Medical Software Development Market Trends, Industry | 2031
Medical Software Development Market Trends, Industry | 2031
Segments - Medical Software Development Market by Type (Medical Billing and Coding Software, Telemedicine Software, Electronic Health Records, Medical Practice Management Software, Clinical Decision Support Systems, and Others), Application (Clinics, Ambulatory Care Centers, Hospitals, and Others), End-user (Providers, Patients, and Payers), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-5073
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Report Description
The medical software development market size was valued at nearly USD 45.7 Bn in 2022 and is anticipated to reach USD 118 Bn by 2031, expanding at a CAGR of 11.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising use of big data and analytics in modernizing healthcare facilities, increasing popularity of telemedicine, and high adoption of electronic health records (EHRs) by healthcare providers.
Medical software development involves developing web interfaces and mobile applications for healthcare professionals and patients. Interaction with patients, collating patient health data, and the analytical use of medical data are major advantages of using medical software.
Patient data analysis solutions, remote patient monitoring systems, telemedicine software development, patient engagement solutions, video conferencing solutions, and telehealth app development solutions are provided by leading custom healthcare software development companies.
Telehealth and telemedicine software development is most widely used that provides end-to-end telemedicine software functions facilitating patients to connect with doctors through instant chat or video calling apps. Patient engagement solutions allow patient monitoring remotely through captured data from wearable devices and IoT sensors or virtual visits.
The creation of automated clinical workflows with the use of emerging machine learning and artificial intelligence technologies is efficiently handled by medical software. Automation of tasks through adaptive staffing and smarter billing enhances patient care through real-time data analysis. Blockchain technologies, voice-enabled solutions, and the internet of things (IoT) are used widely incorporated in healthcare software.
The market report finds that the COVID-19 pandemic propelled the medical software development management market due to reduced manpower during the pandemic. The demand for electronic medical records (EMR) and electronic health records (EHR) platforms for managing patient data grew rapidly with rising number of patients. It enabled efficient data transfer of patient information through the contactless medium of medical software. As a result, the storage of medical history in paper form to restrict the virus spread during the pandemic surged the adoption of medical software.
Medical Software Development Market Dynamics
Drivers
Growing incidences of chronic health complications have increased the need for chronic disease management through the effective analysis of patient health data. Such data can be categorically analyzed data through the application of medical software, which is driving the market. Maintaining electronic health records is vital for the analysis of vital health parameters of patients, which are expected to propel the medical software development market.
Restraints
Mining data using medical software for analyzing patient-specific health parameters requires skilled professionals to use medical software. Lack of qualified individuals capable of handling these software hamper the market.
Opportunities
Rising use of telemedicine for online health consultations and diagnosis is presenting massive opportunities for the expansion of the market. The introduction of technology for maintaining patient health data to reduce the burden on limited health facilities in most regions around the world is expected to create lucrative opportunities for widening the reach of the market.
Scope of Medical Software Development Market Report
The report on the global medical software development market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Medical Software Development Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016 – 2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Medical Billing and Coding Software, Telemedicine Software, Electronic Health Records, Medical Practice Management Software, Clinical Decision Support Systems, and Others), Application (Clinics, Ambulatory Care Centers, Hospitals, and Others), and End-user (Providers, Patients, and Payers) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Codal; IT Craft; DICEUS; Glorium; Technologies; Appinventiv; iTechArt Group; Innowise; Athenahealth; Kanda Software; Open Text Corporation; Infor; Orion Health group of companies; NXGN Management, LLC.; Unitedhealth Group; eClinicalWorks; Hidden Brains; Change Healthcare; TatvaSoft; ScienceSoft; LeewayHertz; and Cerner Corporation. |
Medical Software Development Market Segment Insights
Based on type, the market is divided into medical billing and coding software, telemedicine software, electronic health records, medical practice management software, clinical decision support systems, and others. The electronic health records segment is anticipated to dominate the market, due to the high volumes of patient health information that is stored electronically. High demand for population health management and identification of patterns through EHR-generated patient data is expected to drive the segment in the forecast period.
The telemedicine software segment is expected to expand at a significant pace during the projection period, as medical diagnosis or consultation can be provided to patients far off from healthcare facilities through medical software assistance.
A patient’s vital signs and information, videos, or photos during their virtual diagnostic sessions. This enables for improved treatment solutions, as it provides the medical professionals with clear visuals of the problem faced by the patient. Moreover, these images, videos, and information can be saved for easy future access, these factors are expected to boost the segment in the forecast period.
