Global Healthcare Enterprise Software Market Overview
The key driver impacting the Healthcare enterprise software market is the rising adoption of HER and EMR. For instance, As per the WHO report data 2016, Stable growth in the adoption of national electronic health record (EHR) systems is observed over the last 15 years. Around 46% worldwide boost in the past five years. There were around 50% of high-income and upper-middle nations have adopted national EHR systems. According to the Office of the National Coordinator for Health Information Technology, In 2017, about 9 in 10, that is 86% of office-based physicians, had adopted any type of EHR in the U.S. Around four in five (80%) had adopted a certified HER. Moreover, increasing client demand for effective and efficient care and high awareness of upgraded technology contributes to Healthcare enterprise software market demand in the coming years.
According to Value Market Research, the global Healthcare enterprise software market size was valued at about USD 34004.85 million in 2020 and is estimated to grow at a CAGR of around 13% during the forecast period 2021 to 2027.
The growing technological innovations to improve healthcare IT infrastructures, such as the implementation of IoT, AI, cloud computing, and big data in healthcare units, is likely to augment the market demand in the forecast period. For instance, According to the healthcare management organization, HyGen Pharmaceuticals and American Occupational Network enhance patient care by digitizing health records and updating its clinical processes employing cloud-based software. By utilizing the service, billing to insurance companies and individuals will become more accurate, faster and can decrease the cost of medical transcription by 80%. Similarly, Mount Sinai Hospital in Toronto and the Canadian government are working jointly to construct a community cloud that will provide 14 area hospitals with shared access to data storage for patient information and a fetal ultrasound application. In addition, enhanced government mandates & support for maintaining patient's electronic health records across healthcare units are positively impacting the market growth. However, inadequate data network coverage may hamper the market in the long run. Also, concerns related to data security are negatively impacting the market. Nevertheless, the current industry trends, such as growing IT infrastructure worldwide, and escalating need for home health services, are expected to offer several beneficial market opportunities to the key players.
The Healthcare enterprise software market is vast, with many local and global players. The Healthcare enterprise software market is extensive, with many regional and international players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The prominent players studied in the report include MEDICAL Information Technology Inc., CPSI, Elinext Group, Cognizant, Jag products LLC, Meta Inc., Oracle, EPIC Systems Corporation, Allscripts Healthcare LLC, General Electric Company, Koninklijke Philips NV, SAP, INFOR Inc., Cerner Corporation.
Global Healthcare Enterprise Software Market Share by Region (Representative Graph)
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In this research report, the Healthcare enterprise software market is segmented by delivery mode, end-user, and region.
Analysis by Delivery Mode:
By delivery mode, the report is categorized into on-premise and cloud. The on-premise segment dominates the delivery mode segment with over 55% share in 2020. There is growing adoption of on-site deployment models for enterprise software by companies worldwide to store and protect their data. Moreover, several benefits presented by enterprise software, such as the retention of IP within the organization, end-to-end software management, and the feature of considerable customization whenever the organization needs, contribute to the growth of the on-premise deployment mode segment in the forecast period.
Analysis by End User:
By End User, the report is categorized into healthcare providers and healthcare payers. The healthcare providers segment dominates the end-user segment with over 60% share in 2020. It is due to the growing prominence on enhancing operating efficiencies while reducing labor and inventory costs. Healthcare enterprise software can efficiently make possible cost-effective management of the supply chain, rationalize the human resources management, and implement strict fiscal control. Moreover, stringent regulatory legislation requiring medical records to be open and accessible makes the industry invest in automation and digitization contributing to the growth of the healthcare providers segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Healthcare enterprise software market, the Europe region dominates globally with a 25% market share in the forecast period. It is due to the rise in the usage of IT concerning healthcare management. Moreover, growing technological innovations in software and the emerging need to effectively maintain medical records and the mounting demand for user-friendly solutions contributes to the tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Delivery Mode
By End-User
- Healthcare Providers
- Healthcare Payers
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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