Healthcare Software As A Service Global Market Report 2024

The healthcare software as a service refers to a service model in cloud computing where one or more vendors provide cloud-based remote software products to the healthcare industry. The SaaS application in healthcare can access multiple features to keep patient data secure. It allows healthcare firms to reduce unnecessary overhead costs.

The main application of healthcare software as a service includes patient portal, telemedicine, mobile communication, eprescribing, HER systems, ERP systems, ERP & HR portal, and medical billing. The patient portal software or solutions provide secure access to medical records and services for the user by facilitating tasks such as scheduling appointments, requesting prescription refills, and making online bill payments. These software’s and solutions are deployed through public, private, and hybrid cloud models, and they are used by payers and providers in both large enterprises, and small-and medium enterprises.

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

The healthcare software as a service market size has grown rapidly in recent years. It will grow from $20.96 billion in 2023 to $24.46 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to cost efficiency and resource optimization, focus on patient-centric care, scalability for growing healthcare needs, value-based care solutions, data security and privacy measures.

The healthcare software as a service market size is expected to see rapid growth in the next few years. It will grow to $48.78 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to personalized medicine initiatives, continuous compliance management, enhanced interoperability standards, virtual clinical trials and research, enhanced user experience and interface, focus on mental health support. Major trends in the forecast period include telehealth and remote patient monitoring, interoperability and integration, data security and privacy compliance, real-time analytics and reporting, agile development and continuous updates,remote access and collaboration.

The growing adoption of cloud computing is expected to propel the growth of the healthcare software as a service market. Healthcare organizations are adopting cloud computing as the current crisis has reinforced its benefits and put to rest fears related to privacy, security, and implementation. Healthcare organizations can achieve increased data security, assured system scalability, and enhanced flexibility to manage billings and streamline claims for significant cost savings with cloud computing. For instance, in February 2022, according to a survey conducted by a UK-based consulting firm, Ernst & Young Global Limited, and an Indian non-governmental trade association, The National Association of Software and Service Companies (NASSCOM), four in every five enterprises are set to increase their cloud budgets over the next 12 months. As per the survey, 67% of the large enterprises accelerated cloud adoption, 39% of medium-sized companies, and 38% of small companies embarked on their cloud journey. IT companies lead cloud adoption, followed by the healthcare sector and the BFSI sector. Therefore, growing adoption of cloud computing is driving the healthcare software as a service market growth.

Increasing use of telemedicine is expected to propel the growth of the healthcare software as a service market going forward. Telemedicine refers to the use of electronic information and communication technologies to provide and support healthcare services when distance separates the participants. Healthcare SaaS solutions support the use of EHRs in telemedicine, provide telehealth software, enable real-time results sharing, searchable patient files, access to medical research, and mobile health. For instance, in October 2022, according to the National Health Interview Survey conducted by the Centers for Disease Control and Prevention, a US-based national public health agency, 37.0% of adults used telemedicine in the past 12 months in 2021. Therefore, increasing use of telemedicine is driving the growth of the healthcare software as a service market.

Technological advancement is a key trend that is gaining popularity in the healthcare software as a service market. Major companies operating in the healthcare SaaS market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation SaaS technologies into their services, such as Artificial Intelligence (AI), Vertical SaaS, Pay-Per-Use Model, IoT, Integration in existing systems, and others. For instance, in March 2022, Snowflake Inc., a US-based cloud computing and data warehousing company, launched a cloud-based data-sharing platform to bring together core SaaS data analytics, warehousing, and business intelligence offerings with consulting services on demand for the healthcare industry.

Major companies operating in the healthcare software as a service market are focused on introducing advanced SaaS platforms for medical aesthetic businesses to gain a competitive edge in the market. These platforms provide sales acceleration and business automation features designed for dermatology, plastic surgery, and other aesthetic businesses. For instance, in May 2023, MedShift, a US-based medical technology company, launched the Velocity Technology Suite, a software-as-a-service (SaaS) solution for medical aesthetic businesses. It comprises features intended for dermatology, plastic surgery, and other aesthetic industries, such as business automation and sales acceleration. The platform also includes interaction with shipping carriers, automation for variable sales representative remuneration, payment automation, and subscription automation to further enhance company automation. Additionally, the SaaS solution can be tailored to match the user's workflows and processes and interface with already-existing software systems.

In April 2021, WELL Health Technologies Corp., a Canada-based healthcare company, acquired Intrahealth Systems Limited for an amount of $19.25 million. This acquisition will help WELL Health Technologies to boost digital health SaaS revenue and expand the EMR business to the global market. Intrahealth Systems Limited is a New Zealand-based company that provides software services for the healthcare industry.

Major companies operating in the in the healthcare software as a service market report are Microsoft Corporation, Salesforce Inc., SAP SE, Oracle Corporation, Google LLC, Adobe Systems Incorporated, Cisco Systems Inc., International Business Machines Corporation, ServiceNow Inc., Workday Inc., Zocdoc Inc., ClassPass Inc., Thrive Global Holdings Inc., Talkspace Inc., Pager Technologies Inc., AiCure Technologies Inc., Noom Inc., Optum Inc., Kareo Inc., Smartsheet Inc., Madaket Health Inc., SimplyVital Health Inc., Tailoredcare India Private Limited, Boston Technology Research LLC, Health Data Vision Inc., Veeva Systems Inc., Cerner Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., NextGen Healthcare Inc., eClinicalWorks LLC, Greenway Health LLC, AdvancedMD Inc., drchrono Inc., CareCloud Corporation

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

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

The healthcare software as a service market includes revenues earned by entities by providing software development services, SaaS development, software consulting services, UI/UX design services, blockchain consulting services and AI consulting. 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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