NEW YORK, April 19, 2022 /PRNewswire/ — The global healthcare management solutions market size is expected to increase from an estimated $31,621.0 million in 2021 to $98,795.5 million by 2030, at a CAGR of 13.5% during 2021–2030. According to the market research report published by P&S Intelligence. The advancing demand for patient information management, hospital stock keeping, appointment scheduling, clinical error minimization, medical equipment handling, revenue cycle management, and various services that can streamline the workflow of the hospital, as well as the growing adoption of cloud computing, is accountable for the burgeoning adoption of these solutions.
Major players in the market are Care Logistics LLC, ACG Infotech Ltd., McKesson Corporation, CareCloud Inc., AMI Expeditionary Healthcare LLC, ABOUT Healthcare Inc., vCerner Corporation, Stanley Black & Decker Inc., Infosys Limited, General Electric Company, Allscripts Healthcare LLC, and Adroit Infosystems Inc.
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Key Findings of Healthcare Management Solutions Market Report
- In 2021, the largest healthcare management solutions market share, of over 20%, was accounted for by clinical practice management applications. The procedure assists healthcare institutions in enhancing their operational, administrative, billing, and financial, activities.
- Within healthcare organizations, such as hospitals and medical clinics, patient management solutions are useful in tracking patient data, prescriptions, diagnoses, and interactions; therefore, they also accounted for a considerable revenue share.
- The web & cloud-based category is expected to advance at the higher CAGR, of over 13%, during the forecast period, and it dominated the delivery mode segment in the past. Web and cloud-based software hosts data on the cloud, which users can access via any device with internet; therefore, it is easy to use and install.
- North America dominates the market globally, with approximately 40% share in 2021. The rising disposable income, increasing cases of chronic diseases, expanding elderly population, and surging adoption of technologically developed products in North America have contributed to its market dominance.
- Alcidion UK Limited declared that it has purchased 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. The April 2021 acquisition of ExtraMed Limited will particularly support the former company in the U.K. market.
- The adoption of real-time location systems (RLTSs) and cloud monitoring, development of smart hospitals, rising demand to efficiently sustain a high volume of healthcare data, and growing significance of AI in system management and patient flow optimization are also pushing the healthcare management solutions market growth.
The pandemic outbreak has emphasized the necessity for better hospital management and the availability of real-time data on beds. During COVID-19, hospitals dealt with patient surges, compounded by natural disasters, such as wildfires and hurricanes, which set a strong responsibility on ERs and ICUs globally. As this pandemic has shown, healthcare systems have to be flexible and ready to deliver appropriate care in resource-constrained circumstances, which necessitates situational awareness and constant information.
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Furthermore, the Health Ministry of Italy reported that during the first week of the epidemic, 20–30% of the population with COVID-19 was hospitalized in Europe, with an even higher rate of hospitalization among individuals with comorbidities and those over 60 years of age, 4% of whom were critically ill due to COVID-19. These factors emphasized the requirement for better hospital management systems (HMS), thus resulting in substantial healthcare management solutions market expansion.
Healthcare Management Solutions Market Segmentation Analysis
- Clinical Practice Management
- Laboratory Management
- Pharmacy Management
- Hospital Inventory Management
- Revenue Cycle Management
- Patient Management
By Delivery Mode
- Web & Cloud-Based
By End User
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence