NEW YORK, Sept. 20, 2021 /PRNewswire/ -- According to our new research study on "Master Patient Index Software Market to 2028 - Global Analysis and Forecast - by Type and Deployment," the market was valued at US$ 776.36 million in 2020 and is projected to reach US$ 1,678.86 million by 2028; it is expected to grow at a CAGR of 10.3% during 2021-2028. The growth of the market is attributed to the rising use of the software to maintain and manage clinical, financial, and demographic data of patients. However, the high cost of software hinders the market growth.
In 2019, North America dominated the global master patient index software market. The market growth in the region is attributed to the growing developments in the healthcare industry, increasing adoption of digital healthcare, rising government support for digital healthcare, and growing collaborations between government entities and market players to enhance the implementation of MPI software. The market growth in Canada and Mexico is attributed to the presence of international market players, increase in the adoption of advanced technologies, and the existence of supportive government regulations.
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The master patient index software market in Asia Pacific is anticipated to grow at the fastest rate in the coming years. The factors owing to the growth of the market are nations with large population, such as China and India, increasing focus of market players, and the introduction of new products and solutions in the countries in the region. Thus, there is a massive potential for the master patient index software market growth during the forecast period.
Based on type, the master patient index software market is bifurcated into service and software. The software segment accounted for more than 70% of the market share in 2020. In terms of deployment, the master patient index software market is bifurcated into cloud-based and on-premises. The cloud-based segment held a larger share of the market in 2020 owing to its wide adoption in the global market and consideration. Implementation of a cloud-based software reduces the need for a standard upgrade and empowers users to access information from distant places in a hassle-free manner, which also boost the market growth for this segment.
Adoption of Cloud-Based Technologies Fuels Master Patient Index Software Market Growth
A significant shift toward paperless data management has enabled healthcare players to adopt cloud-based technologies. Also, factors such as the drop in the price of cloud-based technologies, improvements in flexibility and security, and low resources requirement and expense are driving the adoption of these technologies among healthcare organizations. These advantages help provide high-quality services and personal care to patients. Cloud-based technologies enable healthcare professionals to operate in tandem with different departments, institutions, healthcare service providers, and consumers. Furthermore, technological advancements support the integration of artificial intelligence (AI) and machine learning in patient management, which assist users in managing healthcare operations and massive data. Thus, the adoption of cloud-based technologies promotes the demand for master patient index software to streamline and simplify the patient data management process.
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Master Patient Index Software Market: Segmental Overview
In terms of type, the master patient index software market is bifurcated into service and software. In 2020, the software segment held a larger market share and is expected to register a higher CAGR during the forecast period. Increasing advancements in new and present master patient index software and the rising adoption of the software in the healthcare system are anticipated to bolster the market growth during the forecast period. Also, the advancements by market professionals in software are likely to enhance the market growth for the software segment during the forecast period. In June 2019, Verato declared that the company is ranked at the top rank for Enterprise Master Patient Index (EMPI) in the 2019 Black Book Survey.
In the COVID-19 outbreak , the exchange of the medical record of the patients is being done through the master patient index software. The software helps minimize the patient movement to the different healthcare settings, thus helps in reducing the risk of COVID-19 infection. Moreover, many market players, research centers, and academic institutions are focusing on choosing patient registries to streamline patient data collection and analysis. In January 2021, BC Platforms collaborated with Japan-based RIKEN research institution and the Finnish Institute for Health and Welfare ('THL'). Therefore, the COVID-19 pandemic is expected to impact the master patient index software market positively in the coming years.
Master Patient Index Software Market: Competition Landscape and Key Developments
McKesson Corporation; Oracle Corporation; Wipro Limited; Allscripts Healthcare Solutions, Inc.; NextGate; Just Associates, Inc.; Summit Healthcare; Verato; QuadraMed Affinity Corporation; MEDITECH; and Intersystems Corporation are among the key companies operating in the global master patient index software market. Leading players are focusing on the expansion and diversification of their market presence and the acquisition of new customer base, thereby tapping prevailing business opportunities.
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In December 2020, Summit Healthcare entered a strategic relationship with NextGate to increase its integration capabilities with real-time patient identification throughout its hospital system network.
In June 2020, NextGate and Life Image entered a strategic alliance to address the growing need for effective imaging workflow integration.
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