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Healthcare Software As A Service Global Market Report 2022

Healthcare Software As A Service Global Market Report 2022

  • July 2022
  • 175 pages
  • ID: 6310830
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the healthcare software as a service market are Microsoft Corporation, Salesforce Inc., SAP SE, Oracle Corporation, Google LLC, International Business Machines Corporation, ServiceNow, Neusoft Corporation, Adobe Inc., Cisco Systems Inc., Dell Inc., Carestream Health, Cerner Corporation, Philips Healthcare, and 3M Health.

The global healthcare software as a service market is expected to grow from $15.60 billion in 2021 to $18.48 billion in 2022 at a compound annual growth rate (CAGR) of 18.50%. The healthcare software as a service market is expected to grow to $36.48 billion in 2026 at a compound annual growth rate (CAGR) of 18.53%.

The healthcare software as a service market consists of sales of healthcare software as a service by entities (organizations, sole traders, and partnerships) that refers to a service model in cloud computing where one or more vendors provide cloud-based remote software products to the healthcare industry.The SaaS application in healthcare can access multiple features to keep patient data secure.

The application also compliances with other benefits such as back-ups, real-time updates, accessibility, and scalability. It allows healthcare firms to reduce unnecessary overhead costs.

The main application of healthcare software as a service includes patient portal, telemedicine, mobile communication, eprescribing, HER systems, ERP systems, ERP & HR portal, and medical billing.The patient portal software or solutions provide secure access to medical records and services for the user by facilitating tasks such as scheduling appointments, requesting prescription refills, and making online bill payments.

These software’s and solutions are deployed through public, private, and hybrid cloud models, and they are used by payers and providers in both large enterprises, and small-and medium enterprises.

North America was the largest region in the healthcare software as a service market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the healthcare software as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The healthcare software as a service market research report is one of a series of new reports that provides healthcare software as a service market statistics, including healthcare software as a service industry global market size, regional shares, competitors with a healthcare software as a service market share, detailed healthcare software as a service market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare software as a service industry. This healthcare software as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing adoption of cloud computing is expected to propel the growth of the healthcare software as a service market.Healthcare organizations are adopting cloud computing as the current crisis has reinforced its benefits and put to rest fears related to privacy, security, and implementation.

Healthcare organizations can achieve increased data security, assured system scalability, and enhanced flexibility to manage billings and streamline claims for significant cost savings with cloud computing.For instance, in February 2022, according to a survey conducted by a UK-based consulting firm, Ernst & Young Global Limited, and an Indian non-governmental trade association, The National Association of Software and Service Companies (NASSCOM), four in every five enterprises are set to increase their cloud budgets over the next 12 months.

As per the survey, 67% of the large enterprises accelerated cloud adoption, 39% of medium-sized companies, and 38% of small companies embarked on their cloud journey.IT companies lead cloud adoption followed by the healthcare sector and BFSI sector.

Therefore, growing adoption of cloud computing is driving the growth of healthcare software as a service market.

Technological advancement is a key trend that is gaining popularity in the healthcare software as a service market.Major companies operating in the healthcare SaaS market are focused on providing technologically-advanced solutions to strengthen their market position.

These companies are implementing next-generation SaaS technologies into their services, such as Artificial Intelligence (AI), Vertical SaaS, Pay-Per-Use Model, IoT, Integration in existing systems, and others. For instance, in March 2022, Snowflake Inc., a US-based cloud computing and data warehousing company launched a cloud-based data-sharing platform to bring together core SaaS data analytics, warehousing, and business intelligence offerings with consulting services on demand for the healthcare industry.

In April 2021, WELL Health Technologies Corp, a Canada-based healthcare company acquired Intrahealth Systems Limited for an amount of $19.25 million. This acquisition will help WELL Health Technologies to boost digital health SaaS revenue and expand the EMR business to the global market. Intrahealth Systems Limited is a New Zealand-based company that provides software services for the healthcare industry.

The countries covered in the healthcare software as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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