Medical Software Market Insights and Innovation Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Medical Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The medical software market size has grown rapidly in recent years. It will grow from $51.49 billion in 2023 to $58.94 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the implementation of healthcare information technology (HIT) solutions, adoption of secure and compliant software systems, increasing focus on interoperability and data exchange, advances in medical imaging and diagnostic software, and growing demand for healthcare analytics.

The medical software market size is expected to see rapid growth in the next few years. It will grow to $101.81 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to the increasing adoption of electronic health records (EHR) and electronic medical records (EMR) systems, growing demand for data-driven decision-making tools, rising focus on telemedicine and remote patient monitoring solutions, and government initiatives promoting the digitization of healthcare services. Major trends in the forecast period include the adoption of cloud-based solutions for medical software, increasing integration of artificial intelligence (AI) and machine learning (ML) technologies, personalized medicine, growing demand for telehealth and virtual care platforms, emphasis on interoperability standards and data exchange protocols, and rise of mobile health (mHealth) applications and wearable devices.

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Market Drivers and Trends:

The rising aging population and chronic diseases are expected to propel the growth of the medical software market going forward. The rising aging population refers to the increasing proportion of elderly individuals within a population, while chronic diseases are long-lasting medical conditions that generally cannot be cured but can often be managed with proper treatment and lifestyle changes. The aging population and chronic diseases are on the rise due to increased life expectancy and several lifestyle factors characterized by sedentary behavior, unhealthy diets, smoking, and excessive alcohol consumption. Medical software is utilized in the elderly population with chronic diseases to facilitate personalized care, disease management, and monitoring of health metrics. It improves the quality of care and quality of life for elderly individuals by enabling proactive monitoring and effective management of their health conditions. For instance, in January 2023, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Furthermore, in October 2022, according to the World Health Organization, a Switzerland-based intergovernmental organization, it is projected that 1 out of every 6 individuals globally will be 60 years old or older by 2030. Therefore, the rising aging population and chronic diseases are driving the growth of the medical software market.

Major companies operating in the medical software market are focusing on developing advanced technological solutions, such as patient payment platforms, to gain a competitive edge in the market. A patient payment platform refers to a software solution that facilitates the management and processing of financial transactions related to healthcare services between patients and healthcare providers. For instance, in March 2021, Sphere, a US-based vertically integrated software and payments technology company, launched the Health iPASS platform, an upgraded version of its patient payment platform, which integrates patient intake and engagement software with Sphere's extensive payment acceptance features and top-tier security. This integration results in a distinctive end-to-end solution. It offers a robust new solution that ensures straightforward, smooth, and secure transactions for healthcare providers by combining Health iPASS' patient engagement software with Sphere's payment technology.

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Major Key Players of the Market:

McKesson Corporation, OptumHealth, Dell Technologies Inc., International Business Machines Corporation (IBM), Siemens Healthineers, Koninklijke Philips NV, GE HealthCare Technologies, Henry Schein Inc., Quest Diagnostics Incorporated, Cerner Corporation, Epic Systems Corporation, Lexmark International Inc., Athenahealth Inc., CompuGroup Medical SE & Co KGaA, eClinicalWorks, Allscripts Healthcare Solutions Inc., Greenway Health LLC, Computer Programs and Systems Inc., Sunquest Information Systems Inc., Merge Healthcare Incorporated, NextGen Healthcare Inc., First Databank Inc., CureMD Healthcare, Practice Fusion Inc., Updox LLC

Medical Software Market 2024 Key Insights:

• The medical software market size is expected to see rapid growth in the next few years. It will grow to $101.81 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Rising Aging Population And Chronic Diseases Are Driving The Medical Software Market
• Introducing Integrated Patient Payment Platforms For Healthcare Providers
• North America was the largest region in the medical software market in 2023

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