APAC to Witness Fastest Growth in Hospital Management Software Market
Improving healthcare IT infrastructure
and rising incidences of diseases to drive the growth of global hospital management software
market through 2025.
According
to TechSci Research report, “Global
Hospital Management Software Market By Product, By Deployment Mode, By Type of Software,
By Application, By Region, Competition, Forecast & Opportunities, 2025”, the global hospital management software market was valued
at USD 25 billion in 2019 and is forecast to witness a CAGR of over 9% during
the forecast period on account of the increasing demand from various hospitals
& clinics for installation of such software in order to handle their
businesses in a more consistent, efficient and convenient way. The need to
replace manual records with electronic health records to reduce errors and save
time are likely to propel the market over the next five years. Moreover, the
adoption of software helps in cutting down costs, increase profitability, and
enhance patient experience, which motivates the key vendors operating in the
industry to invest in advanced hospital management software, which is
aniticipated to positively impact the growth of market in forecast years. Moreover,
increasing stringent government support in the form of schemes, grants and
funds to encourage adoption of IT in healthcare ecosystem can further spur the
growth of market.
The sudden outbreak of coronavirus also stressed upon
the need to create and adapt advanced software management tools in healthcare
sector. However, high infrastructural and maintenance costs associated with
hospital management software might hamper the growth of market during forecast
period. Also, issues of data privacy and cyber threat might restrict the growth
of market. Additionally, lack of software knowledge in developing countries might
negatively impact the growth of market. Furthermore, lack of onsite IT support
services is expected to impede the growth of market over the next few years.
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The global hospital management software market is segmented based on product,
deployment mode, type of software, application, company and region. Based on
deployment mode, the market can be bifurcated into on-premises and cloud. The
cloud segment is expected to dominate the market during forecast period. This
can be ascribed to the changing trends in medical industry to shift their
business to cloud platforms. The medical industry is currently focusing on the
installation of this deployment mode to improve their productivity,
functionality, customer management, enhance cost effectiveness of their
services, among others. Based on end user, the market can be fragmented into
hospitals, clinics and others. The hospitals segment is expected to dominate
the market owing to the widespread adoption of the software by different hospitals
around the globe.
Cerner Corporation, GE Healthcare, Allscripts Healthcare Solutions, Inc,
IBM Corporation, Siemens Healthineers AG, Centrak Ltd., Ekahua Inc., AeroScout
Inc., Zebra Technologies Corporation, Infor Inc., Trimble Navigation Ltd.,
Philips Healthcare, Johnson Controls International Plc., Motorola Solutions
Inc., Sonitor Technologies A.S., Sisoft, Wellsky Corporation, Midmark
Corporation, Medical Information Technology, and McKesson Corporation are some
of the leading players operating in the global hospital management software market.
The companies operating in the market are using organic strategies such as
product launches, as well as mergers and collaborations to boost their market share.
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“Asia-Pacific is expected to witness fastest
growth in the hospital management software market during the forecast years
owing to the increasing healthcare expenditure and rising medical tourism in
the region. Additionally, high internet penetration and cloud based services in
the region are further anticipated to spur the market growth. Also, the key
vendors operating in the market are expanding their businesses in the region,
thereby creating lucrative opportunities for the growth of market.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Hospital Management Software Market By
Product, By Deployment Mode, By Type of Software, By Application, By Region,
Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global hospital
management software market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global hospital
management software market.
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