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Pediatric Software Market on Track for Strong Growth, Estimated to Grow at 8.4% CAGR Through 2029
Pediatric Software Market
What Is the Expected CAGR for the Pediatric Software Market Through 2025?
In recent times, there has been a significant upsurge in the growth of the pediatric software market. The estimated value is set to rise from $30.63 billion in 2024 to $32.45 billion in 2025, marking a compound annual growth rate (CAGR) of 5.9%. Factors contributing to the growth during the historical period include early adoption of technology, accomplishment of regulatory milestones, a transition towards electronic health records (EHR), emphasis on pediatric wellness at an early stage, and acknowledgement of the mental health needs of pediatric patients.
What's the Projected Size of the Global Pediatric Software Market by 2029?
Expectations are high for strong expansion in the pediatric software market in the upcoming years. By 2029, it is projected to escalate to $44.83 billion, growing at a compound annual growth rate (CAGR) of 8.4%. The forecasted growth is due to the increasing adoption of value-oriented care models, growth of pediatric mental health facilities, elevated focus on preventative healthcare, increased investment in pediatric healthcare, and emphasis on interoperability standards. Noteworthy trends expected over the forecast period include customized healthcare solutions, telehealth and remote surveillance, integration of artificial intelligence and machine learning, crucial attention towards data safety and confidentiality, and mobile health (mhealth) solutions.
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Top Growth Drivers in the Pediatric Software Industry: What's Accelerating the Market?
The pediatric software market is set to expand due to the rising use of electronic medical records. Electronic health recorders, which are digital databases of various medical records compiled during clinical interactions or other events, drive this growth. These recorders are essentially upgraded electronic medical records (EMRs), which record a patient's medical history in a digital format. A pediatric EHR helps to decrease the duration spent on paperwork, enhance the quality of care, and pediatric software facilitates these processes. This means that greater utilization of EHR can boost the market's development. For example, in 2022, the Office for National Statistics in the UK announced that health care expenditure in the UK amounted to roughly $354.88 billion (£283 billion). This amounts to a marginal rise of 0.7% compared to the spending in 2021. Therefore, the burgeoning use of EHR is fuelling the demand for the pediatric software market.
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What Trends Will Shape the Pediatric Software Market Through 2029 and Beyond?
Leading firms in the pediatric software industry are concentrating their efforts on inventing groundbreaking software, such as digital care coordination software, specifically designed for pediatric retinal screening. This kind of software serves as a tech-based solution to simplify and improve the organization of healthcare services and related information. For example, in November 2022, US-based medical device company, NeoLight, launched ROPCheck.com. This marked their move into pediatric ophthalmology with their new tool: ROP risk management software, which helps in identifying and tracking retinopathy of prematurity (ROP). This digital care coordination system improves healthcare coordination, scheduling, documentation, billing, and patient transfers among NICUs, specialists, and caregivers. This new move is a significant step in NeoLight's digital strategy, enhancing the provision of newborn eye screening care, and guaranteeing punctual examinations and better results.
What Are the Main Segments in the Pediatric Software Market?
The pediatric software market covered in this report is segmented -
1) By Type: Type I, Type II
2) By Modality: Magnetic Resonance Imaging MRI, Computed Tomography CT, Ultrasound, X-Ray
3) By Application: PC Terminal, Mobile Terminal, Orthopedics, Gastroenterology, Cardiology, Oncology, Neurology, Other Applications
4) By End Users: Hospitals, Diagnostic Centers, Other End Users
Subsegments:
1) By Type I: Pediatric Electronic Health Records (EHR), Pediatric Practice Management Software
2) By Type II: Pediatric Telemedicine Solutions, Pediatric Specialty Care Software
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Which Top Companies are Driving Growth in the Pediatric Software Market?
Major companies operating in the pediatric software market include Epic Systems Corporation, Oracle Corporation, Medical Information Technology Inc., Computer Programs and Systems Inc., Medhost, Altera Digital Health, Netsmart Technologies Inc., Athenahealth plc, Allscripts Healthcare LLC, Optum Inc., Change Healthcare, Koninklijke Philips N V, Elinext Group, AdvancedMD Inc., NXGN Management LLC, Kareo Corp., Bizmatics Inc., Greenway Health LLC, MedicalMine Inc., Kaaspro, Duchang IT, SAP SE, WRS Health, McKesson Corp., Physician's Computer Company
Which Regions Will Dominate the Pediatric Software Market Through 2029?
North America was the largest region in the pediatric software market in 2024. The regions covered in the pediatric software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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