APAC to Witness Fastest Growth in Hospital Management Software Market – TechSci Research
Improving healthcare ITinfrastructure to drive the growth of global hospital management software market
According to TechSci Research report, “Global Hospital Management Software MarketBy 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 $ 25 billion in 2019 and is forecast to witness a CAGR of over 9% during the forecast periodon 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 easy way. Additionally, replacement of manual records by electronic records is further expected to propel the market over the next five years. Furthermore, increasing incidences of medication errors are anticipated to positively impact the growth of market through 2025. Also, the adoption of such software helps hospitals in cost cutting and provides high return on the investment. Moreover, increasing government support in the form of schemes, grants and funds is further spurring the growth of market. Besides, the software also provides support in framing healthcare policies and provides information such as about drugs that were given to a particular patient and how did the patient react to the drug during the course of treatment, among others. 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.
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 Corporationare 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 thehospital 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 MarketBy 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 marketand 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.