Trends Of The Healthcare Software Market
Today, investments in healthcare digitalization became more rational decisions and the telehealth software market is booming at the moment. The overall annual growth rate (CAGR) is projected to exceed 15% over the next few years. The worldwide healthcare IT market will reach USD 530 billion by 2026.
The need in reducing expenses and raised patient care plus upgrading the administration process is now the main drivers of interest in new technologies. And the result is — healthcare companies investing proactively in management software.
With Electronic Healthcare Records (EHR) and EMR (Electronic Medical Records) systems growing their popularity, these tools transform medical management processes. They help to keep all sensitive patients data structured, secured and collected in the same place. Essentially, clinical management accounts for 11.8% of the healthcare IT market.
Moreover, the analytical sector of the market is showing rapid growth. Healthcare organizations use the latest technologies to improve operational processes. And for now, predictive analysis is the leading trend in the industry.
Software, based on AI can be useful in forecasting the number of clinic’s patients, medical tools availability, and some other extra data. There are also pioneering AI tools that assist medical professionals in diagnostics basing on health records history and Computer Vision.
Additionally, both AI and Computer Vision can interpret handwritten docs into electronic health records. The technology now is more popular than ever before, and Abto Software teams have already succeeded in this area.
Among other trends — Cloud computing. Higher demand for digital healthcare tools means a growing need for cloud solutions. The sector is predicted to increase with a 13.4% CAGR and would reach USD 79.3 billion by 2027.
All these technologies cause further innovations and advanced healthcare, but there are new challenges is soon-to-be, such as problems with cybersecurity, data storage, lack of skilled tech talents, and more.
COVID-19 impact on the development of healthcare solutions
COVID-19 pandemic and the global lockdown have affected many aspects of the usual pace of people’s lives. We had to adapt to new circs and to the changed weird world. Changes were especially problematic for organizations that were in need of expanding their online presence or who is totally wanted to change business processes.
And the healthcare industry is somewhere in the middle of those changes. McKinsey&Company, one of the best and well-known consulting and research organizations, spent the last year trying to figure out new patient behavior. Nowadays, people want their healthcare to be more personalized and transparent, yet available 24/7 from anywhere.
In conditions of lockdown, systems of telehealth turned out to be almost indispensable. They provide its end-user quick access to medical services and helping to keep social distancing at once. The number of telehealth usage has grown to 50–175 times, and it’s only in different areas of the US. According to McKinsey’s research, the possible market size of virtual healthcare is increased up to USD 250 billion.
Main trends in healthcare investments
The same research saying that investing in healthcare technology has doubled during the last two years. In the first half of 2021, the total sum of healthcare investments reached USD 14.7 billion.
The top 60 virtual health players are now leaders of the market. In 2020, they collectively invested USD 5.5 billion in healthcare solutions development. Obviously, these huge investments help to generate innovations and advance current solutions. Such processes going to make smaller game players increase their tech investments to adapt to changes and be competitive.
Now, let’s count the main priorities of healthcare investments. 77% of institutions are now investing in synchronous telemedicine apps. 93% of them are about to adopt the technology.
Demand for solutions to optimize treatment and e-triage tools is growing even more. Let’s give the definition for E-triage systems: such systems are AI-based predictive software that analyses patient outcomes and facilitates doctors in making decisions.
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