Medical Software Global Market Report 2024

The medical software market size has grown rapidly in recent years. It will grow from $51.49 billion in 2023 to $58.94 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth observed during the historic period can be attributed to several factors, including the widespread implementation of healthcare information technology (HIT) solutions, the adoption of secure and compliant software systems, a heightened emphasis on interoperability and data exchange standards, advancements in medical imaging and diagnostic software, and an escalating demand for healthcare analytics capabilities.

The medical software market size is expected to see rapid growth in the next few years. It will grow to $101.81 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to the increasing adoption of electronic health records (EHR) and electronic medical records (EMR) systems, growing demand for data-driven decision-making tools, rising focus on telemedicine and remote patient monitoring solutions, and government initiatives promoting the digitization of healthcare services. Major trends in the forecast period include the adoption of cloud-based solutions for medical software, increasing integration of artificial intelligence (AI) and machine learning (ML) technologies, personalized medicine, growing demand for telehealth and virtual care platforms, emphasis on interoperability standards and data exchange protocols, and rise of mobile health (mHealth) applications and wearable devices.

The anticipated growth in the medical software market is driven by factors such as the increasing aging population and the prevalence of chronic diseases. The term "rising aging population" denotes the higher proportion of elderly individuals within a given population, while "chronic diseases" refer to enduring medical conditions typically managed rather than cured. This trend is fueled by extended life expectancies and lifestyle choices characterized by sedentariness, poor dietary habits, smoking, and excessive alcohol consumption. Medical software plays a pivotal role in catering to the elderly with chronic ailments, facilitating personalized care, disease management, and health metric monitoring. Its implementation significantly enhances the quality of care and life for the elderly by enabling proactive monitoring and effective condition management. For instance, as reported by the National Institutes of Health (NIH) in January 2023, the population aged 50 and above with at least one chronic illness is projected to surge by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the World Health Organization (WHO) projected in October 2022 that by 2030, one out of every six individuals globally will be 60 years or older, underscoring the profound impact of the aging population on healthcare dynamics.

Leading players in the medical software market are strategically investing in advanced technological solutions, such as patient payment platforms, to gain competitive advantage. A patient payment platform is software designed to facilitate the management and processing of financial transactions related to healthcare services between patients and providers. For example, Sphere, a US-based software and payments technology company, launched the Health iPASS platform in March 2021. This enhanced version integrates patient intake and engagement software with Sphere's extensive payment acceptance features and top-tier security, offering a comprehensive end-to-end solution. By merging patient engagement software with payment technology, the platform ensures seamless and secure transactions for healthcare providers, enhancing operational efficiency and patient satisfaction.

In April 2024, GE HealthCare Technologies Inc., a prominent US-based medical technology company, completed the acquisition of MIM Software for an undisclosed sum. This strategic move aims to strengthen GE HealthCare Technologies' support for provider needs by providing established solutions that simplify, streamline, and automate essential tasks, thereby optimizing workflows. MIM Software, based in the US, specializes in medical software solutions for radiation oncology, nuclear medicine, and medical radiology, among others. The acquisition aligns with GE HealthCare Technologies' commitment to delivering innovative solutions that meet the evolving demands of the healthcare industry.

Major companies operating in the medical software market are McKesson Corporation, OptumHealth, Dell Technologies Inc., International Business Machines Corporation (IBM), Siemens Healthineers, Koninklijke Philips NV, GE HealthCare Technologies, Henry Schein Inc., Quest Diagnostics Incorporated, Cerner Corporation, Epic Systems Corporation, Lexmark International Inc., Athenahealth Inc., CompuGroup Medical SE & Co KGaA, eClinicalWorks, Allscripts Healthcare Solutions Inc., Greenway Health LLC, Computer Programs and Systems Inc., Sunquest Information Systems Inc., Merge Healthcare Incorporated, NextGen Healthcare Inc., First Databank Inc., CureMD Healthcare, Practice Fusion Inc., Updox LLC.

North America was the largest region in the medical software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the medical software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical software encompasses specialized applications and platforms tailored to aid healthcare professionals in diverse aspects of patient care within medical facilities. Its purpose is to streamline the management of patient records, facilitate diagnosis, treatment planning, and support healthcare administration.

The primary categories of medical software include electronic health records (EHR), medical practice management software, telemedicine platforms, medical billing and coding solutions, clinical decision support systems (CDSS), among others. Electronic health records (EHR) serve as digital counterparts to traditional paper charts, enabling seamless access to patient information across various healthcare settings such as hospitals, clinics, and ambulatory care centers. These solutions cater to multiple end users including healthcare providers, payers, and patients themselves.

The medical software market research report is one of a series of new reports that provides medical software market statistics, including the medical software industry global market size, regional shares, competitors with medical software market share, detailed medical software market segments, market trends, and opportunities, and any further data you may need to thrive in the medical software industry. This medical software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical software market includes revenues earned by entities by providing services, such as telehealth and telemedicine solutions, clinical decision support systems, health information exchange (HIE), and patient portals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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