Healthcare Software as a Service Market is expected to reach a revenue of USD 93.4 Bn by 2033, at 10.9% CAGR: Dimension Market Research

New York, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Overview:

The Healthcare Software as a Service Market size is expected to reach USD 36.8 billion by 2024 and is further anticipated to reach USD 93.4 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 10.9% from 2024 to 2033.

Healthcare companies are adopting SaaS for cost benefits, security, ease of use, ease of integration, customer support, better administration and management capabilities, uptime guarantee, scalability, customizability, data center infrastructure, disaster recovery plan, and reporting. SaaS finds various applications, like websites, emails, communications, mobile services, customer relationship management, mobile services, productivity apps, ERP, data analytics, document management, and database servers

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The US Overview

The Healthcare Software as a Service Market in the US is projected to reach USD 15.8 billion in 2024 at a compound annual growth rate of 10.2% over its forecast period.

The US healthcare SaaS market provides growth opportunities through rising demand for telehealth, EHR, and patient engagement tools, driven by healthcare costs and regulatory mandates. AI and data analytics allow personalized care and operational efficiency. However, data privacy concerns and strict compliance requirements, like HIPAA, remain key challenges to adoption.

Important Insights

• The Healthcare Software as a Service Market is expected to grow by USD 93.4 billion by 2033 from 2024 with a CAGR of 10.9%.
• The cloud segment is anticipated to get the majority share of the Healthcare Software as a Service Market in 2024.
• The patient portal segment as an application is expected to be leading the market in 2024.
• The hospital & clinics segment is expected to get the largest revenue share in 2024 in the Healthcare Software as a Service Market.
• North America is predicted to have a 49.2% share of revenue share in the Global Healthcare Software as a Service in 2024.

Global Healthcare Software as a Service Market: Trends

• Growth of Telemedicine Platforms: Post-pandemic, telehealth adoption constantly grows, with SaaS providers aiming to enhance virtual care and remote patient monitoring tools.
• Increased Use of AI and Machine Learning: SaaS platforms are incorporating AI for predictive analytics, customized care, and automation in administrative tasks.
• Rising Adoption of Interoperability Solutions: There is a major focus on improving data exchange between systems, ensuring seamless care coordination across providers.
• Shift Towards Subscription-Based Models: Many SaaS providers are moving to flexible subscription plans, making it easier for healthcare organizations to adopt and scale solutions.

Healthcare Software as a Service Market: Competitive Landscape

The healthcare SaaS market is highly competitive, with tech giants like IBM, Google, and SAP providing scalable cloud solutions, while providers like Cerner and Athenahealth address specific needs like EHR and telehealth. Intense competition fosters constant innovation, focusing on security, interoperability, and user experience. Companies use mergers, partnerships, and investments to expand market reach and maintain a competitive edge.

Some of the major players in the market include IBM, eClinicalWorks Inc, Athenahealth Inc, Cerner Corp, NextGen Healthcare, Practice Fusion Inc, McKesson Corp, and more.

Some of the prominent market players:

• IBM
• eClinicalWorks Inc
• Athenahealth Inc
• Cerner Corp
• NextGen Healthcare
• Practice Fusion Inc
• McKesson Corp
• Google
• Cisco
• SAP
• Optum Inc
• Other Key Players

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Healthcare Software as a Service Market Scope

Segment Analysis:

Hospitals & clinics are major drivers of the healthcare SaaS market, adopting digital solutions to improve care, simplify operations, and minimize costs. They depend on SaaS platforms for EHRs, appointment scheduling, billing, and patient management, utilizing cloud-based tools for real-time data access and better coordination. An increase in patient demand for digital engagement also drives the adoption of telemedicine and patient portals. Pharmacies contribute by utilizing SaaS platforms for managing prescriptions, automating refills, and tracking inventory to prevent shortages. With growing e-prescriptions and online orders, pharmacies ensure smooth coordination and regulatory compliance, further boosting SaaS adoption in digital healthcare.

