PUBLISHER: The Business Research Company | PRODUCT CODE: 1409686
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409686
“Pediatric Software Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pediatric software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pediatric software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The pediatric software market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Pediatric software is a category of healthcare software designed to assist doctors and other medical professionals in managing the health records of infants, children, and teenagers. This software enables quick and easy access to patient data, including prescription and lab test results, documentation, referrals, billing information, and other essential details needed by physicians.
The primary types of pediatric software are categorized as type I and type II. Type I refers to practice management software that aids healthcare and medical practices in streamlining their operations. Various modalities, including magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and X-ray, are available in different applications such as PC terminal, mobile terminal, and specialized areas such as orthopedics, gastroenterology, cardiology, oncology, neurology, among others. Pediatric software serves end users such as hospitals, diagnostic centers, and other healthcare facilities.
The pediatric software market research report is one of a series of new reports from. The Business Research Company that provides pediatric software market statistics, including the pediatric software industry global market size, regional shares, competitors with a pediatric software market share, detailed pediatric software market segments, market trends, and opportunities, and any further data you may need to thrive in the pediatric software industry. This pediatric software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pediatric software market size has grown strongly in recent years. It will grow from $29.27 billion in 2023 to $31.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to several factors, including the early adoption of technology in healthcare, reaching regulatory milestones, a shift towards electronic health records (EHR), an early focus on pediatric wellness, and the recognition of the specific mental health needs in the pediatric population.
The pediatric software market size is expected to see strong growth in the next few years. It will grow to $41.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of value-based care models, the expansion of pediatric mental health services, an increased emphasis on preventive care, rising investments in pediatric healthcare, and a focus on interoperability standards. Noteworthy trends expected in the forecast period include the implementation of personalized healthcare solutions, the utilization of telehealth and remote monitoring, the integration of artificial intelligence (AI) and machine learning, an emphasis on data security and privacy, and the adoption of mobile health (mHealth) solutions.
The pediatric software market is poised for growth due to the increasing adoption of electronic medical records. Electronic health records (EHR) serve as a computerized compilation of diverse medical records generated during clinical encounters. Particularly beneficial for pediatric care, EHRs enhance efficiency by reducing paperwork, improving the quality of care, and providing a digital record of a patient's medical history. As reflected in 2021 statistics from the Office of the National Coordinator for Health Information Technology, a majority of physicians in the United States, approximately 9 out of 10, had embraced electronic health records, with nearly 4 out of 5 utilizing certified EHRs. This substantial adoption of EHR is a driving force behind the increasing demand for pediatric software.
The pediatric software market is expected to witness growth fueled by the rising birth rate. Birth rate, denoting the number of live births per 1,000 people over a specific period, plays a crucial role in monitoring neonatal care and improving population health outcomes. Recent data from the Centers for Disease Control and Prevention (CDC) in May 2022 highlighted a 1% increase in U.S. births compared to 2020, totaling 3,659,289 births in 2021. The overall fertility rate also experienced a 1% rise, reaching 56.6 births per 1,000 women aged 15-44. This upward trend in birth rates contributes to the growth of the pediatric software market.
Leading companies in the pediatric software market are prioritizing the development of innovative software solutions, such as digital care coordination software, designed for pediatric retinal screening. Digital care coordination software streamlines healthcare service coordination, scheduling, documentation, billing, and transfer processes. For instance, NeoLight, a U.S.-based medical device company, introduced ROPCheck.com in November 2022, strengthening its position in pediatric ophthalmology with risk management software for retinopathy of prematurity (ROP). This digital care coordination platform facilitates seamless coordination across neonatal intensive care units (NICUs), specialists, and caregivers, enhancing the detection and monitoring of ROP.
Innovative digital interfaces, such as pediatric wellness dashboards, are a focus for major companies in the pediatric software market to improve parental monitoring. A pediatric wellness dashboard, typically in the form of an app or software, allows parents to monitor various aspects of their child's health. For example, Miku Care, a U.S.-based tech company, launched Care+, a pediatric wellness dashboard accompanying the Miku Pro Smart Baby Monitor. Care+ provides trend notifications, breathing and sleep trend analysis, expert articles, and a daily tracker, offering parents valuable insights into their child's well-being.
In June 2022, Oracle Corporation, a U.S.-based computer technology corporation, acquired Cerner Corporation for $28.3 billion. This strategic acquisition is anticipated to strengthen capabilities in transforming healthcare delivery by providing medical professionals with enhanced information access. Oracle aims to expand its digital tools portfolio to improve patient privacy and outcomes. Cerner Corporation, the acquired entity, is a U.S.-based provider of information technology services, devices, and integrated electronic health records for children.
Major companies operating in the pediatric software market report are Epic Systems Corporation, Oracle Corporation, Medical Information Technology Inc., Computer Programs and Systems Inc., Medhost, Altera Digital Health, Netsmart Technologies Inc., Athenahealth plc, Allscripts Healthcare LLC, Jag products LLC, Optum Inc., Change Healthcare, Koninklijke Philips N V, Meta Platforms Inc., Elinext Group, AdvancedMD Inc., NXGN Management LLC, Kareo Corp., Bizmatics Inc., Greenway Health LLC, GroupOne Health Source, MedicalMine Inc., Connexin NetWorks Ltd., Kaaspro, Duchang IT, Goodwill Industries International Inc., SAP SE, WRS Health, McKesson Corp., Physician's Computer Company, ChartWare Inc
North America was the largest region in the pediatric software market in 2023. The regions covered in the pediatric software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pediatric software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pediatric software market includes revenues earned by entities by providing telehealth, e-Prescription, lab interfaces, scheduling, online payments, patient portal and others. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.