Medical Software Market Size to Touch USD 104.1 Billion By 2030 According Acumen Research and Consulting

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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:

Market 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 10.9%  
Medical Software Market Analysis Period 2018 – 2030
Medical Software Market Base Year 2021  
Medical Software Market Forecast Data 2022 – 2030
Segments Covered 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.
Report Coverage 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.

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Market Segmentation

By Type of Software

  • Electronic Health Records (EHR)
  • Telemedicine Software
  • Medical Practice Management Software
  • Clinical Decision Support Systems (CDSS)
  • Medical Billing and Coding Software
  • Others

By Type of Application

  • Hospitals
  • Clinics
  • Ambulatory Care Centers
  • Others

By End-User segment

  • Providers
  • Patients
  • Payers

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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