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Major driving factors in Health Management Software Market

Major driving factors in Health Management Software Market

ICT | Feb, 2021

In this fast-paced world, it has become utmost essential to make important changes in the way a hospital manages its resources. Fortunately, the task of handling day-to-day operations for proper hospital functioning in a synchronized way has been made much easier by the adoption of information technology. Hospital management software is a web-based or computing system that can be used for any medical settings including clinics and medical centres to manage the functions and operations of the hospital. Thus, Hospital Management software offers a comprehensive healthcare solution for all the employees, either single user or several users in a shared network atmosphere. With world advancing towards digitalization, hospital management software is an essential asset that integrates and customizes all the information regarding doctors, patients, staff, etc. into a single software. Most of the super-specialty hospitals are already making use of hospital management software owing to its advantages, such as

  •          Less scope of errors
  •         Streamlining operations
  •          Easy access to data
  •          Improved efficiency
  •          Increased profitability
  •          Better financial management
  •          Enhanced healthcare facility and patient safety
  •          Reduced waiting time
  •          Secured database of employees and patients
  •          Smart administration management

Thus, hospital management software plays a crucial role in success of a hospital, organizing the major functional area of a medical facility in its various powerful modules. In present times, running a hospital administration to carry out operations without a hospital management software can be exceptionally challenging.

According to Techsci Research on Global Hospital Management Software Market By Product (Integrated v/s Standalone), By Deployment Mode (On-Premise v/s Cloud), By Type of Software (Patient Registration Software, Inventory Management Software, Scheduling Software, OT Management Software, Laboratory Management Software, HR Management Software, Billing, Laboratory Equipment Management, Others), By Application (Hospitals, Clinics, Others), By Region, Competition, Forecast & Opportunities, 2025”, the global hospital management software market was valued at USD 25 billion in 2019 and is expected to grow at a CAGR of more than 9% during 2020 - 2025. The global hospital management software market is driven by the increasing prevalence of diseases, especially chronic diseases such as cancer, diabetes, renal diseases, among others. This has drastically increased the number of patients and increased the related data. Hence, increasing need to handle and effectively manage such large volumes of data is driving the growth of market. Furthermore, increasing expenditure by the key vendors operating in the industry is anticipated to positively impact the growth of market over the next few years.

Driving factors for the growth of Global Hospital Management Software

Increasing adoption of IT in healthcare sector

The adoption of IT in health has brought big changes in the healthcare ecosystem, benefitting both the providers and the patients. The healthcare providers are able to provide value-based care and better outcomes, retaining and expanding their patients through a well-connected care system. As the patients requiring medical attention have expanded in the recent years due to growing health awareness and growing incidences of various chronic diseases, it is imperative to record, assess and store medical data manually. Hospital management software enables patient registration, appointment scheduling, medical billing and other applications, which has led to its extensive demand. With increasing dependency on technology for daily operations, the global health management software market is expected to grow even further in the coming years.

Rising adoption of cloud-based services

Data and programs stored in the cloud can be accessed anywhere by users, thus adoption of hospital management software for cloud-based services eliminates the need to be present near physical hardware. Now, the user does not need to have a USB drive or disk to store data because data exist on a network-hosted-servers, that transmit data over the internet. Besides providing the flexibility of storing data, hospital management software saves cost, lower upfront cost of deployment and automate updating features.

Growing awareness towards Electronic Health Records

Electronic health records make healthcare services more efficient, reduce errors and workload of clinicians. There is a growing demand for facilitating EHRs for documenting diagnostic investigations and medical treatments, extract large data sets and provide clinical decision support. The automation of recording, storing, and maintaining patients’ information and medical history is leading to more accurate diagnosis and overall treatment. EHR is a modern and comprehensive tool of hospital management software that makes the task of administrators easy, saving time and effort associated with manual paperwork.

