Healthcare Management Solutions Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Healthcare Management Solutions Market Size

Healthcare Management Solutions Market Trends & Growth Drivers

AI, ML, and Data Analytics Are Trending in Market

• With the rising patient count and increasing degree of digitization, the healthcare sector is witnessing a revolution.
• The arrival of high-performance computing systems and all-encompassing software enables the usage of AI, ML, data analytics, and other digital tools.
• Every day, millions of bytes of data is generated by hospitals, from activities such as inventory management, EHRs/EMRs, diagnostic laboratories, payment & insurance claims, and prescriptions.
• As per reports, this industry generates up to 30% of the data around the world.
• Managing this massive volume of data, which is often in the form of doctors’ notes, images, and videos, apart from spreadsheets with a large number of columns and rows, is both difficult and risk-prone if done manually.
• Apart from helping structure, store, and manage this data, AI and ML enable doctors, governments, and healthcare insurance firms derive useful insights out of it.
• These techniques are being widely used in the ongoing genomics projects, which seek to gather comprehensive volumes of data on people’s genes, to allow for more-efficient population health management.
• Moreover, by integrating these technologies into remote patient monitoring systems, both patients and doctors can be one step ahead of diseases, thereby enabling more prompt interventions in the case of emergencies or even before a severe clinical event occurs.

Rising Disease Burden and Elderly Population Drive Market

• The biggest drivers for the global healthcare management solutions are the increasing incidence of acute and chronic medical conditions and the burgeoning geriatric population.
• With the rising patient population, it is becoming difficult for healthcare firms to handle the massive amounts of data they generate from everyday operations.
• As a result, hospitals continue to digitize their operations with a wide range of software for collecting, storing, analyzing, and sharing healthcare data.
• EHRs/EMRs, PACS, radiology information systems, laboratory information systems, and pharmacy automation & medication management systems are the key examples of digital tools making it easier to provide care to an increasing patient base.
• Moreover, by automating these systems and integrating them with AI and other futuristic technologies, the burden on the healthcare staff decreases, leaving them with more time to spend with patients.
• By reducing redundancies in hospital staff, such software also, ultimately, makes healthcare more affordable and accessible to the masses.
• The data these systems generate and share can also be used during all stages of drug development from molecule discovery to clinical trials.
• The growing geriatric population (65 years and above), which is expected to reach 1.5 billion by 2050, is a key driver of the global disease burden. Not only do older people fall sick more often but also more severely, therefore requiring extensive care.
• Moreover, since they are unable to visit a doctor as frequently, they are adopting digital health solutions to allow doctors to monitor them remotely and offer online consultations and prescriptions.
• The rising adoption of such remote patient monitoring solutions is leading to the generation huge volumes of patient data, which needs to be carefully and securely managed to provide value-based care.
• Additionally, the support of governments worldwide for the field of healthcare information technology drives the adoption of such tool and, in turn, the market.

High Costs and Data Privacy Concerns Pose Challenges in Market Growth

• The key restraints for the growth of the healthcare management solutions market are the high cost of such software and the data privacy concerns associated with it.
• Being a new technology, these tools are quite costly and, if integrated with AI, ML, and other advanced approaches, they become even more expensive.
• This limits their adoption to large multispecialty hospitals that are well-funded, while restraining independent practices and primary care clinics for accessing them.
• Moreover, despite their multitude of advantages for both healthcare providers and patients, these solutions carry significant data security risks.
• Patient data is always confidential, especially that related to diagnoses, prescriptions, and bank accounts. If the hospital’s IT infrastructure or patients’ home network is not armed with the adequate cybersecurity measures, hackers can easily get in and steal this data.
• They could use this information to hold patients to ransom or, worse, inflict physical damage on them.
• As a result, developed countries around the world, especially the U.S. and those in Europe, have stringent data protection regulations that all healthcare providers using software to store patient information must comply with.
• Additionally, since not many people understand the software tools well or their advantages, they are reluctant to consent to their personal information being collected, stored, shared, and analyzed.

