Healthcare Enterprise Software Market Analysis

Global Healthcare Enterprise Software Market Overview

The Healthcare Enterprise Software Market Size was valued at USD 10.1 Billion in 2022 and is projected to grow from USD 11.56 Billion in 2023 to USD 34.16 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.50% during the forecast period (2023 - 2032). Growing adoption of HER & EMR and expanding IT Infrastructure worldwide to create growth opportunities are the key market drivers contributing to the market’s growth and revenue. 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Healthcare Enterprise Software Market Trends

• Growing adoption of HER & EMR is driving the market growth

The rising adoption of HER & EMR drives Market CAGR for healthcare enterprise software. The expanding usage of big data in the healthcare sector, increasing adoption of EMR, regulatory regulations, and financing for safeguarding digital health records for patients are driving the growth of the worldwide healthcare enterprise software industry. With the rising frequency of chronic illnesses worldwide, the setting up of information technology in healthcare has been gaining attention recently e Chronic Disease Management (CDM).

Additionally, one of the key reasons driving market expansion is the advent of technological advancements to enhance the infrastructure of IT, including the use of the Internet of Things (IoT), AI, and big data. Increased customer demand for effective and cost-efficient treatment and increased awareness of advanced technologies will drive the market throughout the projection period. Furthermore, the constant update of present IT infrastructures, together with the use of medical cloud computing services, is a significant driver of the sector's growth. Growing elderly and pediatric groups, growing need for medical care at home, and rising expenses for modern medical centers are boosting the need for remote monitoring of patients and, as a result, will contribute to market expansion.

COVID-19 has increased worldwide demand for digital clinical consulting because of developments in internet technology (IoT), an increasing burden of chronic illnesses, and growing consumerism in the healthcare sector. Following the shutdown, it has opened opportunities for the participants since healthcare and several other industries have become more reliant on digital technology. Furthermore, the growing burden due to the rise of other medical disorders has raised the need for healthcare business software. The COVID-19 pandemic also provides various chances for market participants to acquire a competitive advantage by investing in new prospects.

For instance, based on The Mobile Economy 2020 predictions, the number of individual consumers of mobile phones will exceed 5.8 billion by 2025. Furthermore, the worldwide population of internet users grew by 192 million in 2021 compared to 2020, and the worldwide total of internet users is expanding at a rate of 4% each year. The technological developments in phones and access to the internet are likely to fuel market expansion by improving healthcare results, customer service, and patient engagement. Therefore, demand for Healthcare Enterprise Software is anticipated to increase due to the rising adoption of HER & EMR during the projected timeframe. Thus, driving the Healthcare Enterprise Software market revenue.

Healthcare Enterprise Software Market Segment Insights

Healthcare Enterprise Software Product & Services Insights

The market segments of healthcare enterprise software, based on product & services, includes Healthcare revenue cycle management (RCM), customer relationship management (CRM), business intelligence, and enterprise content management. Revenue cycle management (RCM) dominated the market, accounting for 48% of market revenue (USD 4.8 Billion) in 2022. RCM’s requirement to retain financial data has increased uniformly. Furthermore, many businesses are projected to implement an accounting business module in the next years to improve corporate efficiency and effectiveness.

Healthcare Enterprise Software Delivery Mode Insights

The healthcare enterprise software market segmentation, based on delivery mode, includes on-premises and cloud-based. The on-premises category generated the most income of about 61% in 2022. This is due to its benefits for business applications, including end-to-end software administration, safeguarding intellectual property inside the business, and implementing significant modifications whenever the company requires it. The cloud category is predicted to grow fastest throughout the projection period, owing to a fundamental change in end-user adoption techniques from on-site to cloud-based approaches.

Figure 1: Healthcare Enterprise Software Market, by Delivery Mode, 2022 & 2032 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Healthcare Enterprise Software End-User Insights

The market segmentation of healthcare enterprise software, based on end-user, includes healthcare providers and healthcare payers. Healthcare providers dominated the market, accounting for 51% of market revenue in 2022. This is due to strong regulatory regulations demanding public access to health information as business advances in digitalization and automation. It successfully promotes affordable procurement, simplifies HR management, and performs rigid fiscal management.

