SAN FRANCISCO, Feb. 7, 2022 / PRNewswire/ – The global healthcare software as a service market expected size catch up USD 51.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 19.5% from 2021 to 2028. The growing use of cloud computing in the healthcare industry is driving growth. Software as a Service (SaaS) is the largest service segment in the cloud computing industry. Healthcare providers and payers are rapidly using SaaS in EHR systems, clinical information systems, remote patient monitoring systems, storage, archiving, PACS, population health management, management in revenue cycle, analytics, patient -facing web, supply chain management, disaster recovery, and accurate medicine.
Key Insights and Findings from the report:
- The patient portal emerged as the leading component of the application with a revenue share of more than 17.0% in 2020
- The hybrid deployment model segment has the largest revenue share of over 50.0% in 2020
- The provider’s end-user segment accounted for the largest revenue share in 2020
- North America the largest revenue share of more than 47.0% in 2020
- Asia-Pacific is expected to expand at the fastest CAGR during the forecast period
Read the 150 page market research report, “Healthcare Software as a Service Size Market, Sharing and Analysis of Trends Report By Application (Patient Portal, Telemedicine, Mobile Communication), By Deployment Model, End User, By Region, And Segment Forecasts, 2021 – 2028 ”, published by Grand View Research.
The use of SaaS offers benefits, such as increased flexibility, improved return on investment, gaining a competitive edge, reducing the cost of software deployment, and driving innovation in healthcare. For example, according to a survey published by GE Healthcare in 2019, 32% of healthcare organizations have adopted SaaS to modernize IT, 27% to have flexibility, 26% to drive innovation and get competitive advantage.
Increasing healthcare IT spending and increasing use of telemedicine, mobile health applications, EHR systems, and CRM/ERP systems are estimated to boost the use of SaaS. The use of telemedicine and other digital technologies is gaining rapid traction during the COVID-19 pandemic, due to the increasing burden on the health care worker and lack of health care resources. Increasing pressure to reduce healthcare costs and increase quality of care is estimated to drive market growth.
Technologies, such as vertical SaaS, micro-SaaS, and artificial intelligence integration, are rapidly gaining traction. The rapid development of technology and initiatives undertaken by major players support the growth of the market. For example, in November 2021, CloudHospital started its service to provide SaaS to clinics and hospitals to meet growing demand. The company plans to manage internet traffic, communication, presence, patient reservations, and increase hospital visibility and accessibility to the patient population.
Sa August 2021, Contakt World Technologies Corp., a SaaS company involved in equity and access healthcare, has acquired Stratum, a cloud platform. The platform enables organizations to evaluate and monitor the health and symptoms of COVID-19.
Grand View Research divides global healthcare software into a service market based on application, deployment model, end-user, and region:
- Healthcare Software As An Outlook Service Application (Revenue, USD Million, 2016 – 2028)
- Patient Portal
- Mobile Communication
- EHR Systems
- ERP and HR Portal
- Medical Billing
- The others
- Healthcare Software As A Service Deployment Model Outlook (Revenue, USD Million, 2016 – 2028)
- Healthcare Software As An End -user Outlook Service (Revenue, USD Million, 2016 – 2028)
- Healthcare Software as a Regional Service Perspective (Revenue, USD Million, 2016 – 2028)
- North America
- South Korea
- Latin America
- Middle East at Africa
- South Africa
- Saudi Arabia
List of Major Players of Healthcare Software As a Service Market
- Service Today
- Working day
See more studies related to healthcare software and analytics, published by Grand View Research:
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Browse Grand View Research’s coverage Global Healthcare IT Industry.
About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered with California and is headquartered in San Francisco, the company consists of more than 425 analysts and consultants, adds more than 1200 market research reports to its extensive database each year. These reports offer in-depth analysis on 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and measure the opportunities that await.
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