Novel Technologies and Soaring Patient Numbers to Propel Growth of Hospital Administration Software Market

Technology has made inroads in the healthcare industry. Eventually, it has resulted in the development of hospital administration software for managing the hospital with ease. The hospital administration software market is stated to observe positive growth during the forecast period of 2017-2025.

Poor hospital management leads to suffering of admitted patients. Hence, numerous clinics and hospitals are relying on hospital administration software for proper management and increased treatment efficiency. Such software also enables the hospital to carve out comprehensive policies. The hospital administration software also assists in inventory management such as medical equipment, stock, etc.

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Rise in COVID-19 patients and reduced work complexity brings hospital administration software in the limelight

Hospital administration software enables end-users to complete all the work in less time and also removes the complexity of the work structure. Hospital administration software also helps in cost-cutting. These benefits may also prove to be growth boosters for the hospital administration software market.

The COVID-19 pandemic will prove to be a prime growth accelerator for the hospital administration software market. COVID-19 cases are seeing a surge in the number every day. Large scale infected patients’ admission is putting pressure on the hospital administration in terms of management and treatment. Hence, hospital administration software will prove to be a boon in these difficult times. Therefore, COVID-19 pandemic may accelerate the growth rate of the hospital administration software market.

Increasing investments and technological innovations are also driving the hospital administration software market’s growth. For instance, Olive, an Ohio-based startup recently raised $51 mn in funding by General Catalyst. Olive’s software toolkit helps in automation of administrative tasks such as supply chain management, revenue cycle, human resources, and clinical administration. In addition, this software does not just automate the process but identifies problems that may lead to revenue loss for hospitals.

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Advancement in healthcare Sector to Propel Growth in Hospital Administration Software Market

With the rising accessibility of internet, the medical administration delivery model has gained pace. The hospital administration software market is estimated to observe an extreme demand in the coming years from 2017 to 2025 by virtue of increased support by the governments and awareness among people. Improved healthcare foundation can be seen all over the globe because of better medical spending. Hospital administration software has dispensed with the need to physically compute patient bills or overseeing worker payrolls, and so on. Technologically advanced healthcare IT administrations, for example, electronic physician order entry are additionally helping the market growth. Hospital administration software offers advantages, for example, better operation management, improved patient care, better administration and control, and high profitability.

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Improved Patient Management to Uplift Demand in Global market

As patients in most clinics and hospital particularly in developing economies suffer because of bad hospital management, the release of hospital administration software will fill in as a help over the long term and improve management and patient care to a large degree. In the span of forthcoming years, an enormous number of clinics and hospitals are estimated to utilize hospital administration software, in this way driving the market around the world. The report breaks down all the major aspects affecting the development of the market and furthermore considers the difficulties witnessed by the global hospital administration software market. One of the key difficulties in developing countries is the absence of skills to operate this software and exploit the different facilities provided by the software.

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Then again, the mind-boggling expense and time required for the incorporation of hospital administration software combined with interoperability drawbacks are restriction their far reaching popularity. The shortage of skilled IT experts is another factor negatively influencing the development of the market. Besides, the risk to information protection and security with the current software solutions is hindering the market growth.

Global Hospital Management Software Market to Expand with Increasing Load of Patients at Healthcare Centers

The demand within the global market for hospital management software is projected to rise on account of the increasing incidence of chronic diseases. The past decade has recorded a high number of daily patients at healthcare centers, and this factor is expected to reek of growth within the global market for Hospital management software. The voluminous investments made by governments towards the development of a robust healthcare sector have also given a push to the growth of the global hospital management software market. The key players in the global market for hospital management software have introduced several new strategies to expand their consumer base.

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Need for Better Patient Management

The growing demand for intensive care within hospitals and healthcare centers has led to the installation of hospital management software across these units. Several new and advanced services for maintaining patient records have also also come to the fore in recent times. Therefore, it is legit to prognosticate that the global market for hospital management software would expand at a starry rate in the years to come.

North America Leads the Way

The market for hospital management software has been expanding on account of the popularity of electronic health records in the US and Canada. Furthermore, the governments in these countries have made huge investments towards the development of improved healthcare facilities. The presence of several key vendors of hospital management software in the US has also contributed to the growth of the regional market.

