Medical Software Market size is expected to grow significantly from 2020 to 2026. Medical software is a type of healthcare management software that offers broad range of applications in medical facilities. Medical software has become imperative for day-to-day patient management, over the past few years. Medical software provides patient registration, appointment scheduling, billing, and e-prescribing. Additionally, medical software helps in electronic health records management, imaging data storage and retrieval, and assist in the overall practice management process.
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Increasing patient population is a major factor that will drive the medical software market growth. Hundreds of patients visit medical facilities daily for new and existing conditions. Medical software enables automatic appointment scheduling, retrieve pre-existing patient data from the database and help in the management of patient population. This eases the work for contact centers and across the health system saves ample amount of valuable time.
Advancement in medical software will propel the market growth over the upcoming years. The integration of IT and artificial intelligence in the healthcare sector, especially in doctor-patient engagement areas has shown to optimize time and revenue management. Moreover, improved clinical alerting across hospitals and streamlined workflows with automated routing, will boost the market growth.
Based on software type, the medical software market demand is segmented medical CRM, radiology information systems (RIS), electronic medical records (EMR), electronic health records (EHR), medical practice management, picture archiving and communication system (PACS), vendor neutral archive (VNA), telemedicine, clinical decision support system (CDSS), population health management and others. Medical practice management software accounted for significant revenue share in 2019. The growth of the segment is attributable to the increasing advancements in software interface and features offered. Additionally, medical practice management software integrates with electronic health records making it easier for medical practitioner to access patient’s health data and act accordingly and effectively.
According to the delivery mode, medical software market size is bifurcated into on-premise and cloud-based software. The cloud-based segment is projected to witness robust growth over the analysis timeframe. Cloud-based software enables data availability across multiple platforms and allows to access data from different locations, thereby propelling its demand over the forecast timeline.
In terms of end-user segment, the market demand is bifurcated into hospitals, clinics, ambulatory surgical centers, and others. The hospital segment is projected to witness robust growth over the analysis period. The growing number of patient admissions in hospitals globally and increasing cases of chronic diseases are anticipated to bolster the segment growth and will fuel the segment growth.
North America medical software market share dominated the industry in 2019 and the trend is likely to continue over the upcoming years. Increasing healthcare expenditure by public and private healthcare facilities is anticipated to boost the regional growth. Also, government initiatives to keep patient records and manage health records for research purpose will support the regional growth.
Prominent industry players operating in the medical software market share include eClinicalWorks, Siemens Healthcare, First Databank, Updox, IBM, GE Healthcare, Philips, Allscripts Healthcare, McKesson Corporation, Dell, CureMD Healthcare, Henry Schein, and NXGN Management among others. These market participants are putting enormous efforts in research and development activities to develop better performing and cost-effective medical software. For instance, in May 2019, CureMD partnered with National Comprehensive Cancer Network (NCCN) to design and integrate oncology specific template into its EHR software. This development helped the firm to cater to the needs of specialty centers, thus increasing its business revenue.
Medical Software Market, By Software Type, 2015-2026 (USD Million)
Medical Software Market, By Delivery Mode, 2015-2026 (USD Million)
By End-use, 2015-2026 (USD Million)
The above information is provided for the following regions and countries: