Market Trends of Medical Equipment Management Software Industry
This section covers the major market trends shaping the Medical Equipment Management Software Market according to our research experts:
Cloud-Based Segment is Expected to Witness Growth During the Forecast Period
Cloud-based software is application software that is hosted in the cloud. It can be accessed via a web browser or a dedicated desktop client that integrates with the desktop or mobile operating system. Moreover, according to an article published by The Patient Safety Company in October 2021, cloud-based medical equipment management software in healthcare provides organizations with a unique balance of security, data-sharing capabilities, and scalability. It is more cost-effective than on-site data centers and substantially more secure than hosting data on personal computers. Hence, owing to the advantages of cloud-based medical equipment management software, the adoption of these products is likely to increase among the target population, ultimately driving the growth of the medical equipment management software market.
In addition, cloud-based software can make it easier for organizations to improve their inventory management effectively and efficiently, as all the data will be recorded automatically with cloud stock which can be accessed and used to calculate inventory easily. Thus, technologically advanced cloud-based medical equipment management software is creating opportunities for future growth of the segment.
Furthermore, product launches by major players in the market are positively affecting the growth of the segment. For instance, in March 2022, Microsoft launched its cloud-based Azure Health Data Services platform for healthcare organizations. Additionally, in June 2021, iCoreConnect Inc., a cloud-based, Software-as-a-Service (SaaS) platform for healthcare business workflow, announced the expansion of its SaaS enterprise solutions with the launch of iCoreCloud for healthcare organizations. Moreover, the increasing adoption of cloud-based services in the healthcare industry is also boosting the growth of the medical equipment management software market segment.
Therefore, the cloud-based segment is expected to witness significant growth during the forecast period.
North America is Dominating the Medical Equipment Management Software Market
North America dominated the market in 2021. It is expected to maintain its dominance during the forecast period, owing to the well-established infrastructure, high adoption of medical equipment management software products, and presence of the major market players in the region. In addition, the rise in the number of hospitals and clinics established in the United States is generating the demand for management software. This is also one of the key factors contributing to the growth of the market in North America.
For instance, according to the data from American Hospital Association (AHA), in January 2022, there were 6,093 hospitals in the United States, an increase from 6,090 in January 2021. With the increase in the number of hospitals and clinics, equipment in hospitals is also poised to increase, leading to the adoption of more medical equipment management software. Hence, it is anticipated to drive the growth of the market in the country.
Therefore, owing to the factors mentioned above, the growth of the medical equipment management software market is anticipated in North America.
