NEW YORK, United States, Aug. 12, 2024 (GLOBE NEWSWIRE) — Global technology spending on core management in healthcare market is expected to reach USD 61.5 billion by 2033 from USD 34.8 billion in 2023, growing at a compound annual growth rate (CAGR) of 5.86% during the forecast period.
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Technology spending on core management in healthcare market refers to the amount of money spent by healthcare organizations on information technology (IT) solutions specifically designed to improve and speed up the operational aspects of core management functions within the healthcare sector. Most of these operations are related to patient care, billing, claims processing, and regulatory compliance. The market for technology spending on core management in healthcare is projected to expand at a faster pace due to technological advancements such as edge computing, Internet of Things, and cloud storage. The market is expected to develop during the forecast period due to the growing need for operational efficiency. It is a constant for healthcare practitioners to deliver the best services at the most affordable prices. This has led to technological advancements in basic administrative activities such as billing, scheduling, and patient data management. Automating these processes allows healthcare providers to realize significant cost savings and productivity improvements. The market is projected to expand during the forecast period due to increasing requirements for regulatory compliance. However, high implementation costs have impacted the market. These costs include the price of the technology itself, staff training, and system administration.
Read 235 pages of key industry insights with 114 market data tables, figures, and graphs from the “Global Technology Spending Market Size, Share, and COVID-19 Impact Analysis for Core Management in Healthcare – By Solution (Hardware, Software, and Services), By Deployment (Cloud-Based and On-Premise), By End-User (Payer and Provider), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023-2033” report.
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The hardware segment is expected to account for the largest share of the global technology spending for core management in healthcare market during the forecast period.
Based on solution, the global technology spending on core management in healthcare market is segmented into hardware, software, and services. Out of these, the hardware segment is expected to account for the largest share of the global technology spending on core management in healthcare market during the forecast period. The physical equipment required for processing and storing data, such as computers and servers, is referred to as hardware.
The cloud-based segment is projected to account for the largest share of the global technology spending for core management in healthcare market during the estimated period.
Based on deployment, the global technology spending on core management in healthcare market is bifurcated into cloud-based and on-premise. Of these, the cloud-based segment is projected to account for the largest share of the global technology spending on core management in healthcare market during the estimated period. The appeal of cloud-based systems is the convenient storage of large amounts of data. Cloud computing allows healthcare professionals to easily access patient data collected from multiple sources, share it with other parties, and quickly send prescriptions and treatment plans.
The provider segment is expected to account for the largest share of the global technology spending on core management in healthcare market during the forecast period.
Based on end user, the global technology spending on core management in healthcare market is bifurcated into payers and providers. Of these, the provider segment is expected to account for the largest proportion of the global technology spending on core management in healthcare market during the forecast period. This is explained by quick access to patient records that enable more efficient and well-coordinated care. Additionally, it provides secure exchange of electronic medical information between patients and physicians.
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North America is expected to account for the largest share of the global technology spending on core management in healthcare market during the forecast period.
North America is expected to account for the largest share of the global technology spending in core management in healthcare market during the forecast period. North America is the region with the highest use of technology in core management in healthcare. North America accounted for more than half of the total funding used to supply cutting-edge core management technologies to the healthcare industry. This is due to the healthcare sector's rapid adoption of cloud-based technologies and robust medical infrastructure.
Asia Pacific is projected to grow at the fastest pace in global technology spending on core management in the healthcare market during the forecast period. Asia Pacific is expected to prove to be the most promising investment destination when it comes to healthcare industry technologies related to core management.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows to evaluate the overall competition within the market. Key vendors in the global technology spending for core management in healthcare market include Health Solutions Plus, Inc., ikaSystems Corporation, HealthEdge Software, Inc., Plexis Healthcare Systems, TriZetto Corporation, Evolent Health, Plexis Healthcare Systems, Trizetto Corporation, DST System Inc., UPP Technology, Volent Health, Visiant Health, IBM, SAP, and other key vendors.
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Recent developments
Vienna, October 2023: SAP SE has announced significant advancements in Business AI and user experience in its complete spend management and business networking solutions to help customers control costs, reduce risk, and optimize productivity. The news was announced at SAP Spend Connect Live, the industry's premier spend management conference, held in Vienna in October.
Market Segments
The study forecasts global, regional and country-level revenue from 2020 to 2033. Spherical Insights categorizes the global technology spending for Core Management in Healthcare market based on the following segments:
Global Technology Spending on Core Management in Healthcare Market by Solution
Global Technology Spending and Deployment in Core Management in Healthcare Market
Global Technology Spending on Core Management in Healthcare Market by End User
Global Technology Spending on Core Management in Healthcare Market by Region
North America Europe Germany UK France Italy Spain Russia Rest of Europe Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific South America Brazil Argentina Rest of South America Middle East and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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