Healthcare Software as a Service Market Segmentation

By Solution

• Electronic Health Records
• Practice Management Systems
• Revenue Cycle Management
• Telehealth Solutions
• Others

 By Deployment Mode

• Cloud
  • Public Cloud
  • Hybrid Cloud
  • Private Cloud
• On-Premise

By Application                  

• Telemedicine
• Medical Billing
• Mobile Communication
• Patient Portal
• e Prescribing
• EHR Systems
• ERP & HR Portal
• Others

By End User

• Hospital & Clinics
• Diagnostic Center
• Pharmacies
• Ambulatory Care Centers
• Others

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Global Healthcare Software as a Service Market: Driver

• Rising Demand for Telehealth: The major preference for remote healthcare services post-COVID-19 is driving telemedicine adoption, improving market growth.
• Adoption of EHR Systems: Regulatory mandates and the demand for efficient care coordination allow the use of electronic health records (EHR), driving demand for SaaS platforms.
• Focus on Patient Engagement: The increase in expectations for digital tools, like patient portals and engagement platforms, boosts SaaS adoption to enhance care and interaction.
• Advancements in AI and Data Analytics: AI-powered SaaS solutions provide personalized care, predictive management, and operational efficiency, further driving market expansion..

Global Healthcare Software as a Service Market: Restraints

• Data Privacy and Security Concerns: Sensitive healthcare data is prone to breaches, making providers cautious about accepting SaaS solutions due to strict regulations like HIPAA.
• Compliance Challenges: Meeting complex regulatory requirements can slow the adoption of cloud-based platforms as organizations give importance to compliance over new technologies.
• Integration Issues with Legacy Systems: Many healthcare providers face difficulties combining SaaS solutions with existing legacy systems, leading to operational inefficiencies.
• High Initial Costs and Training Needs: Implementing SaaS platforms may include significant setup costs and staff training, creating barriers for smaller healthcare organizations

Global Healthcare Software as a Service Market: Opportunities

• Expansion of Telehealth and Remote Care: The increase in the adoption of virtual healthcare services opens new opportunities for SaaS providers to develop innovative telemedicine platforms.
• AI and Predictive Analytics Integration: Developments in AI and data analytics allow personalized care and predictive health management, improving SaaS solutions' value.
• Growing Demand for Mobile Health Applications: Better use of smartphones drives opportunities for mobile-based SaaS platforms providing patient engagement and monitoring tools.
• Shift to Value-Based Care Models: As healthcare moves toward outcome-based care, providers look for SaaS solutions to track performance, enhance care coordination, and reduce costs.

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Regional Analysis

North America is expected to hold the largest revenue share of 49.2% in 2024, due to the presence of major tech players like Google, IBM, SAP, and Microsoft, promoting innovation and adoption. High awareness and rapid uptake of SaaS in healthcare, along with regulatory efforts to minimize costs, are boosting digital solution investments.

Further, the Asia Pacific region is expected to grow the fastest, due to government initiatives and rising adoption of telemedicine and mobile health tools. As countries like India, China, and Japan embrace digital healthcare, the region is becoming a key hub for future expansion.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Healthcare Software as a Service Market

• October 2024: Microsoft introduced new healthcare data and artificial intelligence tools, like the incorporation of a healthcare agent service, medical imaging models, and an automated documentation solution for nurses.
• August 2024: Pfizer Inc. launched PfizerForAll, a user-friendly digital platform developed to make access to healthcare and managing health & wellness easier for people across the US, as it would help the millions of Americans affected annually by common illnesses like migraine or flu and those looking to protect themselves with adult vaccinations.
• August 2024: VSee Health, Inc. collaborated with Stand Together launching Aimee telehealth service in Wichita, Kansas, to expand access to affordable care, initially in Wichita.
• March 2024: Informatica unveiled that Pharmarack, selected Informatica’s intelligent Master Data Management (MDM) on Amazon Web Services (AWS), as a part of its AI-powered Intelligent Data Management Cloud (IDMC) and looks to assist Pharmarack in its mission to digitize the pharma ecosystem in India
• December 2023: Caresyntax announced its partnership with The Applied AI Company (AAICO), a leading AI technology company, to distribute new software and artificial intelligence solutions throughout the UAE, US, and Europe, to allow the companies to integrate their healthcare datasets and delivery resources to provide bundled software and services solutions to healthcare companies and insurance companies in these markets.

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About Dimension Market Research (DMR):

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