Healthcare Management Solutions Market Analysis

Application Analysis

In 2024, clinical practice management applications account for the largest healthcare management solutions market share, of 40%. 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.

Revenue cycle management is likely to witness the highest growth rate during the forecast period, of 14.6%. This solution assists in the storage and management of patient billing records. With lots of insurance claims, both genuine and fake, payment management becomes cumbersome for healthcare providers and payors.

The following applications are analyzed in the report:

• Clinical Practice Management (Largest Category)
• Laboratory Management
• Pharmacy Management
• Hospital Inventory Management
• Revenue Cycle Management (Fastest-Growing Category)
• Patient Management
• Others

Delivery Mode Analysis

In 2024, the web & cloud-based category holds the larger share, of 65%%, and it is also expected to advance at the higher CAGR, 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.

We have studied the following delivery modes:

• Web & Cloud-Based (Larger and Faster-Growing Category)
• On-Premises

Type Analysis

In 2024, the integrated category dominates 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.

The below-mentioned solution types are covered in the report:

• Integrated (Larger and Faster-Growing Category)
• Standalone

End User Analysis

In 2024, hospitals hold the largest share, of 55%. This is because hospitals host the most patients among all healthcare settings. This is why their activities generate massive volumes of patient data, which must be managed in compliance with the global data privacy regulations. Hospitals also have the financial resources to procure cutting-edge HIT solutions, including those integrated with AI and other advanced technologies.

Clinics will witness the highest CAGR during the forecast period, of 14.4%. 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.

The end user segment is categorized as follows:

• Hospitals (Largest Category)
• Clinics (Fastest-Growing Category)
• Others

Geographical Analysis

• The global healthcare management solutions market is dominated by North America with 45% share in 2024.
• 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.
• APAC is expected to be the fastest-growing region, with a CAGR of 14.5%, during the forecast period.
• This is attributed to the increasing rate of urbanization in the region and growing geriatric population, which lead to an incessant rise in the disease burden.
• With the surging patient footfall, healthcare facilities are reeling under huge amounts of clinical data.
• Moreover, encouraged by the digitization initiatives of local governments, healthcare providers and payors are adopting software solutions to collect, store, analyze, and share this information safely.

The report offers insights on the following regions and countries:

• North America (Largest Regional Market)
  • U.S. (Larger Country Market)
  • Canada (Faster-Growing Country Market)
• Europe
  • Germany (Largest Country Market)
  • U.K. (Fastest-Growing Country Market)
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Fastest-Growing Region)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest Country Market)
  • Mexico (Fastest-Growing Country Market)
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa (Fastest-Growing Country Market)
  • Rest of MEA

Healthcare Management Solutions Market Share

The healthcare management solutions market is fragmented, primarily on account of the variable healthcare needs around the world. Further, as there are different kinds of healthcare providers, including large multispecialty hospitals, independent clinics, family-run practices, nursing homes, diagnostic imaging centers, medical centers dedicated to one subspecialty, for instance, cancer or heart disease, and primary care clinics, so there are a variety of software solutions available. Further, the well-funded end users normally procure these solutions from globally operating IT firms, whereas smaller practices generally prefer startups offering cloud-based solutions.

Healthcare Management Solutions Market News

• In July 2024, Oracle Corporation announced new capabilities in its AI-integrated Oracle Argus and Safety One Intake solution for life sciences companies.
• In July 2024, GE Healthcare launched MIM Symphony HDR Prostate for supporting clinicians in high-dose brachytherapy. During ultrasound-guided hidh-dose brachytherapy for prostate conditions, the software enables the direct visualization of tumors from MRI images.
• In June 2024, Oracle Corporation announced that its Oracle Clinical Digital Assistant is now available to ambulatory clinics in the U.S. This mobile app integrates generative AI, multimodal voice, clinical intelligence, simplified workflows, and screen driven assistance.
• In April 2024, ABOUT Healthcare Inc. acquired Edgility, an AI-driven analytics platform that monitors healthcare operations in real time, allowing doctors to make informed patient decision using predictive and preventive analytics.