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Key Market Size Shifts in the Medical Software Market: A Historical Perspective and beyond
The size of the medical software market has seen considerable expansion in the past few years. The market which was valued at $58.94 billion in 2024 is projected to escalate to $67.54 billion in 2025, marking a compound annual growth rate (CAGR) of 14.6%.
The unprecedented growth recorded during the historical period can be credited to the deployment of healthcare information technology (HIT) solutions, the uptake of secure and compliant software frameworks, heightened concentration on interoperability and data interchange, progress in medical imaging and diagnostic software, along with a rising demand for healthcare analytics.
The market size for medical software is predicted to witness speedy expansion in the coming years, culminating to $111.65 billion in 2029 with a compound annual growth rate (CAGR) of 13.4%. This surge during the forecast period can be credited to the high uptake of electronic health records (EHR) and electronic medical records (EMR) systems, the increased need for tools facilitating data-driven decisions, a rising emphasis on telemedicine and remote patient monitoring solutions, and government-driven initiatives that encourage the digital transformation of healthcare services.
Key trends in the forecast period cover the incorporation of cloud-based solutions to medical software, the growing integration of artificial intelligence (AI) and machine learning (ML) technologies, individualized medicine, the rising demand for telehealth and virtual care platforms, the focus on interoperability standards and data exchange protocols, and the emergence of mobile health (mHealth) applications along with wearable devices.
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Key Drivers Behind the Expansion of the Medical Software Market: Insights and Trends
Anticipated growth in the medical software industry is primarily being fueled by an increasing geriatric population and the prevalence of chronic illnesses. The term “rising aging population” refers to the growing percentage of older people in a given demographic, while “chronic illnesses” are persistent health conditions that may not be cured entirely but can be controlled adequately with appropriate treatment and lifestyle adjustments.
The trends of chronic illness and elderly populations are growing, largely driven by an increase in life expectancy and lifestyle choices that include sedentary behavior, unhealthy eating habits, smoking, and heavy alcohol consumption. Those suffering from chronic illnesses or in the aging population can significantly benefit from medical software, as it offers personalized care and assists in managing and monitoring various health metrics.
This technology enhances the quality of life for the elderly by allowing them to proactively monitor and efficiently manage their health. For example, the Population Reference Bureau (PRB), a non-profit organization based in the US, published data in January 2024 projected that the number of Americans of 65 years and older will surge from 58 million in 2022 to 82 million in 2050, marking a 47% spike.
The same data indicated their representation in the total population would rise from 17% to 23%. Furthermore, Allergy UK, a UK charity, noted in April 2024 that over 21 million people in the UK suffer from allergies.
This ailment emerged as the most frequently diagnosed chronic health condition in 2022, with predictions revealing that by 2026, half of Europe’s population is expected to have at least one allergy. Hence, the trends of an aging community and chronic diseases are propelling the expansion of the medical software market.
Which Segments in the Medical Software Industry Are Seeing the Fastest Growth?
The medical softwaremarket covered in this report is segmented –
1) By Software Type: Electronic Health Records (EHR); Medical Practice Management Software; Telemedicine Software; Medical Billing And Coding Software; Clinical Decision Support Systems (CDSS); Other Software Types
2) By Application: Hospitals; Clinics; Ambulatory Care Centers; Other Applications
3) By End-User: Providers; Payers; Patients
Subsegments:
1) By Electronic Health Records (EHR): Cloud-Based EHR; On-premise EHR; EHR For Small Practices; EHR For Large Healthcare Institutions
2) By Medical Practice Management Software: Appointment Scheduling; Patient Registration And Management; Medical Billing And Coding Integration; Reporting And Analytics Tools
3) By Telemedicine Software: Video Consultation Platforms; Remote Patient Monitoring; Telehealth Platforms For Specialists; Virtual Care Communication Tools
4) By Medical Billing And Coding Software: Billing Software For Clinics And Hospitals; Automated Coding Systems; Revenue Cycle Management Solutions
5) By Clinical Decision Support Systems (CDSS): Drug Interaction Checkers; Diagnostic Support Tools; Evidence-Based Medicine Tools; Alerting And Reminder Systems
6) By Other Software Types: Radiology Information Systems (RIS); Laboratory Information Management Systems (LIMS); Patient Portal Software; Healthcare CRM Software; Healthcare Analytics Software
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Which New Trends Will Create Growth Opportunities in the Medical Software Market?
Key players in the medical software market are zeroing in on the creation of sophisticated technology solutions, such as smart health assistants, using AI to reduce the burden on healthcare workers and elevate operational efficiency by simplifying clinical and administrative procedures. Smart health assistants are AI-powered digital devices that support individuals in maintaining their health by providing services such as booking appointments and notifying about medication.
For example, in October 2024, Microsoft Corporation, a company specializing in technological solutions based in the US, introduced the Health-Care AI Suite. This suite is intended to assist healthcare organizations in developing AI applications in a more effective manner.
It consists of tools such as medical image modeling, AI representatives, and automated documentation solutions, all designed to lighten the load on clinicians and boost efficiency. The launch of the Health-Care AI Suite is momentous as it empowers health systems to refine administrative operations, improve the precision of data, and facilitate smooth access to clinical details, which directly addresses pervasive industry problems such as burnout and inefficiencies in documentation.
Which Global Regions Are Powering Demand in the Medical Software Market?
North America was the largest region in the medical software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the medical software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How Key Players Are Driving Growth in the Medical Software Market?
Major companies operating in the medical software market are McKesson Corporation, OptumHealth, Dell Technologies Inc., International Business Machines Corporation (IBM), Siemens Healthineers, Koninklijke Philips NV, GE HealthCare Technologies, Henry Schein Inc., Quest Diagnostics Incorporated, Cerner Corporation, Epic Systems Corporation, Lexmark International Inc., Athenahealth Inc., CompuGroup Medical SE & Co KGaA, eClinicalWorks, Allscripts Healthcare Solutions Inc., Greenway Health LLC, Computer Programs and Systems Inc., Sunquest Information Systems Inc., Merge Healthcare Incorporated, NextGen Healthcare Inc., First Databank Inc., CureMD Healthcare, Practice Fusion Inc., Updox LLC
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