On the basis of application, the medical software development management market is segmented into clinics, ambulatory care centers, hospitals, and others. The hospital segment is expected to dominate the market during the forecast period with the extensive use of medical software in managing humongous volumes of patient data. Lowered operational costs, improved patient outcomes, and increased working efficiency of medical resources are expected to propel the segment.
The clinics segment is anticipated to hold a key share of the market, owing to the growing use of medical software in accessing patient information such as diagnoses, and medications and maintaining medical history records such as allergies. Ease of scheduling appointments, managing medical billing cycles, provider time tracking, and classifying patient information through medical software is expected to boost the segment during the forecast period.
Based on end-user, the market is fragmented into providers, patients, and payers. The providers segment is projected to hold key share of the market, in terms of revenue, owing to the growing use of practice management software and maintaining of patient data through electronic health records (EHR). Extensive use of clinical decision support systems (CDSS) and telemedicine software for virtual consultations and treatment is expected to drive the market.
The payers segment is anticipated to expand at a rapid pace owing to the growing use of medical software in insurance companies for medical billing processes insurance claim settlements, managing documents, and end-to-end communication. Risk identification and selection, identifying risk of fraud, and preliminary assessment of claims are other important functions carried out by payers through the use of medical software, which is likely to boost the segment in the coming years.
In terms of region, the global medical software development management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the large-scale implementation of artificial intelligence (AI) backed medical software monitoring.
Enhancements in mobile-apps-based and web-based medical consultations are likely to propel the market in North America.
The market of Asia Pacific is projected to grow at a rapid pace in the coming years, owing to the growing preferences for embedding medical software solutions in healthcare systems in the region. Growing focus on the improvement of healthcare products’ delivery services and increasing expenditure on preventive healthcare are expected to drive the market in Asia Pacific.
Segments
The global medical software development management market has been segmented on the basis of
Type
- Medical Billing and Coding Software
- Telemedicine Software
- Electronic Health Records
- Medical Practice Management Software
- Clinical Decision Support Systems
- Others
Application
- Clinics
- Ambulatory Care Centers
- Hospitals
- Others
End-user
- Providers
- Patients
- Payers
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Codal
- IT Craft
- DICEUS
- Glorium Technologies
- Appinventiv
- iTechArt Group
- Innowise
- Athenahealth
- Kanda Software
- Open Text Corporation
- Infor
- Orion Health group of companies
- NXGN Management, LLC.
- Unitedhealth Group
- eClinicalWorks
- Hidden Brains
- Change Healthcare
- TatvaSoft
- ScienceSoft
- LeewayHertz
- Cerner Corporation
Competitive Landscape
Players in the global medical software development management market include Codal; IT Craft; DICEUS; Glorium; Technologies; Appinventiv; iTechArt Group; Innowise; Athenahealth; Kanda Software; Open Text Corporation; Infor; Orion Health group of companies; NXGN Management, LLC.; Unitedhealth Group; eClinicalWorks; Hidden Brains; Change Healthcare; TatvaSoft; ScienceSoft; LeewayHertz; and Cerner Corporation.
These companies use development strategies such as identifying buyer personas, live event hosting, search engine optimization, investments in paid ads, and the usage of automation tools for expanding their consumer base worldwide. The competitive landscape covers key insights into growth strategies adopted by major market players.
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In 2021, Steward Health Care and Meditech implemented Meditech's EHR systems for Utah, Arkansas, Louisiana, Arizona, and Texas. The joint venture was aimed at formulating a One Platform initiative for uniting multiple hospitals under a single EHR.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Medical Software Development Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Medical Software Development Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Medical Software Development Market - Supply Chain
4.5. Global Medical Software Development Market Forecast
4.5.1. Medical Software Development Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Medical Software Development Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Medical Software Development Market Absolute $ Opportunity
5. Global Medical Software Development Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Medical Software Development Market Size and Volume Forecast by Types
5.3.1. Medical Billing and Coding Software
5.3.2. Telemedicine Software
5.3.3. Electronic Health Records
5.3.4. Medical Practice Management Software
5.3.5. Clinical Decision Support Systems
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Medical Software Development Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Medical Software Development Market Size and Volume Forecast by Applications
6.3.1. Clinics
6.3.2. Ambulatory Care Centers
6.3.3. Hospitals
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Medical Software Development Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Medical Software Development Market Size and Volume Forecast by End Users
7.3.1. Providers
7.3.2. Patients
7.3.3. Payers
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Medical Software Development Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Medical Software Development Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Medical Software Development Demand Share Forecast, 2019-2026
9. North America Medical Software Development Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Medical Software Development Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Medical Software Development Market Size and Volume Forecast by Types
9.4.1. Medical Billing and Coding Software
9.4.2. Telemedicine Software
9.4.3. Electronic Health Records
9.4.4. Medical Practice Management Software
9.4.5. Clinical Decision Support Systems
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Medical Software Development Market Size and Volume Forecast by Applications
9.7.1. Clinics
9.7.2. Ambulatory Care Centers
9.7.3. Hospitals
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Medical Software Development Market Size and Volume Forecast by End Users
9.10.1. Providers
9.10.2. Patients
9.10.3. Payers
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Medical Software Development Demand Share Forecast, 2019-2026
10. Latin America Medical Software Development Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Medical Software Development Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Medical Software Development Market Size and Volume Forecast by Types
10.4.1. Medical Billing and Coding Software
10.4.2. Telemedicine Software
10.4.3. Electronic Health Records
10.4.4. Medical Practice Management Software
10.4.5. Clinical Decision Support Systems
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Medical Software Development Market Size and Volume Forecast by Applications
10.7.1. Clinics
10.7.2. Ambulatory Care Centers
10.7.3. Hospitals
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Medical Software Development Market Size and Volume Forecast by End Users
10.10.1. Providers
10.10.2. Patients
10.10.3. Payers
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Medical Software Development Demand Share Forecast, 2019-2026
11. Europe Medical Software Development Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Medical Software Development Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Medical Software Development Market Size and Volume Forecast by Types
11.4.1. Medical Billing and Coding Software
11.4.2. Telemedicine Software
11.4.3. Electronic Health Records
11.4.4. Medical Practice Management Software
11.4.5. Clinical Decision Support Systems
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Medical Software Development Market Size and Volume Forecast by Applications
11.7.1. Clinics
11.7.2. Ambulatory Care Centers
11.7.3. Hospitals
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Medical Software Development Market Size and Volume Forecast by End Users
11.10.1. Providers
11.10.2. Patients
11.10.3. Payers
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Medical Software Development Demand Share Forecast, 2019-2026
12. Asia Pacific Medical Software Development Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Medical Software Development Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Medical Software Development Market Size and Volume Forecast by Types
12.4.1. Medical Billing and Coding Software
12.4.2. Telemedicine Software
12.4.3. Electronic Health Records
12.4.4. Medical Practice Management Software
12.4.5. Clinical Decision Support Systems
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Medical Software Development Market Size and Volume Forecast by Applications
12.7.1. Clinics
12.7.2. Ambulatory Care Centers
12.7.3. Hospitals
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Medical Software Development Market Size and Volume Forecast by End Users
12.10.1. Providers
12.10.2. Patients
12.10.3. Payers
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Medical Software Development Demand Share Forecast, 2019-2026
13. Middle East & Africa Medical Software Development Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Medical Software Development Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Medical Software Development Market Size and Volume Forecast by Types
13.4.1. Medical Billing and Coding Software
13.4.2. Telemedicine Software
13.4.3. Electronic Health Records
13.4.4. Medical Practice Management Software
13.4.5. Clinical Decision Support Systems
13.4.6. Others
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Medical Software Development Market Size and Volume Forecast by Applications
13.7.1. Clinics
13.7.2. Ambulatory Care Centers
13.7.3. Hospitals
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Medical Software Development Market Size and Volume Forecast by End Users
13.10.1. Providers
13.10.2. Patients
13.10.3. Payers
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Medical Software Development Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Medical Software Development Market: Market Share Analysis
14.2. Medical Software Development Distributors and Customers
14.3. Medical Software Development Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. Codal
14.4.2. IT Craft
14.4.3. DICEUS
14.4.4. Glorium Technologies
14.4.5. Appinventiv
14.4.6. iTechArt Group
14.4.7. Innowise
14.4.8. Athenahealth
14.4.9. Kanda Software
14.4.10. Open Text Corporation
14.4.11. Infor
14.4.12. Orion Health group of companies
14.4.13. NXGN Management, LLC.
14.4.14. Unitedhealth Group
14.4.15. eClinicalWorks
14.4.16. Hidden Brains
14.4.17. Change Healthcare
14.4.18. TatvaSoft
14.4.19. ScienceSoft
14.4.20. LeewayHertz
14.4.21. Cerner Corporation
Methodology
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