Healthcare Management Solutions Market Report: By Application (Clinical Practice Management, Laboratory Management, Pharmacy Management, Hospital Inventory Management, Revenue Cycle Management, Patient Management), Delivery Mode (Web & Cloud-Based, On-Premises), Type (Integrated, Standalone), End User (Hospitals, Clinics) - Revenue Estimation and Demand Forecast to 2030

Market Overview

The global healthcare management solutions market size was estimated to be $31,621.0 million in 2021, and it is expected to garner $98,795.5 million by 2030, advancing with a CAGR of 13.5% during 2021–2030. The growing demand for patient information management, appointment scheduling, hospital inventory, clinical error minimization, revenue cycle management, medical equipment handling, and various services that can help streamline the hospital workflow and the growing adoption of cloud computing are responsible for the burgeoning adoption of these solutions.

Moreover, the growing adoption of real-time location systems (RLTSs) and cloud monitoring, development of smart hospitals, rising need to efficiently maintain a high volume of healthcare data, and the growing importance of artificial intelligence (AI) in optimizing patient flow and system management in healthcare settings are driving the market growth.

The COVID-19 outbreak has highlighted the need for better hospital capacity management and real-time data on bed availability. During the pandemic, hospitals faced patient surges, compounded by natural disasters, such as hurricanes and wildfires, which put a strong burden on ICUs and ERs around the world. As the COVID-19 pandemic has shown, healthcare systems must be flexible and ready to offer appropriate care in resource-constrained situations, which necessitates constant information and situational awareness.

Further, as reported by the Italian Ministry of Health, during the first weeks of the epidemic, 20–30% of the people with COVID-19 in Europe were hospitalized, with an even higher rate of hospitalization among people over 60 years of age and those with comorbidities, 4% of whom were critically ill due to COVID-19. This resulted in an overuse of hospital beds. These factors highlighted the need for better hospital management systems (HMS), thus resulting in significant market growth.

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Clinical Practice Management Largest Application of Healthcare Management Solutions

In 2021, clinical practice management applications accounted for the largest healthcare management solutions market share, of around 21%. This system assists healthcare organizations in improving their administrative, operational, financial, and billing activities. This category was followed by laboratory management, which improves the lab efficiency by effectively managing the flow of samples and accompanying data.

The third-largest shareholder, pharmacy management aids in the development of a more-effective and automated pharmacy workflow, as well as improving patient outcomes.

Moreover, by tracking and tracing drugs as they flow around the hospital, hospital inventory management aids in medication management, which is why it occupies the fourth position in the segment.

Whereas, revenue cycle management, which currently generates the fifth-highest revenue, is likely to witness the highest growth rate during the forecast period. This solution assists in the storage and management of patient billing records.

Within healthcare institutions, such as medical clinics and hospitals, patient management solutions are used to track patient information, diagnoses, prescriptions, and interactions, which is why they also accounted for a significant revenue share in the market.

These programs are deployed for information management in hospitals as desktop, client server, or internet-based software. Various hospitals, clinics, and other healthcare institutions are implementing these solutions to automate routine tasks such as patient registration, tracking, reporting, and accounting, in order to improve patient care and clinic and hospital efficiency.

Web & Cloud-Based Solutions Captured Majority of Market Share

In 2021, the web & cloud-based category dominated the delivery mode segment, and it is also expected to advance at the higher CAGR, of over 13%, during the forecast period. Web and cloud-based software hosts data on the cloud, which can be accessed by users via the internet, therefore is easy to install and use.

Web & cloud-based platforms can measure computing resources on the basis of demand and business workload, thereby reducing the upfront investment in the infrastructure for handling peak workloads. Depending on the business size and nature, cloud-based software has numerous servers. Moreover, no capital investment is required, and it provides flexibility to users to access the data any time and from any location, thereby bringing down operational costs. The cloud model also provides a mechanism to transform the system through app and infrastructure modernization, data democratization, and people connections across locations and reduces the risk of data loss or inaccessibility due to a disaster, which is why it is gaining popularity around the world.

