Healthcare Enterprise Software Market: Information By Product & Services [Revenue Cycle Management (RCM), Customer Relationship Management (CRM), Business Intelligence and Enterprise Content Management], By Delivery Mode (On-Premise and Cloud-Based), By End User (Healthcare Providers and Healthcare Payers) - Forecast till 2030

Healthcare Enterprise Software Market Overview

Healthcare Enterprise Software Market is anticipated to reach USD 28,580 Million by 2030 at 14.50% CAGR during the forecast period 2022-2030. Increasing demand for preventive treatment, coupled with increased funding for different start-ups in mHealth, is boosting the market growth.

COVID-19 Analysis

Due to advances in online technology, a growing burden on chronic diseases, and increasing consumerism in healthcare, the COVID-19 crisis has strengthened the demand for online medical consulting globally. The ongoing COVID-19 pandemic also opens up several opportunities for market players to gain a competitive edge by investing in untapped opportunities that are present. 

Market Dynamics

Drivers

Growing Adoption of HER and EMR to Drive Market Growth

The factors driving the growth of the global healthcare enterprise software market are the growing use of big data in healthcare, increasing acceptance of EHR/EMR, government mandates, and funding for the preservation of electronic patient health records and others. The introduction of healthcare IT systems has gained momentum in recent years in order to improve Chronic Disease Management (CDM) due to the increasing prevalence of chronic diseases globally.

The emergence of technological innovations to improve IT infrastructure, such as the implementation of IoT, AI and big data, is one of the important factors driving market growth. Growing client demand for efficient and effective care and increasing awareness of upgraded technology are also expected to fuel the market over the forecast period. Moreover, the continuous upgrade of current IT infrastructures, coupled with the adoption of healthcare cloud computing, is a major contributor to the growth of the sector.

Increasing geriatric and paediatric populations, increasing demand for home health services and rising costs for advanced hospital facilities are driving demand for remote patient monitoring and are thus expected to accelerate market growth.

Opportunities

Growing IT Infrastructure Worldwide to Create Growth Opportunities

Continuous changes in the infrastructure of the network and increasing coverage of the network further generate multiple growth opportunities for market players. In addition, the increase in demand for enterprise among small and medium-sized enterprises and technological developments in enterprise resource planning software are expected in the coming years to provide lucrative opportunities for business growth. In addition, growing demand for reducing healthcare costs and workflow productivity drives demand for solutions for remote monitoring, which in turn has a positive effect on market growth. 

Restraints

Data Security Concerns to Impede Market Growth

However, poor network coverage, data security concerns, and other associated issues are anticipated to hamper the market growth.

Segmental Analysis

By-Products and Services

The on-site segment dominated the overall demand for enterprise applications in 2018, and this trend is expected to continue throughout the forecast period. This is due to various advantages offered by enterprise software, such as end-to-end software management, the retention of IP within the organisation, and the introduction of substantial customization as and when the organization needs. Because of these reasons, a large number of companies around the world opt for on-site deployment models to store and protect their data. However, during the forecast period, the cloud segment is expected to see the highest CAGR, due to a paradigm shift in the deployment methods from on-premise to cloud-based models among end users.

By Delivery Mode

In 2018, the RCM was the largest contributor to the enterprise software market and is expected to remain dominant during the forecast era, owing to a uniform increase in the need to maintain the financial data. In addition, numerous companies are expected to adopt a financial enterprise module in the coming years to boost their business efficiency and productivity, thus providing the enterprise software industry with sufficient growth opportunities. However, due to increased adoption of the HR module in IT industries and BPOs to conduct HR activities in a smooth and easy way, the human resource (HR) module is expected to experience maximum growth. In addition, continuing business expansion in emerging economies forces companies to implement enterprise HR modules to efficiently incorporate and handle all of the existing and additional workforce's necessary details.

By End-Use

However, during the forecast period, healthcare providers are expected to experience the highest CAGR. This is due to strict regulatory legislation requiring medical records to be open and accessible while the industry invests in digitization and automation. In addition, the emphasis on enhancing operating efficiencies while reducing labour and inventory costs contributes to the adoption of enterprise software in the healthcare industry as it effectively facilitates cost-effective management of the supply chain, streamlines the management of human resources and exercises strict fiscal control.

Regional Evaluation

North America to Dominate Regional Market Growth

In 2018, the Americas accounted for a market share of 47.4%. North America and South America are sub-segmented within the Americas. North America is the largest market due to the widespread use of healthcare software by healthcare practitioners and the rising value of electronic medical records. The growth of this market in North America also favours technological advancement in software development and the easy adoption of information technology in healthcare. This market in South America is driven by the maintenance of health records, patient awareness of the importance of their medical records & legal applications and the demand for user-friendly software solutions. In the United States, major medical device and healthcare IT companies are world leaders in the manufacture of medical devices and components and in the provision of healthcare software solutions.

Growing Government Initiatives towards Healthcare Sector to Drive APAC

The Asia-Pacific region holds the third-largest position in the enterprise software market for healthcare. Due to increasing awareness of software and the replacement of manual records by electronic ones, Asia Pacific is showing the fastest growth in this market. In Asia-Pacific, Toshiba Medical Systems Corporation is a major market player. This market in Asia Pacific is driven by increased disease burden, population growth, healthcare demand-reaching supplies.

Competitive Landscape

Growing Mergers and Acquisitions to be the Primary Focus of Market Players

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

Recent Development

January 2021: 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 to help determine the best treatment strategy for each patient. The image analysis algorithms use artificial intelligence to support pathologists in making faster, more accurate patient diagnoses in breast cancer. In combination with the VENTANA DP 200 slide scanner and Roche uPath enterprise software, the new algorithms provide innovative digital pathology solutions to advance personalised healthcare 

January 2021: Absorb Software, provider of the industry-leading Absorb Learning Management System (LMS), today announced record company growth in 2020. In a year when eLearning solutions became a necessity for businesses around the world, the profitable company reinforced its leadership position in the market through increased customer traction and new product offerings. 

Report Overview

By Product & Services

• Revenue Cycle Management (RCM)


• Customer Relationship Management (CRM)


• Business Intelligence


• Ententerprise Content Management

By Delivery Mode  

• On-Premise


• Cloud-Based

By End-User

• Healthcare Providers


• Healthcare Payers