Healthcare Software as a Service Market Report | Size & Share 2030

[Research Report] The healthcare software as a service market size is expected to reach US$ 1,04,032.13 million by 2031 from US$ 26,755.97 million in 2022; the market is estimated to record a CAGR of 18.50% from 2022 to 2031.

Market Insights and Analyst View:

The field of technology has grown significantly in the past few years. The healthcare sector is actively implementing new technology advancements to enhance internal processes and give patients better care. The cost of operating a healthcare facility is high. The well-being of the patients and employees of a healthcare facility is directly under the ownership and management of those organizations. They must take all reasonable steps to guarantee that their staff members have a seamless workflow and that patients receive the best care possible. Because of this, they are constantly searching for ways to increase operational efficiency without having to invest large sums of money. Thus, the SaaS model proves to be very beneficial for healthcare facilities. This, is likely to create a significant opportunity for market growth.

On-premise software has higher implementation costs and takes longer to implement. SaaS solutions, on the other hand, are pre-made solutions that can be implemented for significantly less money. Furthermore, SaaS solutions can be put into practice in a comparatively short amount of time. Second, when it comes to software as a service, the software provider is in charge of both upgrades and maintenance. For on-premise software, on the other hand, the various facets of software maintenance, including handling bugs, guaranteeing security, and overseeing upgrades, fall under the purview of the internal IT staff. In just one year, Oracle Cloud added 1,700 new features, demonstrating the potential of SaaS.

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Healthcare Software as a Service Market: Strategic Insights

Healthcare Software as a Service Market

• Market Size 2023
  US$ 31.71 Billion
• Market Size 2031
  US$ 123.28 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Electronic Health Records Software
• Telemedicine Software
• Medical Practice Management Software
• Clinical Decision Support Software
• Radiology Information System Software
• Laboratory Information System Software
• Hospital Management System
• E-Prescribing Software

Deployment Model

• Public
• Private
• Hybrid

End User

• Healthcare Providers
• Healthcare Payers

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Growth Drivers and Challenges:

The development of healthcare technology, particularly the revolution of SaaS healthcare technology, has had a significant impact on the healthcare sector. Over the past few years, it has altered many aspects of healthcare. By adding healthcare providers, the industry has significantly benefited from the contributions of professionals in the healthcare app development fields who are in charge of bringing new ideas to the table and providing solutions. Healthcare applications gained popularity during the pandemic when there was a worldwide lockdown. As a result, more people are using digital healthcare solutions. It's now simple for patients to get the best medical care and meet their medical needs. Additionally, this has made it easier for healthcare providers to provide services that have a positive influence on creating a healthy environment within the sector. The cloud technology that underpins the SaaS healthcare system makes it possible for patients to receive care less uncomfortably. Utilizing the recent wave of technological adoption to run healthcare workflows efficiently for improved business management is another advantage of SaaS healthcare. Thus, the beneficial advantages of SaaS in the healthcare sector lead to an increase in the use of healthcare SaaS and thereby drive the growth of market.

Ensuring strong security majors and regulatory compliance can be difficult for SaaS providers because healthcare organizations deal with sensitive patient data and their ongoing concerns about data breaches and unauthorized access to patient information. Furthermore, the healthcare industry is bound by stringent regulations, such as HIPAA, in the US. Complying with these regulations, particularly when utilizing cloud-based services, can be intricate and expensive, posing difficulties for healthcare organizations and providers alike. Therefore, the market expansion for healthcare software as a service is constrained by strict regulatory requirements as well as challenges pertaining to security and safety.

SaaS providers have significantly benefited from the pandemic's rapid growth in telehealth. There is still a strong demand for telehealth platforms, such as virtual care solutions, remote monitoring, and video conferencing. Furthermore, SaaS solutions for remote patient monitoring offer a significant opportunity as the population ages and the need for managing chronic diseases rises. Additionally, a growing area in healthcare is the use of genomics and data analytics to provide personalized treatment plans. There is a need for SaaS solutions that facilitate personalized medicine, from diagnosis to treatment recommendations. This consequently generates a large window of opportunity for market expansion. Furthermore, incorporating information from mobile health apps and wearable technology into Healthcare SaaS platforms allows for the provision of a comprehensive picture of patient health and the promotion of wellness. The healthcare software as a service (SaaS) market is dynamic and constantly changing, with opportunities emerging from changes in healthcare delivery, ongoing technological advancements, and a growing emphasis on improving patient outcomes and care.

