North America And Europe Medical Technology Market: Software Segment Is Anticipated To Record The Fastest Growth Rate

 North America And Europe Medical Technology Industry Overview

North America and Europe medical technology market size is expected to reach USD 647.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.5% from 2021 to 2028. The growing patient population at healthcare facilities, ineffective hospital service management, rising healthcare expenditure, growing geriatric population coupled with rising prevalence of chronic diseases, increasing healthcare workforce shortage, and overburdened health systems is driving the digitalization and automation of the healthcare industry. These digital health solutions enhance patient-provider engagement and improve the quality of patient care. The improving internet connectivity and rising smartphone penetration is boosting the adoption of digital health solutions across North American and European markets.

 

The growing potential of the medical technology industry is attracting both public and private investors to support the development of innovative digital health solutions. The ongoing Covid-19 pandemic exposed the downfalls and shortcomings of the existing overburdened health systems and reaffirmed the need to adopt digitalization and automation of healthcare services. The laid down travel restrictions and lockdowns imposed by government bodies, restricted the patients to adopting virtual care solutions such as telemedicine and teleconsultation. Various industry participants and consultants witnessed a significant surge in adoption rates of virtual care and digital health solutions post the outbreak of the pandemic.

 

The market is expected to witness a boost in revenue growth over the forecast period and would follow an upward projected technology life cycle trajectory. The services segment dominated the market due to the prevailing trend of outsourcing digital health services from third-party vendors since healthcare facilities lack the required expertise and technology skillset. Rapid advancements and innovative upgradations in software solutions have contributed to the growth of the services segment. These services could vary from installations, implementation, education and training, and upgradation, and are either availed as a complete package or partially in the form of long-term contracts.

The Revenue Cycle Management (RCM) segment dominated the market owing to multiple functions of RCM such as product development, member engagement, network management, care management, claim management, and risks and compliance. The growing trend of automating the claim processing, reimbursement, denial process, and risk and compliance is driving the need for RCM solutions. The others segment dominated the market due to the growing investment in digitalization of healthcare services and to reduce rising healthcare costs. Growing awareness of smartphone healthcare solutions, medication management, and imminent healthcare are also some of the factors driving the others segment. North America dominated due to the presence of key market players, high digital literacy, advancements in IT infrastructure, rising health IT expenditure, and rapid adoption of digital health solutions.


North America And Europe Medical Technology Market Segmentation

Grand View Research, has segmented the North America and Europe medical technology market on the basis of type, application, end use, and region:


Based on the Type, the market is segmented into Hardware, Software, and Service.

  • Services such as installations, education and training, and upgrade are all dependent on the development of hardware and software platforms. Growing demand for software platforms, such as electronic health records, propels the demand for the service market as companies are increasingly focusing on providing post-installation services, including training, optimization, staffing, and clinical services.
  • Various software solutions such as electronic health records are witnessing rapid adoption as they have significantly improved workflow efficiencies and provide enhanced access to comprehensive patient data. Applications of software are rapidly increasing in medical devices, clinical decision support, health IT system, artificial intelligence, mHealth apps, fitness trackers, telehealth systems, and wearable devices, which, in turn, is propelling the market growth.

 


Based on the Application, the market is segmented into Telemedicine, Electronic Health Records, mHealth Apps, Revenue Cycle Management, Enterprise Resource Planning, Healthcare Consulting, and Wearables.

  • The Revenue Cycle Management(RCM) segment dominated the market and accounted for the largest revenue share of 62.1% in 2020 owing to the multiple functions of RCM such as member engagement, product development, network management, care management, claim management, and risks and compliance. 
  • The telemedicine segment is anticipated to register the fastest growth rate over the forthcoming years. Increasing demand for telemedicine platforms for Covid-19 treatment management, chronic disease management, and mental health monitoring is expected to drive the segment growth. 

 


Based on the End-use, the market is segmented into Hospitals, Ambulatory Surgery Centers/ Clinics, and Others.

  • The others segment includes office-based physicians, diagnostics centers and laboratories, and payers. The high market share of the other segment can be attributed to the growing investment in the digitalization of healthcare services. Growing demand for reducing diagnostic costs and reducing machine downtime are some of the factors boosting the adoption of digital health solutions in these facilities. 
  • The ambulatory surgery centers/clinics segment is anticipated to register the fastest growth rate over the forthcoming years. The rise in the number of ambulatory surgery centers and growing patient preference are expected to drive the segment.

 


Key Companies & Market Share Insights

Partnerships, technological collaborations, mergers and acquisitions, and the development of innovative technologies are some of the key strategies adopted by these players to gain a competitive edge in the market. For instance, in March 2021, Greenway Health launched its latest revenue cycle management solution, Greenway Revenue Services (GRS) Select. This customizable revenue cycle management solution meets the growing needs of ambulatory care practices. Similarly, in January 2021, athenahealth, Inc. collaborated with Humana, Inc. to deliver value-added insights using athenahealth’s athenaClinicals and Humana’s intelligence to empower EHR workflows. Some of the prominent players in the North America and Europe medical technology market include: 

  • Allscripts Healthcare Solutions
  • eClinical Works
  • Athenahealth, Inc.
  • Carestream Health
  • e-MDS Incorporation
  • American Well
  • Teladoc Health
  • MDLive Inc.
  • AdvancedMD Inc.
  • Qualcomm Technologies Inc.
  • Greenway Health LLC
  • CureMD Healthcare
  • DXC Technology Company
  • HealthTapInc
  • Doctor On Demand, Inc.

 

Order a free sample PDF of the North America And Europe Medical Technology Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

Comments

Post a Comment

Popular posts from this blog

Behavioral Health Care Software And Services Market Growth Opportunity, Competitive Landscape and Forecast to 2030

  Behavioral Health Care Software And Services Market pr1   Behavioral Health Care Software And Services Industry Overview The global behavioral health care software and services market size was valued at USD 2.9 billion in 2021 and is expected to expand at a CAGR of 12.78% during the forecast period. Government funding, increasing adoption of mental health software, favorable behavioral health reforms in the United States, government initiatives to promote EHR adoption in psychiatry hospitals and facilities, and high demand for mental health services despite provider shortages are major factors contributing to the market growth. The adoption of management software by healthcare providers is likely to improve the treatment of mental wellbeing issues. Also, the adoption of integrated EHRs can help behavioral health practices in effective practice management and cost-saving. Tele-mental health involves coordinating with patients at distant locations via video conferencing. T...
Read more

What Will Be The Post-Pandemic Scenario Of The Magnetic resonance imaging Market?

  Magnetic Resonance Imaging Industry Overview The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. The increasing prevalence of these diseases is expected to play an important role in market growth. For instance, as per the American Cancer Society, in 2019, 1,762,450 new cancer cases were recorded in the U.S. In addition to this, the growing demand for quick and effective diagnostic procedures is expected to contribute towards the adoption of MRI machines. Various countries are installing these MRI machines. For instance, as per OECD, in 2017 the number of MRI units installed in the U.S. was 37.6 per million population. Advancements in diagnostic techniques such as open M...
Read more