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Some of the key players in the global market for hospital management software are Athenahealth Inc., eClinicalWorks, Agfa Healthcare, Cerner Corporation, e-MDs Inc., and GE Healthcare.

Hospital Administration Software Market : Detailed Analysis and Forecast by 2025

Hospital Administration Software Market: Snapshot

The rapid development in information technology has revolutionized the healthcare industry’s delivery model today. With the power of internet, the healthcare service delivery model has become advanced. The hospital administration software market is expected to witness a high demand in the forecast period from 2017 to 2025 on account of rising government support and increased patient awareness. Better healthcare infrastructure can be seen across the globe on account of increased medical spending. Hospital administration software has eliminated the need to manually calculate patient bills or managing employee payroll, among others. Advanced healthcare IT services such as computerized physician order entry are also helping the market to grow. Hospital administration software offers benefits such as improved operations management, better control and administration, enhanced patient care, effective cost control, and increased profitability.

As patients in most hospital or clinics especially in developing economies suffer due to poor hospital management, the introduction of hospital administration software will serve as a boon in the long run and improve patient care and management to a large extent. Over the coming years, a large number of hospitals and clinics are expected to make use of hospital administration software, thus driving the market worldwide. The report analyzes all the fey factors impacting the growth of the market and also takes into account the challenges faced by the global hospital administration software market. One of the key challenges faced by developing nations is the lack of skills to operate this software and take the fullest advantage of the various facilities offered by the software.

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Global Hospital Administration Software Market: Overview

The introduction of advanced healthcare IT services such as computerized physician order entry (CPOE) has revolutionized the global hospital administration software market. Before the advent of administration software, patient billing and employee payroll were managed manually. The software helps in reducing medication errors to a remarkable extent and therefore, it is being increasingly deployed across healthcare infrastructures worldwide. The market is likely to gain tremendous momentum in the near future owing to the rising inclination towards patient-centric care approach and advancements in cloud-hosted models.

This research report on the global hospital administration software market is a professional study collated by extensively covering all the critical aspects of the market. These aspects include market dynamics, geographical segmentation, technological developments, and competitive landscape. The report profiles key players in the market along with their market shares, business strategies, and contact information.

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Global Hospital Administration Software Market: Drivers and Restraints

Globally, the healthcare industry is facing substantial pressure regarding cost cutting from end users. The growing pressure is prompting healthcare providers to adopt cost effective solutions, thereby driving the demand for hospital administration software. The increasing incentives by governments for implementing IT in healthcare facilities, in order to improve the facilities, are fuelling the market.

On the other hand, the high cost and time required for the integration of hospital administration software coupled with interoperability issues are hindering their widespread adoption. The dearth of skilled on-site IT professionals is another factor adversely affecting the growth of the market. Furthermore, the threat to data privacy and security with the existing software solutions is hampering the growth of the market.

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Global Hospital Administration Software Market: Geographical Segmentation

On the basis of geography, the global hospital administration software market can be fragmented into Asia Pacific, Europe, North America, and Rest of the World. North America will be a lucrative market throughout the forecast period. The emergence of cloud computing and web-based support systems is promoting the adoption of software solutions across hospitals for administration purposes. The growth of the Europe region can be attributed to the high acceptance of technologically advanced systems along with favorable government policies that are encouraging the deployment of innovative software solutions across healthcare setups.

Asia Pacific is poised to progress at a brisk pace during the same period, with India, China, Australia, and Singapore being some of the major contributors to the growth of the region. Factors such as the improving healthcare IT infrastructure, increasing consumer spending, and rising medical tourism are augmenting the growth of the region.

Global Hospital Administration Software Market: Competitive Landscape

The global hospital administration software market is a highly fragmented arena, wherein the majority of players are focusing on service innovation and technological advancements. Some of the prominent players in the market are Allscripts Healthcare Solutions Inc., Accumedic Computer Systems, Accurate Info Soft Pvt. Ltd., Athenahealth Inc., Agfa Healthcare, eClinicalWorks, Cerner Corporation, GE Healthcare, e-MDs Inc., Koninklijke Philips N.V., Carestream Health, Medical Information Systems Inc., McKesson Corporation, and Siemens Healthcare.