Press release
Healthcare Enterprise Software Market Size, Share, Industry & Landscape Outlook, Revenue Growth Analysis to 2027
Healthcare Enterprise Software Market
Enterprise medical software refers to any medical software system designed to fulfill the needs of larger healthcare organizations, such as acute care hospitals (ACHs), critical access hospitals (CAHs), mental hospitals, rehabilitation centers, major multi-specialty physician groups, and so on. Enterprise medical software is also known as inpatient software, hospital information systems (HIS), hospital management systems (HMS), and hospital enterprise resource planning (ERP) systems.
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The COVID-19 problem has increased global demand for online medical consulting due to developments in online technology, a growing burden of chronic diseases, and increasing consumerism in healthcare. The ongoing COVID-19 pandemic also provides various chances for market players to acquire a competitive advantage by investing in hitherto untapped opportunities.
Market Segmentation
By Products and Services
In 2018, the on-site category dominated overall enterprise application demand, and this trend is likely to continue throughout the projection period. This is owing to the numerous benefits provided by enterprise software, such as end-to-end software administration, the retention of intellectual property within the company, and the introduction of significant customization as and when the organization requires it.
By Delivery Mode
The RCM was the greatest contributor to the enterprise software market in 2018 and is likely to maintain its dominance during the forecast period, owing to the consistent growth in the necessity to manage financial data. Furthermore, many businesses are likely to use a financial enterprise module in the next years to improve business efficiency and productivity, creating ample growth potential for the enterprise software market.
By End-User
However, healthcare providers are predicted to have the highest CAGR during the forecast period. This is due to strong regulatory legislation requiring open and accessible medical records while the business advances in digitization and automation. Furthermore, the emphasis on improving operating efficiencies while lowering labor and inventory costs contributes to the adoption of enterprise software in the healthcare industry.
Regional Classification
In 2018, the Americas accounted for 47.4% of the market. Within the Americas, North America and South America are subdivided. Because of the broad usage of healthcare software by healthcare practitioners and the expanding value of electronic medical data, North America is the largest market. The expansion of this market in North America also favors technological advancement in software development and the widespread use of information technology in healthcare.
Competitive Landscape
The market is concentrated, and the degree of concentration will decrease during the forecast period. The key players in the market are focusing on various growth strategies, including acquisitions and partnerships, to widen their technological landscape, expand geographical reach, and gain significant market shares and revenue.
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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Industry News
Roche announced the CE-IVD launch of its automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath Dual ISH image analysis for breast cancer, in January 2021, to assist in determining the optimum treatment strategy for each patient. Artificial intelligence is used in image analysis algorithms to assist pathologists in achieving faster, more accurate patient diagnoses of breast cancer. The new algorithms, when combined with the VENTANA DP 200 slide scanner and Roche uPath enterprise software, enable breakthrough digital pathology solutions to promote personalized healthcare.
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