Report Segmentation and Scope:

The healthcare software as a service market is divided based on type, deployment model, and end user. The healthcare software as a service market is segmented into electronic health records (EHR) software, telemedicine software, medical practice management software, clinical decision support software, radiology information system (RIS) software, laboratory information system (LIS) software, hospital management system (HMS), E-prescribing software, and others based on type. The healthcare software as a service market is segmented based on deployment model into public, private, and hybrid. Based on the end user, the healthcare software as a service market is segmented into healthcare providers and healthcare payers. Based on geography, the healthcare software as a service market is divided into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The healthcare software as a service market is segmented into electronic health records (EHR) software, telemedicine software, medical practice management software, clinical decision support software, radiology information system (RIS) software, laboratory information system (LIS) software, hospital management system (HMS), E-prescribing software, and others based on type. Digital virgins replace traditional paper-based medical records in the healthcare industry with SaaS EHRs. This improves patient care and administrative efficiency by enabling healthcare providers to access patient information from any location with an internet connection. The segment is growing because EHRs in healthcare SaaS are a crucial tool for modernizing healthcare, enhancing patient care, and adapting to the changing healthcare industry.

Based on the deployment model, the healthcare software as a service market is classified into public, private, and hybrid. In 2022, the hybrid segment held the largest share of the market. Public segment is expected to register the highest CAGR during 2022-2031. Healthcare organizations can evolve their technology infrastructure while meeting the specific requirements of the healthcare industry with the help of the Hybrid Healthcare SaaS model, which strikes a balance between the benefits of cloud-based solutions and the need for control complaints and integration with existing systems.

Based on the end user, the healthcare software as a service market is classified into healthcare providers and healthcare payers. In 2022, the healthcare providers segment held the largest share of the market, and it is expected to register the highest CAGR during 2022-2031. Due to its many features and benefits that improve patient care, expedite processes, and enhance the delivery of healthcare services overall, healthcare software as a service is essential to healthcare providers. This is expected to propel the segment's growth.

Regional Analysis:

Based on geography, the healthcare software as a service market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America is the most significant contributor to the growth of the healthcare software as a service market, and Asia Pacific is expected to be the fastest-growing market in the coming years. Increase in government initiatives to improve the healthcare infrastructure investment of key players for business expansion in developing countries is anticipated to drive the growth of market in the region. For instance, in January 2023, Healthcare providers and other participants in the nation's digital health ecosystem are being incentivized by the National Health Authority of India to create digital health records. Under the Ayushman Bharat Digital Mission (ABDM), the Digital Health Incentive Scheme expedites digital health transactions in India. In April 2021, the cloud-based electronic medical record (EMR) business from Xirapha Karte System Co., Ltd. was fully acquired by PHC Corporation. Xirapha is a leading supplier of cloud-based EMR systems in Japan that interface with the Standard Japan Medical Receipt Software. It also developed the Xirapha Karte cloud-based EMR system for clinics. PHC hopes to grow its Healthcare IT business in Japan by incorporating Xirapha's cloud-based EMR solution into its offering through this acquisition. Additionally, it will allow PHC to make a more substantial presence in the medical ICT market, where cloud-based technologies are being used more frequently.

Competitive Landscape and Key Companies:

NXGN Management, LLC, Veradigm LLC, AdvancedMD, Inc., Capterra Inc., Orchard Software Corporation, Belitsoft, ResMed, POSTDICOM, Nalashaa, and CrelioHealth Inc. are a few prominent players operating in the healthcare software as a service market. These companies focus on expanding product offerings to meet the growing consumer demand worldwide. Their global presence allows them to serve a large set of customers, subsequently allowing them to expand their market share.

Healthcare Software as a Service Market Report Scope