabling faster tailor-made investment analytics delivery and data integration for Premialab’s pension funds, foundations, endowments, and insurance clients.
Adrien Geliot, Co-Founder & Chief Executive Officer of Premialab, said, “I am delighted to welcome James to the team. His appointment confirms our commitment to delivering first-class service to our customers across global locations. His experience in maximizing the value derived from investment analytics will be invaluable in serving our clients as we continue scaling our activities worldwide.”
Commenting on his appointment, James Carrington said, “I am delighted to have joined the Premialab team. Their innovative solution makes a real difference to institutional investors looking at quant investments. The evolution of Premialab over the last number of years has been something that I have followed closely, and I am looking forward to working with the team to further support our customer base across our established and emerging demographics.”
The announcement follows recent senior appointments at Premialab, including Philippe Jacson, former BNP Paribas, Merrill Lynch and MSCI executive; Daniel Fields, former Global Head of Markets at Societe Generale; John Macpherson, former Managing Director at Goldman Sachs, Citibank, and Nomura; Marc Fisher, former Managing Director at Citibank with a prior position at Deutsche Bank; and Georgios Sittas, former Managing Director at HSBC, Standard Chartered, and previously a director at Lehman Brothers.
Recognized as the reference for data and risk analytics on quantitative strategies, Premialab’s capital markets infrastructure is currently used by leading asset managers, insurance companies and pensions funds, accelerating their digitalization and enhancing performance and risk control while reducing costs. The platform’s client AUM is representing an estimated USD$10 trillion.
Premialab is an independent platform providing data, analytics and risk solutions on systematic and factor-based strategies in collaboration with leading investment banks and institutional investors globally. Combining intelligent technology with a unique source of information the platform empowers asset allocators to make better investment decisions whilst achieving utmost time and cost efficiency.
With offices in London, Paris, New York, Hong Kong, Sydney, and Dubai, its international team is dedicated to supporting a global client base with the most up-to-date risk premia dataset, advanced portfolio construction, performance and risk analytics. The firm has established strong partnerships with the top 18 investments banks, global asset managers, pensions funds and insurance companies.
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Axon Technologies and Keyrus Announce Strategic Partnership to Elevate Cybersecurity Business
Keyrus Acquires Minority Stake in Axon Technologies, adding Axon’s Cybersecurity Portfolio to Keyrus Solutions, and Expanding Keyrus Reach across Middle East and Africa
PARIS and DUBAI, UAE, Feb. 27, 2024 /PRNewswire/ — In a significant development in the cybersecurity sector, Keyrus, an international leader in data intelligence and digital transformation, has announced the acquisition of a minority stake in Axon Technologies, a premier provider of cybersecurity services based in Dubai, UAE. This strategic investment marks a major milestone in Keyrus’ cybersecurity strategy, signalling an ambitious step towards establishing a global cybersecurity powerhouse.
Strategic Expansion and Enhanced Cybersecurity Solutions
The collaboration between Keyrus and Axon Technologies is set to revolutionize the cybersecurity landscape in the Middle East and Africa, particularly with Keyrus’ entry into the lucrative Saudi Arabian market. This move enables Keyrus to pursue its investment in a newly formed cybersecurity business, offering enhanced data security solutions to both existing and new clients.
Eric Cohen, Founder and CEO of Keyrus, expressed his enthusiasm: “This investment in Axon Technologies marks a significant step in our cybersecurity strategy. We’re embarking on an exciting journey to amplify our cybersecurity capabilities and establish a world-class global player in this domain. Axon Technologies’ innovative approach to consulting and managed services aligns perfectly with our vision and culture. We eagerly anticipate integrating Axon into our ecosystem to bolster our cybersecurity solutions and address the digital security challenges of our clients.”
Hadi Hosn, CEO of Axon Technologies, also shared his thoughts: “This partnership marks a new era for Axon Technologies, propelling us further in our mission to protect organizations from cyber threats. We admire the Keyrus vision and believe that our combined strengths will lead to disruptive data and cybersecurity solutions, addressing critical challenges in digital identity, application security, API, and data security across various environments and industries.”
Hadi Darwiche, Chairman of DIV Capital & Co-founder of Axon Technologies: “It’s gratifying to see Axon Technologies grow from a concept into a key player in the cybersecurity field. With Keyrus joining forces with us, we anticipate a period of sustained growth, leveraging our combined experience and established reputations. We are confident that together, Axon Technologies will continue to extend its market presence and deliver top-tier solutions.”
Comprehensive Cybersecurity Portfolio and Global Reach
In a relatively short period, Axon Technologies, founded in 2020, has emerged as a beacon of excellence and innovation in the cybersecurity field, demonstrating remarkable growth and agility in its operations. With a revenue of $3.2 million USD in 2023 and a projected substantial increase of the activities, it represents a testament to its robust business model, exceptional service delivery, and the trust clients place in Axon Technologies. The team made of 30 dedicated professionals is its most valuable asset. Axon Technologies commits to growing its team, fostering a culture of innovation, collaboration, and continuous learning.
