TechSci Research has published a report on , “Global Hospital Management Software Market by Product, By Deployment Mode, By Type of Software, By Application, By Region, Competition, Forecast & Opportunities, 2025”,where the global hospital management software market was valued at $ 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 to handle their businesses in a more consistent, efficient and easy way.
Additionally, the replacement of manual records with electronic records is further expected to propel the market over the next five years. Furthermore, increasing incidences of medication errors are anticipated to positively impact the growth of the market through 2025. Also, the adoption of such software helps hospitals in cost-cutting and provides a high return on the investment.
“Asia-Pacific is expected to witness the 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 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 the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Moreover, increasing government support in the form of schemes, grants and funds are further spurring the growth of the market. Besides, the software also provides support in framing healthcare policies and provides information such as about drugs that were given to a particular patient and how did the patient react to the drug during treatment, among others. However, high infrastructural and maintenance costs associated with hospital management software might hamper the growth of the market during the forecast period.
Also, issues of data privacy and cyber threat might restrict the growth of the market. Additionally, the lack of software knowledge in developing countries might negatively impact the growth of the market. Furthermore, a lack of onsite IT support services is expected to impede the growth of the market over the next few years.
The global hospital management software market is segmented based on the product, deployment mode, type of software, application, company and region. Based on the deployment model, the market can be bifurcated into on-premises and cloud. The cloud segment is expected to dominate the market during the forecast period.
This can be ascribed to the changing trends in the medical industry to shift its 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 the cost-effectiveness of their services, among others.
Based on end-user, the market can be fragmented into hospitals, clinics and others. The hospital’s 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.
“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 the global hospital management software market and provides statistics &information on the 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 the global hospital management software market.