Healthcare Enterprise Software Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Healthcare Enterprise Software market area will dominate this market because of healthcare providers' growing utilization of software for healthcare and the growing importance of electronic health records. In addition, advancements in software creation and the widespread use of IT for healthcare will boost market growth in this region.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Healthcare Enterprise Software Market Share by Region 2022 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Healthcare Enterprise Software market accounts for the second-largest market share due to increasing issues involving the high frequency of long-term illness occurrences and dysfunctionalities. Further, the German market of healthcare enterprise software dominates the market share, and the UK market of healthcare enterprise software is anticipated to grow rapidly in the European region during the projected timeframe.

The Asia-Pacific Healthcare Enterprise Software Market is expected to significantly during the projected timeframe. This is due to increased software expertise and substituting of handwritten records with digital ones, boosting the market growth. Moreover, China’s market of healthcare enterprise software holds the largest market share, and the Indian market of healthcare enterprise software is expected to expand rapidly in the Asia-Pacific region during the projected timeframe.

Healthcare Enterprise Software Key Market Players & Competitive Insights

Leading market players invested heavily in research and development (R&D) to develop IT infrastructure and innovative digital solutions, which will help the market of healthcare enterprise software grow and expand worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with important market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Healthcare Enterprise Software industry must offer cost-effective and sustainable options to survive in a dynamic market.

Manufacturing locally to minimize operational expenses and offer aftermarket services to businesses is one of the key business strategies organizations use in the Healthcare Enterprise Software industry to benefit customers and capture untapped market share and revenue. The Healthcare Enterprise Software industry has recently offered significant advantages to the medicine and technology industry. Major players in the market of healthcare enterprise software, including MEDICAL Information Technology Inc., SAP, CPSI, Meta Inc., Elinext Group, EPIC Systems Corporation, INFOR Inc., Cognizant, Oracle, Jag products LLC, Allscripts Healthcare, LLC, Cerner Corporation, General Electric Company, Koninklijke Philips NV are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

TigerConnect systems facilitate communication in the healthcare system by delivering data, statistics, and alarms to care providers. Mobile devices, dependable and safe, are the most extensively used communication tool in healthcare, distinctively modernizing care cooperation among medical experts. In January 2022, they received a $300 mn growth financing from Vista Equity Partners, which will be used to develop its platform. More than 7,000 medical organizations use its HIPAA-compliant software products. The method enhances interaction throughout medical teams, allowing physicians to deliver superior patient care while reducing costs.

Stryker is one of the globe's premier MedTech businesses and is determined to improve healthcare alongside its clients. It was founded in 1941 and is headquartered in Michigan, United States. Most of Stryker's products are sold exclusively to medical professionals, hospitals, and other medical facilities in the United States. Stryker announced intentions to acquire Vocera Communications for $2.97 billion, launching an upsurge of medical technology M&A in 2022. Vocera specializes in communication and workflow solutions, in addition to software, for medical establishments enabling greater patient information exchange via internal and patient-to-doctor conversations. The business also creates smart watches for medical professionals and smartphone apps.

Key Companies in the market of healthcare enterprise software include

• MEDICAL Information Technology Inc.


• SAP


• CPSI


• Meta


• Elinext Group


• EPIC Systems Corporation


• INFOR Inc.


• Cognizant


• Oracle


• Jag Products LLC


• Allscripts Healthcare


• LLC

Healthcare Enterprise Software Industry Developments

October 2022:Optum acquired Change Healthcare in October 2022. The acquisition will link and streamline the fundamental clinical, administrative, and payment procedures relied on by providers and payers to service clients, leading to reduced expenses and improved outcomes for all stakeholders.

January 2022:TigerConnect, a supplier of medical networking software, has received a $300 mn growth financing from Vista Equity Partners, which will be used to develop its platform. More than 7,000 medical organizations use its HIPAA-compliant software products. The method enhances interaction throughout medical teams, allowing physicians to deliver superior patient care while reducing costs.

January 2022:Stryker announced intentions to acquire Vocera Communications for $2.97 billion, launching an upsurge of medical technology M&A in 2022. Vocera specializes in communication, workflow solutions, and software for medical establishments such as hospitals and clinics, enabling greater patient information exchange via internal and patient-to-doctor conversations. The business also creates smart watches for medical professionals and smartphone apps.

Healthcare Enterprise Software Market Segmentation

Healthcare Enterprise Software Product & Services Outlook

• Revenue Cycle Management (RCM)


• Customer Relationship Management (CRM)


• Business Intelligence


• Enterprise Content Management

Healthcare Enterprise Software Delivery Mode Outlook

• On-Premises


• Cloud-Based

Healthcare Enterprise Software End-User Outlook

• Healthcare Providers


• Healthcare Payers

Healthcare Enterprise Software Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America