Healthcare Management Solutions Market To Generate $98,795.5 Mn Revenue by 2030
- Published: April 2022
The healthcare management solutions market is projected to generate $98,795.5 million revenue in 2030, advancing at a CAGR of 13.5% during 2021–2030. The growing importance of incorporating cloud computing due to its lower capital requirement, ease of access, improved data security, flexibility, better collaboration, documentation control, and high competitiveness for healthcare institutions in the market are propelling the market growth.
With the global COVID-19 pandemic, many hospitals are turning to smart hospital solutions for a variety of reasons, including their ability to respond quickly in time-sensitive circumstances, routine management, cost savings, and high operational efficiency. Smart technologies can help hospitals improve their bottom lines, while also giving them a competitive advantage in the market. Furthermore, the increasing demand for healthcare services owing to the growth in chronic and infectious disease prevalence, an aging population, surging cases of accidents and trauma, and rising readmissions for postponed surgeries following the COVID-19 pandemic are all driving the market expansion.
Clinical Practice Management Holds Dominating Share of Market
The global healthcare management solutions market, by application, is categorized into clinical practice management, laboratory management, pharmacy management, inventory management, revenue cycle management, patient management, and others. Among these, the clinical practice management category held a revenue share of around 21% in the market in 2021. Clinical practice management allows users to schedule appointments, collect patient information, keep track of insurance payors, complete billing duties, and generate reports, thereby allowing healthcare centers to improve their administrative, operational, financial, billing, and other tasks. This software can be downloaded as a desktop application, accessed as a client server application, or used as an internet-based application.
Moreover, the global healthcare management solutions market, by delivery mode, is categorized into web & cloud-based and on-premises. In 2021, the web & cloud-based category accounted for the larger share in the market. Web and cloud-based solutions provide cost-effectiveness and an automated workflow to remotely send updates, which is boosting their usage.
During the projected period, it is also expected to have the higher growth rate. Cloud-based hospital management software is less difficult to maintain and upgrade than on-premises software. Moreover, cloud-based software enables automated updates and maintenance with minimal effort on the part of hospital staff.
APAC is set to witness the highest growth rate during the forecast period (2022–2030) because of the increasing need for bed management, capacity management, workflow and asset management, and other solutions. Countries in this region actively implementing such solutions include China, Japan, Australia, India, and South Korea. The increase in the population with acute and chronic infections, rise in the number of hospital admissions, surge in the frequency of human errors in hospitals, and heightening of the awareness on information management in hospitals are all driving the region's market growth.
Acquisitions and Product Launches Are Most-Effective Strategic Measures
Key vendors in the healthcare management solutions market have been extensively involved in acquisitions and product launches to gain competitive advantages.
For instance, in December 2021, Oracle Corporation announced the acquisition of Cerner Corporation, to provide digital information systems for hospitals, to enable medical professionals to deliver better healthcare to individual patients and communities.
In April 2021, Care Logistics LLC announced the launch of the Resolve solution for trauma hospitals. Resolve is a mobile application that delivers real-time intelligence to help hospital teams eliminate the patient progression barriers they experience every day.
Key vendors in the healthcare management solutions market include 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., and Adroit Infosystems Inc.