Axon Technologies, renowned for its expertise in cybersecurity, will now be able to leverage Keyrus global presence and capabilities. With headquarters in Dubai and a significant footprint in the Middle East, Europe and Africa, Axon Technologies is well-positioned to monitor threats and support client cybersecurity programs across these regions effectively. With the backing of Keyrus’s global network, Axon Technologies is poised for unprecedented growth and are dedicated to setting new standards in the cybersecurity landscape.
The partnership is also expected to enhance the offerings of both companies. Axon Technologies’ expertise in Data Security, Cloud Security, DevSecOps and Managed Security Services aligns seamlessly with the Keyrus strategic objectives in digital, data, AI and cloud transformation initiatives.
About Axon Technologies
Axon Technologies offers comprehensive cybersecurity services including consulting, managed security services, engineering, and testing. The company is a leader in addressing critical infrastructure customers’ cybersecurity needs, from strategic consulting to hands-on management and technical security engineering support and managed security services, ensuring a robust and comprehensive approach to cybersecurity. The company’s service portfolio includes:
Technical Security Consulting & Advisory: Guidance and expertise for technical cybersecurity programs.Advanced Security Testing: Rigorous cybersecurity testing across the environment to identify and address vulnerabilities.Security Engineering & Architecture: Designing and implementing robust security architectures across on-premises and cloud environments.Managed Security Services: Ongoing management and support of cybersecurity operations. About Keyrus
Keyrus, an international player in the consulting and technology sectors and a specialist in data and digital technology, is dedicated to helping enterprises take advantage of the data and digital paradigm to enhance their performance, facilitate and accelerate their transformation, and generate new drivers of growth and competitiveness.
Placing innovation at the heart of its strategy, Keyrus develops a value proposition that is unique in the market and centred around five major service groups, each comprised of multiple solutions:
Automation and Artificial IntelligenceHuman-Centric Digital ExperienceData and Analytics enablementCloud and SecurityBusiness transformation and InnovationBuilding on the combined expertise of more than 3,500 employees active across 27 countries and 4 continents, Keyrus is one of the leading international experts in data, consulting and technology.
Keyrus is listed on Euronext Growth Paris. (ALKEY – ISIN Code: FR0004029411 – Reuters: KEYR.PA – Bloomberg: ALKEY: FP).
About DIV Capital
DIV Capital, originally starting as a family office, now operating as a strategic investment holding firm, specializing in bespoke advisory services. The firm focuses on fortifying family capital through comprehensive offerings that encompass support for early-stage enterprises, strategic asset allocation, and robust governance infrastructure development. The firm operates out of Geneva and Dubai and provides three core services:
Family Asset Support: Tailored support to construct an asset allocation that meets wealth goals.Family Financial Sponsorship: Reinforcement for family-operated businesses, aimed at fostering enduring value creation.Governance and Reporting: Consultation on governance frameworks and the enhancement of reporting standards for comprehensive asset oversight.Forward Looking Statements
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Axon Technologies, Keyrus or DIV Capital do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will the companies and the affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
Contact: [email protected]
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NDC Group and Valantic form a strategic partnership in EPM solutions
PRAGUE, Feb. 27, 2024 /PRNewswire/ — NDC Group, a leading company in enterprise performance management (EPM) consultancy and data analytics is pleased to announce a strategic partnership with valantic, renowned digital solutions, consulting, and tech innovation company. Through this partnership, the companies aim to offer a joint portfolio of solutions and services in SAP planning and analytics.
Central to this collaboration is the delivery of NDC Financial Consolidation, which offers an automated and streamlined approach to legal and managerial consolidation. While the solution draws inspiration from the concept and functions of previously popular SAP consolidation solutions, it utilizes the modern technologies to enhance automation, performance, user experience, and seamless data integration.
The partnership also gives the chance to offer additional products, including SAC workforce planning content, SAP BusinessObjects migration accelerators, and pre-built content for SAC financial planning. Overall, the combined expertise and product offering enhance the ability of both companies to support customers in driving data-driven transformations within their organizations.
Stefan Blinkmann, Head of SAP Analytics at valantic, emphasizes: “We are very pleased about our new partnership, and we are convinced that our customers will benefit greatly from it. Above all, the NDC Group’s products create added value in the area of consolidation based on SAP Analytics Cloud, and they expand valantic’s range of services. An integrated solution for reporting, planning, and consolidation in SAP Analytics Cloud provides multiple benefits for our customers and enables them to streamline their system landscape.”
Karel Jirik, Head of Products at NDC Group, is also convinced of the benefits of this collaboration: “Our partnership with valantic is an excellent opportunity to leverage the synergies between our teams to streamline and transform our customers’ data landscape. The jointly offered EPM solutions enable precise and swift decision-making and enhance operational efficiency, crucial elements in today’s competitive landscape. I’m particularly pleased we found a lot of commonalities with valantic, and I am convinced together we can deliver better solutions in a shorter time.”
Vladislav Stefanak, CEO of NDC Group, reflects on the partnership’s potential: “This partnership embodies my vision of equipping our clients with advanced functionalities reminiscent of those found in SAP BPC and SAP Financial Consolidation, yet significantly enhanced by leveraging top-tier SAP technologies. Our collaboration with valantic commenced with remarkable synergy from the outset, underpinned by their extensive expertise and knowledge base.”
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