Healthcare Software As A Service Market Historical Data & Forecasts 2028

Healthcare Software As A Service Market Growth & Trends

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.

U.S. healthcare software as a service market size, by application, 2018 - 2028 (USD Billion)

Healthcare Software As A Service Market Segmentation

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

Based on the Application Insights, the market is segmented into Patient Portal, Telemedicine, Mobile Communication, ePrescribing, EHR Systems, ERP & HR Portal, Medical Billing, Others.

  • 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. Moreover, 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. Factors such as the increasing investments and funding in the telemedicine industry and the increasing acceptance of telemedicine by health insurance companies are estimated to drive the growth. For instance, in October 2021, Alloy, a telehealth company addressing women’s needs raised USD 3.3 million.

Based on the Deployment Model Insights, the market is segmented into Private, Hybrid, Public.

  • In 2020, 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. Public SaaS offers significant cost savings as they are managed by third-party vendors. Moreover, it is easy to maintain and upgrade. However, the public cloud may have speed, accessibility, and security issues cloud is shared.

Based on the End-user Insights, the market is segmented into Provider and Payer.

  • 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. For instance, according to a survey conducted by HIMSS, one of every two hospitals in Germany use cloud solutions for clinical records and administration.
  • 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. It is attributed to its benefits, such as reduction in deployment time, reduced costs, scalability, and ease of upgrades. Increasing digitalization in the insurance industry is supporting the growth of the segment.

Healthcare Software As A Service Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

  • November 2021: EverCommerce, a SaaS company, announced its plans to acquire DrChrono, an EHR, practice management, and billing software company, to expand its product offerings.

Key Companies Profile & Market Share Insights

Players operating in the market are adopting various strategies such as partnerships, collaborations, mergers and acquisitions, and product developments to expand product portfolio and global presence.

Some of the prominent players operating in the global healthcare software as a service market include,

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

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

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