Press Release

APAC to Witness Fastest Growth in Hospital Management Software Market

Improving healthcare IT infrastructure and rising incidences of diseases to drive the growth of global hospital management software market through 2025.

According to TechSci Research report, Global Hospital Management Software Market By Product, By Deployment Mode, By Type of Software, By Application, By Region, Competition, Forecast & Opportunities, 2025, the global hospital management software market was valued at USD 25 billion in 2019 and is forecast to witness a CAGR of over 9% during the forecast period on account of the increasing demand from various hospitals & clinics for installation of such software in order to handle their businesses in a more consistent, efficient and convenient way. The need to replace manual records with electronic health records to reduce errors and save time are likely to propel the market over the next five years. Moreover, the adoption of software helps in cutting down costs, increase profitability, and enhance patient experience, which motivates the key vendors operating in the industry to invest in advanced hospital management software, which is aniticipated to positively impact the growth of market in forecast years. Moreover, increasing stringent government support in the form of schemes, grants and funds to encourage adoption of IT in healthcare ecosystem can further spur the growth of market.

The sudden outbreak of coronavirus also stressed upon the need to create and adapt advanced software management tools in healthcare sector. However, high infrastructural and maintenance costs associated with hospital management software might hamper the growth of market during forecast period. Also, issues of data privacy and cyber threat might restrict the growth of market. Additionally, lack of software knowledge in developing countries might negatively impact the growth of market. Furthermore, lack of onsite IT support services is expected to impede the growth of market over the next few years.

Browse 161 market data Figures spread through 168 Pages and an in-depth TOC on "Global Hospital Management Software Market"

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The global hospital management software market is segmented based on product, deployment mode, type of software, application, company and region. Based on deployment mode, the market can be bifurcated into on-premises and cloud. The cloud segment is expected to dominate the market during forecast period. This can be ascribed to the changing trends in medical industry to shift their business to cloud platforms. The medical industry is currently focusing on the installation of this deployment mode to improve their productivity, functionality, customer management, enhance cost effectiveness of their services, among others. Based on end user, the market can be fragmented into hospitals, clinics and others. The hospitals segment is expected to dominate the market owing to the widespread adoption of the software by different hospitals around the globe.

Cerner Corporation, GE Healthcare, Allscripts Healthcare Solutions, Inc, IBM Corporation, Siemens Healthineers AG, Centrak Ltd., Ekahua Inc., AeroScout Inc., Zebra Technologies Corporation, Infor Inc., Trimble Navigation Ltd., Philips Healthcare, Johnson Controls International Plc., Motorola Solutions Inc., Sonitor Technologies A.S., Sisoft, Wellsky Corporation, Midmark Corporation, Medical Information Technology, and McKesson Corporation are some of the leading players operating in the global hospital management software market. The companies operating in the market are using organic strategies such as product launches, as well as mergers and collaborations to boost their market share.

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Asia-Pacific is expected to witness fastest growth in the hospital management software market during the forecast years owing to the increasing healthcare expenditure and rising medical tourism in the region. Additionally, high internet penetration and cloud based services in the region are further anticipated to spur the market growth. Also, the key vendors operating in the market are expanding their businesses in the region, thereby creating lucrative opportunities for the growth of market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Hospital Management Software Market By Product, By Deployment Mode, By Type of Software, By Application, By Region, Competition, Forecast & Opportunities, 2025 has evaluated the future growth potential of global hospital management software market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global hospital management software market.

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