3 Leading Trends Influencing Healthcare Software As A Service (Saas) Market Outlook

The global healthcare software as a service (SaaS) market size is predicted to expand at a robust pace due to the introduction of cutting-edge technologies in the medical sector. These technologies have played a crucial role in enhancing the quality of services offered by doctors and other medical staff.

The implementation of innovative software solutions like healthcare SaaS has helped medical companies decrease their operational costs. Healthcare SaaS can also assist organizations in keeping a proper record of their patients’ confidential and medical data. Since the software offers high data security, medical professionals can easily store sensitive information.

Many organizations are recognizing the significance and benefits of using healthcare SaaS as it reduces their overall expenses and helps them maintain accurate patient records at one place. It has also played a vital role in increasing the number of product launches.

For instance, American cloud computing firm Snowflake launched a cloud-based, data sharing software for the healthcare sector, called the Healthcare & Life Sciences Data Cloud platform. The platform, introduced in March 2022, will reportedly allow healthcare companies to have an integrated, single, and cross-cloud data platform that removes the institutional and technical data silos. It will enable firms to centralize, integrate, and exchange sensitive information in a secure manner.

Global healthcare software as a service (SaaS) market value is expected to surpass US$139 billion by 2030. Below mentioned are some of the critical trends fueling the product deployment:

1. Growing applications of healthcare SaaS in mobile communication:

Mobile communication solutions are gaining considerable momentum among healthcare organizations due to the rising usage of wireless mobile devices. The concept of mobile health or mHealth has picked up strong pace in recent years, with many patients installing mHealth apps to keep a close track of their progress.

According to a report by the IQVIA Institute for Human Data Science, in 2021, over 350,000 digital health applications were available to customers. With the help of these devices and apps, medical professionals are better able to communicate with their teams and receive real-time feedback that can positively impact patient outcomes. The healthcare SaaS platform can help end-users manage tons of medical information about their patients at one place, thereby saving time and expenses on buying additional servers.

1. Healthcare SaaS may improve service quality of healthcare providers:

Healthcare providers need to ensure that they deliver high-quality services to their patients by using state-of-the-art data delivery and storage solutions. These systems will assist them in maintaining the confidentiality of their patient’s information.

SaaS can be useful in these areas as it offers healthcare providers real-time updates on their patient’s progress. The software can also increase a medical team’s accessibility to a wide range of functions and tools that make it easier for them to manage several data sources. Healthcare SaaS gives companies the opportunity to scale their business operations and increase their profitability.

For example, Indian healthcare start-up Practo’s hospital management platform, Insta announced plans to transition to the SaaS delivery model to boost scalability and efficiency of its hospitals and partner clinics. The transition will help the company enhance its integration processes, facilitate greater user-friendliness, and enable timely upgrades. All these functions can be carried out at 4 times lesser costs.

1. Digital transformation in services to expand North America healthcare SaaS industry:

North America boasts of a vast presence of leading tech giants, such as IBM, Google, and Microsoft. These companies have aided medical organizations in improving their business operations and service quality through their innovative software solutions.

For example, in March 2022, HCL Technologies partnered with Google to unveil healthcare & life sciences solutions for their customers in the healthcare sector, such as payers, providers, and biopharma companies. These solutions will assist companies in digitally transforming their operations to improve their patients’ experiences.

The adoption of healthcare software solutions will increase steadily to facilitate a smoother workflow across organizations. Global healthcare software as a service (SaaS) market potential will strengthen as more companies in the domain are embracing digital technologies to gain a strong competitive edge. As more patients are demanding an easier access to high-quality medical facilities and services, the need for innovative and user-friendly platforms will rise across companies, thereby favoring product implementation.

Source: https://www.gminsights.com/industry-analysis/healthcare-software-as-a-service-market