Medical Software Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Medical Software Market Outlook - 2027

Medical software is a combination of software that is used in performing and aiding in daily operation of healthcare services. The software has become an integral part of medical services management over the past few years as it assists the administration in efficient functioning. Medical software is extensively utilized for collection, storage, management and retrieval of patient data that is stored in digital format. Medical software provides appointment scheduling, patient registration, billing service as well as prescription of medicines via digital medium. Additionally, this software also aids in management of electronic health records to enhance interoperability and overall management process. It can also be utilized for securing clinical data, transmission of the data to healthcare organizations thus ensuring data exchange for updated services and solutions. Medical software has various advantages right from improvising the administration functioning and keeping a track of patients, cases, medical inventory to healthcare service management and ensuring government compliance.

COVID – 19 scenario analysis:  

• The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
• Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
• Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
• Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
• Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to medical software has been reduced and this segment have to face negligence subsequently causing negative impact on medical software market
• However, various advantages with use of medical software would be helpful in the rise of this pandemic and facilitate healthcare services management which is increasingly important in this pandemic time

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The growing consumer demand for personalization in healthcare services, rising need for remote monitoring services owing to rise in cases of chronic diseases, deep penetration software’s and platforms providing track of health and access to medical information among healthcare practitioners and physicians are the prime factors driving the market growth.

In addition to this, the rise in patient pool with chronic conditions, immense costs of efficient therapeutic treatments and diagnostics, high life expectancy, consumer demand for superior quality of life and the World Health Organization estimations regarding worldwide shortage of around 4.3 million health workers are other major factors propelling the growth of digital health market. 

At the same time, technological advents with an increasingly high pace especially in the software field is revolutionizing is healthcare industry. Affordable and speedy internet access, deep healthcare software penetration coupled with advanced technologies such as artificial intelligence, genomics, telemedicine in the medical field are transforming the healthcare industry. Similarly, abundant innovations in the software component has propelled the medical software market pertaining to tremendous amount of medical data and records, accessibility to clinical information, development of decision making support systems, peer support and open access clinical studies and guidelines. This has led to increase in adoption of medical software services globally which would further ensure market development.

On the contrary, lack of awareness among people regarding medical software, scarcity of skilled IT professionals especially in developing and underdeveloped regions, high costs related to maintenance and installation are some of the factors that might hamper the growth of medical software market growth. 

Technological advancements to boost the growth

Technological developments in the health IT industry for developing innovative digitalized healthcare solutions with integration of advanced information technology would fuel the growth of medical software market.  This is due to increasing need for medical software’s and management platforms, increasing adoption of IT solutions in healthcare industry and the growing usage of electronic health records. Furthermore, enormous efforts put forth by various market players in research and development activities emphasizing on development of efficient and affordable healthcare software’s would surge the demand for medical software’s. For instance, healthcare IT firm CureMD joined forces with National Comprehensive Cancer Network (NCCN) for development of oncology specific template and its integration into EHR software. 

Credible, a leading medical software company introduced the EHR Best Practices Community in association with the human service and health provider OPEN MINDS. This provides a platform to online community for betterment of the quality of care offered in medical field. Such technological advancements in IT health solutions and launch of innovative products in the market will positively impact the medical software market ensuring immense growth over the coming years.

North American segment to have dominance in the market with highest market share

North America is expected to have significant growth in the market and holds highest market share in the regional segments. The dominance is due to factors like higher adoption of technology in the region resulting for higher demand for innovative management technologies is propelling the market in the United States. Drastic rise in healthcare expenditure and high strain to achieve better health outputs at lower costs, availability of a well-developed infrastructure, presence of major industry and government initiatives to induce medical software solutions in the healthcare settings are the other factors fostering the market growth in the near future.

Key benefits of the report:

• This study presents the analytical depiction of the global medical software market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical software market share.
• The current market is quantitatively analyzed to highlight the global market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global medical software market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Medical software Market research report:

• What are the leading market players active in the medical software market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Medical Software Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights