Healthcare Software As A Service Market Size Worth $51.7 Billion By 2028: Grand View Research, Inc.

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Feb 07, 2022, 04:35 ET

SAN FRANCISCO, Feb. 7, 2022 /PRNewswire/ -- The global healthcare software as a service market size is expected to reach USD 51.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 19.5% from 2021 to 2028. 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.

Key Insights & Findings from the report:

Patient portal emerged as the leading application segment with a revenue share of over 17.0% in 2020
The hybrid deployment model segment held the largest revenue share of over 50.0% in 2020
The provider end-user segment accounted for the largest revenue share in 2020
North America accounted for the largest revenue share of over 47.0% in 2020
Asia Pacific is projected to expand at the fastest CAGR during the forecast period

Read 150 page market research report, "Healthcare Software As A Service Market Size, Share & Trends Analysis Report By Application (Patient Portal, Telemedicine, Mobile Communication), By Deployment Model, By End User, By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Utilizing SaaS offers benefits, such as increased flexibility, improving return on investment, gaining a competitive edge, reducing the cost of software deployment, and driving innovation in healthcare. For instance, according to a survey published by GE Healthcare in 2019, 32% of the healthcare organizations adopted SaaS to modernize IT, 27% to gain flexibility, 26% to drive innovation and gain competitive advantage.

Surging spending on healthcare IT and increasing adoption of telemedicine, mobile health applications, EHR systems, and CRM/ERP systems are estimated to increase the adoption of SaaS. The adoption of telemedicine and other digital technologies gain rapid traction during the COVID-19 pandemic, owing to the increasing burden on the healthcare workforce and shortage of healthcare resources. An increasing pressure to reduce healthcare costs and increase the quality of care is estimated to drive the market growth.

Technologies, such as vertical SaaS, micro-SaaS, and artificial intelligence integration, are rapidly gaining traction. Rapid technological advances and initiatives undertaken by key players are supporting the market growth. For instance, in November 2021, CloudHospital began its service to provide SaaS to clinics and hospitals to cater to the growing demand. The company plans to manage internet traffic, communication, presence, patient booking, and increase hospital visibility and accessibility to the patient population.

In August 2021, Contakt World Technologies Corp., a SaaS company involved in health equity and access, acquired Stratum, a cloud platform. The platform enables organizations to evaluate and track health and COVID-19 symptoms.

Market Segmentation:

Grand View Research has segmented the global healthcare software as a service market based on application, deployment model, end-user, and region:

Healthcare Software As A Service Application Outlook (Revenue, USD Million, 2016 - 2028)

Patient Portal
Telemedicine
Mobile Communication
ePrescribing
EHR Systems
ERP & HR Portal
Medical Billing
Others

Healthcare Software As A Service Deployment Model Outlook (Revenue, USD Million, 2016 - 2028)

Private
Hybrid
Public

Healthcare Software As A Service End-user Outlook (Revenue, USD Million, 2016 - 2028)

Provider
Payer

Healthcare Software As A Service Regional Outlook (Revenue, USD Million, 2016 - 2028)

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

List of Key Players of the Healthcare Software As A Service Market

Microsoft
Salesforce
Adobe
SAP
Oracle
CISCO
Google
IBM
ServiceNow
Workday

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Browse through Grand View Research's coverage of the Global Healthcare IT Industry.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Grand View Research, Inc.
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