Healthcare Software As A Service Market (By Application: Patient Portal, Telemedicine, Mobile Communication, ePrescribing, EHR Systems, ERP & HR Portal, Medical Billing; By Deployment Model: Private, Hybrid, Public; By End-use: Provider, Payers) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20222030

The global healthcare software as a service market size was valued at USD 12.2 billion in 2020, and is predicted to be worth around USD 60.7 billion by 2030, registering a CAGR of 20.5% during the forecast period 2022 to 2030.

Growth Factors

The growing adoption of cloud computing in the healthcare industry is driving the growth. Software as a Service (SaaS) is the largest service segment in the cloud computing industry. Healthcare providers and payers are rapidly adopting SaaS in the EHR systems, clinical information systems, remote patient monitoring systems, storage, archiving, PACS, population health management, revenue cycle management, analytics, patient-facing web, supply chain management, disaster recovery, and precision medicine.

The growing adoption of cloud technologies and growing digitalization in healthcare are major parameters driving the growth of the healthcare Software as a Service (SaaS) market during the forecast period. According to the Right Scale report published in 2019, a software service company, 94% of the enterprises use the cloud. It also suggests that around 21% of enterprises are planning to install cloud in near future.

Report Coverage

By Application Analysis

The patient portal segment held the highest revenue share of 17.1% in 2020. The rising adoption of patient portal software and the availability of a large number of patient portals and software are contributing to the high revenue share of the segment. Increasing demand for digital tools such as a portal for patient engagement is expected to drive the adoption of patient portals. For instance, according to an article published by DocASAP, 54% of the patients prefer digital tools over the phone for appointments reminders and communication.

The telemedicine segment is expected to register the fastest growth over the forecast period. High adoption of telemedicine during the COVID-19 pandemic and increasing preference for these services are the key contributing factors driving the growth of the segment.

By End-user Analysis

The provider segment held the largest revenue share of over 70% in 2020 and is estimated to be the fastest-growing segment during the forecast period, owing to the high adoption rate of cloud computing and software as a service technology, by hospitals.

Many hospitals are installing and updating digital technologies to cater to challenges such as shortage of skilled workforce and limited resources, thereby driving the growth. For instance, St. Thomas Elgin General Hospital from Canada implemented SaaS technology for medical imaging referral management, in November 2021.

The payer segment is estimated to witness lucrative growth during the forecast period. Health insurance companies have started adopting SaaS technology for various applications such as medical billing, ERP, and other portal systems.

By Deployment Model Analysis

The hybrid segment held the highest revenue share of 50.2% in the global healthcare software as a service market. It is attributed to the high adoption of hybrid SaaS by all industries, including healthcare as it offers a combination of public and private cloud.

The hybrid deployment model offers benefits, including flexibility to support a remote workforce, better security and data control at reduced costs, improved scalability, enhanced innovation, improved security, and easy risk management.

The public deployment model is estimated to witness lucrative growth during the forecast period. According to a study conducted by HIMMS in Germany, the majority of the hospitals in Germany use the public cloud. 

By Regional Analysis

North America accounted for the highest revenue share of 47.7%. The high market presence of major players such as IBM, Google, SAP, and Microsoft in the U.S. and Canada is a major contributor to the high revenue share.

Asia Pacific is anticipated to witness the fastest CAGR during the forecast period, attributed to various initiatives undertaken by key stakeholders. For instance, in November 2021, Augnito.ai, an artificial intelligence-based voice solution provider, introduced The Big Diwali SaaS Fest to offer and promote digitalization for clinical documentation among doctors in India.

Key Players

• Microsoft

• Salesforce

• Adobe

• SAP

• Oracle

• CISCO

• Google

• IBM

• ServiceNow

• Workday

Market Segmentation

• By Application

  • Patient Portal

  • Telemedicine

  • Mobile Communication

  • ePrescribing

  • EHR Systems

  • ERP & HR Portal

  • Medical Billing

  • Others

• By Deployment Model 

  • Private

  • Hybrid

  • Public

• By End-use 

  • Provider

  • Payers

• Regional

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

The healthcare software as a service market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of healthcare software as a service market for the base year 2021 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global healthcare software as a service market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the healthcare software as a service market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted healthcare software as a service market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the healthcare software as a service capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of healthcare software as a service by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global healthcare software as a service market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major healthcare software as a service market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of healthcare software as a service market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the healthcare software as a service industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

healthcare software as a service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to healthcare software as a service market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of healthcare software as a service market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new healthcare software as a service market. These factors have benefited the growth of the global market for healthcare software as a service. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for healthcare software as a service. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of healthcare software as a service are as follows:

• History Year: 2019-2020

• Base Year: 2021

• Forecast Year 2022  to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2019-2021) and forecast (2022-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.