Increasing number of government initiatives

In developing countries, there is a growing need to revamp the healthcare sector as it enhances the quality of care and reduce operating and administrative costs. The government is actively taking stringent measure to change the healthcare landscape by leading it towards a sophisticated technical world. In 2018, the Indian government launched National Digital Health Mission to provide everyone with a unique national health ID for integrating information on a single platform in a digital format. The unique ID contains details of illnesses, treatments, hospital stays and discharges of the patient, and this data is accessible to both the users and healthcare professionals. The growing awareness about digitization of health records have further boosted the growth of global hospital management software.

Growing demand for analytical IT solutions

Huge influx of data keeps flowing through healthcare systems every second. The challenge is to draw meaningful insights from the gathered data and use it to treat patients and prevent diseases. This big step in healthcare can only be achieved using advanced healthcare IT solutions. Healthcare data management utilizing hospital management software can help the healthcare organizations to treat patients in a holistic manner and enhance health outcomes. As the healthcare market is becoming complex and competitive, there has been a growing demand for analytical IT solutions, which is expected to propel the growth of global hospital management market during the forecast period.

Increasing prevalence of diseases

With growing middle-class population and accelerating urbanization, people are adopting sedentary lifestyle, which is leading to rise in chronic health diseases such as diabetes, obesity, renal diseases, heart problems, etc. Also, the global pandemic has put additional burden on the healthcare systems. Thus, healthcare organizations are proactively investing in advanced hospital management software to support hospital managers, financial and administrative tasks by collecting, storing, and managing data efficiently.

Types of advanced hospital management software

Patient Registration Software

Also known as Clinic Management software, the Patient Registration Software is designed for tracking patient information, interactions, diagnoses, prescriptions, and encounters within healthcare organizations. Automating routine processes helps medical clinics and hospitals reduce their administrative expenses. Also, reducing the amount of data entry tasks increases the efficiency by easing workloads of the staff. The software also helps to streamline every element of a medical office including accurate billing, bookkeeping, charting, recordkeeping, etc.

Inventory Management Software

Utilizing inventory management software, one can order, store, use and manage the inventory of any organization efficiently. The chances for inaccuracies will reduce with inventory management software as it will automate all the data recording and tracking processes. With the assistance of software, one can save a lot of manpower and avoid deadstock & overstock situations.

Scheduling software

Scheduling software is an advanced tool to reduce the burden of employee scheduling to a little more than trivality. With the assistance of scheduling software, one can set up new schedules in minutes, instead of hours, create standard shifts, and create template for unusual schedules, which can be saved and utilized easily. Whether you choose to schedule patient appointments within a doctor’s office or PA rotations at the hospital the scheduling software provides a comprehensive and flexible solution to every departmental staffing.

OT Management Software

OT Management software tracks all surgeries that take place in the hospital, right from the scheduling to recording the surgery details. The software manages and prepares for a surgery in advance by keeping the records of all items required during the operation. It also provides alerts on abnormal readings along with sterilization schedules, checks and audits.

Laboratory Information Management Software

Laboratory Information Management Software is a software that allows healthcare providers to manage samples, test results and other associated data to enhance efficiency and productivity of the lab. Automating the lab results, the LIMS software helps to automate and speed up laborious tasks along with retrieving results quickly.

Conclusion

With increasing adoption of technology, a significant rise in global hospital management software is expected in the coming years. However, rising number of cyber-attacks, lack of software knowledge in developing countries and high cost of deployment might hinder the global hospital management software growth.

According to TechSci Research on “Europe Hospital Management Software Market By Product (Integrated v/s Standalone), By Deployment Mode (On-Premise v/s Cloud), By Type of Software (Patient Registration Software, Inventory Management Software, Scheduling Software, OT Management Software, Laboratory Management Software, HR Management Software, Billing, Laboratory Equipment Management, Others), By Application (Hospitals, Clinics, Others), By Company, By Region, Forecast & Opportunities, 2026”, Europe hospital management software market is expected to grow at a formidable CAGR during the forecast period. The Europe hospital management software market is driven by rising adoption of such software by hospitals for cost cutting and high returns on the investment. Moreover, increasing incidences of medication errors is positively impacting the growth of market during the forecast period. Also, growing requirement for integrated care system coupled with new technology developments by key market players are further expected to bolster the growth of market over the next few years.



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