Overview and Scope
The healthcare software as a service refers to a service model in cloud computing where one or more vendors provide cloud-based remote software products to the healthcare industry. The SaaS application in healthcare can access multiple features to keep patient data secure. It allows healthcare firms to reduce unnecessary overhead costs.
Sizing and Forecast
The healthcare software as a service market size has grown rapidly in recent years. It will grow from $20.96 billion in 2023 to $24.46 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to cost efficiency and resource optimization, focus on patient-centric care, scalability for growing healthcare needs, value-based care solutions, data security and privacy measures.
The healthcare software as a service market size is expected to see rapid growth in the next few years. It will grow to $48.78 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to personalized medicine initiatives, continuous compliance management, enhanced interoperability standards, virtual clinical trials and research, enhanced user experience and interface, focus on mental health support.. Major trends in the forecast period include telehealth and remote patient monitoring, interoperability and integration, data security and privacy compliance, real-time analytics and reporting, agile development and continuous updates,remote access and collaboration
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Segmentation & Regional Insights
The healthcare software as a service market covered in this report is segmented –
1) By Application: Patient Portal, Telemedicine, Mobile Communication, ePrescribing, EHR Systems, ERP & HR Portal, Medical Billing
2) By Deployment Model: Private, Hybrid, Public
3) By Organization Size: Large Enterprise, Small And Medium Enterprises
4) By End-User: Provider, Payer
North America was the largest region in the healthcare software as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare software as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing adoption of cloud computing is expected to propel the growth of the healthcare software as a service market. Healthcare organizations are adopting cloud computing as the current crisis has reinforced its benefits and put to rest fears related to privacy, security, and implementation. Healthcare organizations can achieve increased data security, assured system scalability, and enhanced flexibility to manage billings and streamline claims for significant cost savings with cloud computing. For instance, in February 2022, according to a survey conducted by a UK-based consulting firm, Ernst & Young Global Limited, and an Indian non-governmental trade association, The National Association of Software and Service Companies (NASSCOM), four in every five enterprises are set to increase their cloud budgets over the next 12 months. As per the survey, 67% of the large enterprises accelerated cloud adoption, 39% of medium-sized companies, and 38% of small companies embarked on their cloud journey. IT companies lead cloud adoption, followed by the healthcare sector and the BFSI sector. Therefore, growing adoption of cloud computing is driving the healthcare software as a service market growth.
Key Industry Players
Major companies operating in the healthcare software as a service market report are Microsoft Corporation, Salesforce Inc., SAP SE, Oracle Corporation, Google LLC, Adobe Systems Incorporated, Cisco Systems Inc., International Business Machines Corporation, ServiceNow Inc., Workday Inc., Zocdoc Inc., ClassPass Inc., Thrive Global Holdings Inc., Talkspace Inc., Pager Technologies Inc., AiCure Technologies Inc., Noom Inc., Optum Inc., Kareo Inc., Smartsheet Inc., Madaket Health Inc., SimplyVital Health Inc., Tailoredcare India Private Limited, Boston Technology Research LLC, Health Data Vision Inc., Veeva Systems Inc., Cerner Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., NextGen Healthcare Inc., eClinicalWorks LLC, Greenway Health LLC, AdvancedMD Inc., drchrono Inc., CareCloud Corporation
The healthcare software as a service market report table of contents includes:
1. Executive Summary
2. Healthcare Software As A Service Market Characteristics
3. Healthcare Software As A Service Market Trends And Strategies
4. Healthcare Software As A Service Market – Macro Economic Scenario
5. Global Healthcare Software As A Service Market Size and Growth
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26. South America Healthcare Software As A Service Market
27. Brazil Healthcare Software As A Service Market
28. Middle East Healthcare Software As A Service Market
29. Africa Healthcare Software As A Service Market
30. Healthcare Software As A Service Market Competitive Landscape And Company Profiles
Top Major Players:
- Microsoft Corporation
- Salesforce Inc
- SAP SE
- Oracle Corporation
- Google LLC
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