Healthcare Software As A Service Market size is expected to reach USD 51.7 billion by 2028

 Healthcare Software As A Service Industry Overview

The global healthcare software as a service market size was valued at USD 12.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2021 to 2028. 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.

 

Healthcare companies are adopting SaaS for cost benefits, security, ease of use, ease of integration, customer support, enhanced administration and management capabilities, uptime guarantee, scalability, customizability, data center infrastructure, disaster recovery plan, and reporting. SaaS finds various applications, such as in website, email, communications, mobile services, customer relationship management, mobile services, productivity apps, ERP, data analytics, document management, and database server.

 

Gather more insights about the market drivers, restrains and growth of the Global Healthcare Software As A Service Market

Digitalization is witnessing rapid growth in the healthcare sector. The COVID-19 pandemic has accelerated digitalization. Healthcare organizations faced multiple challenges such as the shortage of workforce and resources. Healthcare organizations started adopting digital platforms during the pandemic to overcome these challenges and to increase return on investment. According to a survey published by Innovaccer Inc., a health cloud company, in 2021, 49% of healthcare organizations were actively working toward digital transformation.

 

The goal of health organizations was to provide telehealth services for 39% of respondents, automation of care management for 30% of respondents, automation of care pathways and coordination step for 20% of respondents, and enhancement of triage and risk assessment capabilities for 11% of respondents. Moreover, improving clinical operation, modernizing data platforms, the integration of disparate systems, and rationalizing IT expenditures were the top priorities of organizations. Thus, increasing plans to install and upgrade advanced digital facilities are estimated to drive market growth.

 

Increasing adoption of telehealth, wearable devices, mobile applications, remote patient monitoring, ERP, CRM, and surging patient data are contributing to the growth. As per a report by the International Telecommunication Union, 12.1 billion people are estimated to have smartphones by 2030. As per an article published by the Journal of Medical Internet Research in 2020, 30% of adults from the U.S. regularly use wearable devices. As per a study published by the European Commission in 2017, 96% of the doctors from Europe use EHR. All these parameters are contributing to the adoption of SaaS.

 

Browse through Grand View Research's Healthcare IT Industry Research Reports

  • Healthcare Bioconvergence Market: The global healthcare bioconvergence market was valued at USD 110.9 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030.
  • Transitional Care Management Services Market: The global transitional care management services market was valued at USD 175.6 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 17.4% from 2022 to 2030. 

 

 

Key Companies Profile

Some of the prominent players operating in the global healthcare software as a service market are:

  • Microsoft
  • Salesforce
  • Adobe
  • SAP
  • Oracle
  • CISCO
  • Google
  • IBM
  • ServiceNow
  • Workday

 

Order a free sample PDF of Healthcare Software As A Service Market Intelligence Study, published by Grand View Research. 

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