Healthcare Software as a Service Market Key Findings by 2031
The Healthcare Software as a Service Market is expected to register a CAGR of 18.3% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Healthcare Software as a Service (SaaS) Market report provides an in-depth analysis segmented by service type, deployment model, end user and geography. It includes a regional breakdown, highlighting key markets and countries to present a comprehensive global perspective. Market evaluations are expressed in US dollars (US$), offering insights into market dynamics, growth trends, and competitive landscapes across various regions. This analysis empowers stakeholders to identify potential opportunities and make informed decisions in the rapidly evolving healthcare SaaS landscape.
Purpose of the Report
The report Healthcare Software as a Service Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Healthcare Software as a Service Market Segmentation
Type
- Electronic Health Records
- E-Prescribing Software
- Others
Deployment Model
- Public
- Private
- Hybrid
End User
- Healthcare Providers
- Healthcare Payers
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Healthcare Software as a Service Market: Strategic Insights
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Healthcare Software as a Service Market Growth Drivers
- Growing demand for addordable-priced solutions: Of course, one of the very key factors amongst them is the ever-growing demand for affordable-priced solutions for healthcare IT. In this respect, there is constant pressure on healthcare organizations to reduce operational costs while simultaneously improving patient outcomes.
- Cost Advantage:Traditional on-premise IT infrastructure requires significant investments upfront and regular upkeep costs. On the other hand, SaaS models offer subscription-based payment schedules that enable health organizations to tap advanced technologies without having to tie up massive capital funds. This level of affordability and scalability makes it a highly desired product, especially for the small and midsized health care provider who is getting access to very high-quality IT solutions that were previously out of reach.
- Cloud adoption: In itself, cloud computing has taken off, where health organizations have found themselves migrating from on-premise solutions to cloud-based services. SaaS platforms provide an important accessibility to data and software applications from any location, and such flexibility is critical for healthcare organizations operating in wide geographies or with access via remote locations. The COVID-19 pandemic accelerated this movement toward SaaS, as providers found the pressing need for cloud-enabled operations to facilitate workforces working from homes, telemedicine services, and other decentralized processes. The growing demand for cloud technologies in healthcare brings rapid growth to the SaaS market share, as organizations work at updating their IT infrastructures.
Healthcare Software as a Service Market Future Trends
- Integration of artificial intelligence and machine learning: Integration of AI and ML in form of healthcare software solutions most promising trend in this market. These software alter predictive analytics, clinical decision support, and personalized medicine. To investors, this means that those companies integrating AI-driven tools into their respective SaaS offerings will hold the biggest potential for growth. AI not only helps healthcare organizations improve their capability to predict patient outcomes but also optimizes clinical workflows. Moreover, it increases diagnosis accuracy highly valuable for both providers and payers. Incorporation of these technologies may improve the returns on investment.
- Integration of Telehealth and Remote Monitoring: Telehealth, turbocharged by the COVID-19 pandemic, is here to stay. SaaS platforms that extend support for telehealth and remote patient monitoring see unprecedented demand as healthcare organizations move to virtual care models.
- Integrated Solutions: Solution providers offering integrated telehealth solutions, comprising video conferencing, digital patient records, and diagnostics, among others, are expected to witness good growth during this period. It is also a very savvy move for investors to watch out closely for companies offering telehealth features or expanding platforms for virtual care, as this will be a Healthcare SaaS market trend that continues well into the future.
Healthcare Software as a Service Market Opportunities
- Exapansion in Emerging Economies: Some of the major Healthcare SaaS market opportunities are emerging markets such as Asia-Pacific, Latin America, and parts of Africa. In these regions, healthcare infrastructure is developing very fast, which is a result of the increased government spending and private investment.
- Catering demand for Cloud-based solutions: Demand for cloud-based healthcare solutions is increasing, especially in such regions, which find the establishment of legacy on-premise systems either too expensive or impossible. In this regard, SaaS providers offering affordable, scalable, and easily deployable solutions designed to fit the specific needs of these markets can gain considerable market share. This is where investors can look at companies that are already expanding into such highly underserved regions for long-term healthcare SaaS market growth.
- Greater utilization of telehealth and remote patient monitoring: Virtual care models, especially those sped up by the COVID-19 pandemic, have placed telehealth as a permanent fixture among many healthcare systems. And that, in turn, bolsters the demand for SaaS solutions with integrated telemedicine capabilities such as video consultations, digital patient records, and real-time diagnostics. Moreover, it also extends to various areas such as remote monitoring devices for chronic disease management and post-hospitalization care. Companies that have a complete SaaS platform offering, through which telehealth and RPM can be provided, are thus very well-placed to take advantage of this continued shift towards virtual care.
- Integration of AI and ML into healthcare SaaS platforms presents an opportunity for improvement in better care provision, operational efficiency, and predictive analytics. The identified key enablers for healthcare providers and payers will be AI-driven clinical decision support tools, predictive analytics, and workflow automation. Those SaaS companies now embedding AI within their platforms can build value-added solutions that improve patient outcomes, make administrative tasks more efficient, and drive down operational expenses. Such companies, focusing on AI-driven innovation, will be targeted by investors as this technology transforms healthcare delivery and opens new avenues for revenue generation.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Healthcare Software as a Service Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Healthcare Software as a Service Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 18.3% during 2023–2031
The Healthcare Software as a Service Market is driven by demand for affordable solutions, cloud adoption, and flexibility, enabling healthcare organizations to reduce costs while improving patient outcomes and accessibility.
Key trends in the Healthcare SaaS market include AI integration for predictive analytics and improved diagnostics, alongside increased demand for telehealth and remote monitoring solutions post-COVID-19.
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.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
- NXGN Management, LLC
- Veradigm LLC
- AdvancedMD, Inc.
- Capterra Inc.
- Orchard Software Corporation
- Belitsoft
- ResMed
- POSTDICOM
- Nalashaa
- CrelioHealth Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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