Master Patient Index Software Market Estimated at US$ 776.36 million in the year 2020, is Projected to Reach a Revised size of US$ 1,678.86 million by 2028

Master patient index (MPI) is an essential as well as critical part of every hospital or a healthcare facility center. To maintain the huge database of patients, MPI software or systems are used. MPI software or system is a primary feature build in the electronic health record (HER) to maintain a universal identity of patients at the organizational level. MPI helps in connecting patient records from several databases and reduces data duplication of patients. MPI also helps avoiding inaccuracy of data resulting in improper treatments.

According to our new market research study titled "Master Patient Index Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Deployment," the market is expected to reach US$ 1,678.86 million by 2028 from US$ 776.36million in 2020. It is estimated to grow at a CAGR of 10.3% from 2021 to 2028. The report highlights the trends prevalent in the market and the factors driving the market along with those that act as deterrents to its growth.

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Prominent players operating in master patient index software market include McKesson corporation; Oracle Corporation; Wipro Limited; Allscripts Healthcare, LLC; NextGate; Just Associates, Inc.; Verato; QuadraMed Affinity Corporation; MEDITECH; and Intersystems Corporation. The companies have implemented several inorganic strategies to enhance the market value and maintain their position in the market.

For instance, in August 2020, Allscripts and Sheba Medical Center have developed a collaboration to increase the pace of artificial intelligence technology and enhance patient safety through the hospitals' ARC Innovation Center. ARC, which stands for accelerate, reinvent, and collaborate, is Sheba Medical Center's research arm, with a goal of transforming healthcare by 2030.

Segmentation:

Based on type, the master patient index software market is segmented into software and service. In 2020, the software segment held a larger share of the market and is estimated to grow at a significant CAGR during the forecast period. Due to growing advancement in new and existing master patient index software, the adoption of the software in the healthcare system is likely to boost the market growth during the forecast period. Also, the developments by market players in this segment are likely to enhance the growth of the segment. In June 2019, Verato announced that the company is ranked number 1 for Enterprise Master Patient Index (EMPI) in the 2019 Black Book Survey.

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Drivers:

The global master patient index software market is driven by assistance in maintaining and managing clinical, financial, and demographic data of patients However, the high cost of software is likely to hinder the market's growth.

Market Insights

Assistance in Maintaining and Managing Clinical, Financial, and Demographic Data of Patients

Continuous developments in the healthcare sector encourage the healthcare providers to adopt healthcare IT solutions for ensuring easy workflow. MPI software assigns a unique identification number to every patient, and this number allows to maintain consistent and accurate information of every patient, thereby allowing automatic management of patients' data.

MPI software facilitate authorized exchange of patient data among hospitals, rehabilitation centers, pharmacies, and other healthcare providers. The access to exchanged data is enabled through a unique identifying number that is specific to single medical record. Thus, these software avoid the duplication of patients' information, which may occur due to several factors including demographics, error during data entry, and incomplete proofs. Ensuring accuracy helps healthcare organizations and facility centers in tracking patients previous records when they revisit the facilities.

Health care providers rely on the automated patient management. Thus, health information exchange initiatives, coupled with the heavy dependence on patient management solutions, are driving the demand for MPI software. In March 2020, the Nebraska Health Information Initiative (NEHII) selected NextGate's cloud-based enterprise master patient index (EMPI) solutions. NEHII is a leading Health Information Exchange (HEI) that is connecting ~70% health care providers in Nebraska, US. The integration of the NextGate EMPI would help it enhance patient matching information in the region. The solution is integrated information of more than 300 participant organizations, in addition to supporting existing 4 million patient records in Nebraska.

The MPI software widely assist in financial aspects and procedures post healthcare procedures. Thus, this software has been a key tool for healthcare centers to maintain clinical, financial, and demographic data across the care continuum, thereby playing a significant role in providing safe and quality services, which is driving the growth of the master patient index software market.

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