Integrated Solutions Are More Popular than Standalone Versions

In 2021, the integrated category dominated the market, and it is projected to witness the higher CAGR during the forecast period. This solution tracks data, monitors patients' conditions, and collects administrative information using advanced tools, software, in-memory computing, wearable devices, and other technologies. It aids in the management of all processes and aspects, thus resulting in cost savings and better care. In addition, companies are actively launching integrated solutions; for instance, Epillo Health Systems OÜ announced the launch of an integrated mobile application for patients that is linked to a digital health delivery system for healthcare practitioners and care providers. With e-prescribing, teleconsultation, patient-coordinated care, monitoring and analytics, diet and lab testing, and many more features, the web-based INTRx Clinical system assists physicians in managing patient portfolios and health. It also manages administrative, financial, and appointment workflows.

Similarly, Piramal Pharma Solutions has launched its Xcelerate Integrated Solutions platform. It provides integrated solutions for orphan diseases, niche therapies, and fast-track medicines, where the volume requirements are small, while also having the capacity to address the high-volume needs of metabolic diseases and neurological therapies.

Growing Solution Adoption in Clinics Propelling Market Growth

In 2021, clinics accounted for more than 30% of the revenue share. These systems accurately track real-time medical data; such data-driven insights speed up and improve the efficiency of clinical and operational decision-making. Clinical staff and other resources can be streamlined and managed with simple access to clear information, thus improving clinical decision-making.

North America Leads Global Market

The global healthcare management solutions market was dominated by North America, with around 40% shares, in 2021. The increasing disposable income, growing elderly population, rising prevalence of chronic diseases, and surging adoption of technologically advanced products in North America have contributed to the region’s market dominance. In addition, the rising government expenditure for better healthcare facilities, increasing volume of surgical procedures, surging hospitalization rate, and rapid digitalization in healthcare IT infrastructure are contributing to the adoption of these solutions in the region.

Growing Adoption of RTLS and Cloud Monitoring also Strong Driver for Marker

Patient risks such as equipment malfunctions, hospital-acquired diseases, and physical assault are a continual threat in healthcare institutions. An RTLS can improve patient safety by lowering the possibility of such risks. Automated monitoring and data intelligence gathering for reporting and analysis of a facility's processes enable healthcare executives and senior management to carry out reimbursements, patient care, asset tracking, infection control, data collection, and compliance reporting and respond to operational issues such as the increasing costs, readmission rates, nurse rounding, patient throughput, equipment shrinkage, capital expenditure, and staff safety and shortages. Thus, the adoption of RTLS and cloud monitoring in healthcare settings will propel the market to a great extent.

Key Vendors Are Involved in Acquisitions and Collaborations to Gain Significant Position

Key vendors are actively engaging in strategic acquisitions and collaborations in order to strengthen their product portfolios and achieve a larger market share. For instance,

• In October 2021, General Electric Company’s healthcare business, GE Healthcare, announced its collaboration with Apprise Health Insights, a data subsidiary of the Oregon Association of Hospitals and Health Systems, to launch an automated statewide hospital bed management solution in Oregon. The collaboration will aid in expanding the HMS system beyond tracking only beds and ventilators to tracking and processing more than five million data points per day, including acute, pediatric, ICU, specialty, rehab, and psych bed availability data, as well as PPE, emergency department, and extracorporeal membrane oxygenation (ECMO) availability.
• In April 2021, Alcidion UK Limited announced that it has acquired ExtraMed Limited, a U.K.-based software company specializing in solutions that assist medical facilities in making informed decisions, based on the real-time visibility of patient flow. This acquisition will significantly strengthen the parent company’s position in the U.K. market.

Key Players in Global Healthcare Management Solutions Market Are:

• Cerner Corporation
• Care Logistics LLC
• McKesson Corporation
• ABOUT Healthcare Inc.
• General Electric Company
• Allscripts Healthcare LLC
• Stanley Black & Decker Inc.
• AMI Expeditionary Healthcare LLC
• CareCloud Inc.
• Infosys Limited
• ACG Infotech Ltd.
• Adroit Infosystems Inc.

The research offers market size of the global healthcare management solutions market for the period 2017–2030.

Based on Application

• Clinical Practice Management
• Laboratory Management
• Pharmacy Management
• Hospital Inventory Management
• Revenue Cycle Management
• Patient Management

Based on Delivery Mode

• Web & Cloud-Based
• On-Premises

Based on Type

• Integrated
• Standalone

Based on End User

• Hospitals
• Clinics

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • Italy
  • France
  • Spain
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa