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Medical Software Market size is predicted to expand at a notable pace during the forecast period of 2023-2032. The software has become an important part of the core healthcare infrastructure to carry out day-to-day patient management activities. Medical software provides healthcare staff with vital details, such as patient registration, billing, e-prescribing, and appointment scheduling. The solution also stores and retrieves imaging data, manages electronic health records, and assists in the practice management process.
The expanding pool of patients is one of the key factors driving medical software market growth. Patients are increasingly visiting medical facilities to receive diagnoses or treatment for their new as well as existing health conditions. Medical software enables doctors to automatically schedule their patients’ appointments, helps in patient management, and retrieves a patient’s data from their database. This can bring down the workload of contact centers across the healthcare system and save valuable time, thereby bolstering software installation.
Medical software is undergoing consistent technological improvements to increase its efficiency and accuracy. The usage of artificial intelligence and IT technologies has also increased in the healthcare industry, particularly in areas that require higher doctor-patient engagement. This has proven beneficial for medical professionals when it comes to optimizing their time and managing their revenue margins effectively. Moreover, streamlined workflows with the help of automated routing and improved clinical alerting systems across hospitals will boost the adoption of medical software products.
Based on software type, medical software industry is segmented into radiology information systems (RIS), medical CRM, medical practice management, electronic health records (EHR), picture archiving and communication system (PACS), telemedicine, electronic medical records (EMR), clinical decision support system (CDSS), vendor neutral archive (VNA), population health management, and others. The medical practice management software is set to capture a sizeable market share by 2032. This software is undergoing important upgrades in its interface and features. Medical practice management software can be combined with electronic health records, making it easier for medical practitioners to gain access to their patient’s health data and make informed decisions.
In addition, novel product launches are also accelerating software deployment. For example, in July 2022, Siemens Healthineers launched Mobilett Impact, a new mobile x-ray system that can offer complete workflows at the patient’s bedside and be wirelessly integrated into the hospital system. Such initiatives will boost the demand for medical software to safely store imaging data.
Based on delivery mode, medical software market size from the cloud segment is anticipated to register a strong CAGR through 2032. Cloud-based medical software allows data availability across a wide range of platforms and enables users to access data from different locations. In June 2022, GoMeyra, a cloud software firm, launched a new telehealth platform called GoVirtual Clinic. The cloud-based software has a single interface that allows clinicians and nursing staff to conduct medical tests over a safe remote platform. Novel product launches such as these will propel the use of medical software over the coming years.
In terms of end-user, medical software market from the hospital segment is projected to record a steady growth rate up to 2032. The number of patient admissions across hospitals is growing globally due to the rising incidence of chronic diseases. These medical centers offer better access to advanced devices and software which can help healthcare professionals in creating an accurate diagnosis and provide patients with a variety of treatment options to choose from, thereby encouraging them to avail treatments from hospitals.
North America medical software market share is expected to grow significantly by 2032. Regional governments are increasing their expenditure on the healthcare sector by partnering with private firms. Also, federal authorities are undertaking various initiatives to encourage digitization across the healthcare industry, which will further improve the demand for medical software across the region. For example, in June 2021, the U.S. government announced plans to invest USD 80 million to develop a brand-new public health informatics and technology platform to promote digital health efforts.
Some of the eminent businesses operating in the medical software market include eClinicalWorks, First Databank, Siemens Healthcare, IBM, Updox, Philips, GE Healthcare, McKesson Corporation, Allscripts Healthcare, Henry Schein, CureMD Healthcare, Dell, and NXGN Management, among others. These companies are intensifying their efforts in research and development activities to create high-performing and affordable medical software solutions.