Medical Network Solution Market Size, Trends & Analysis - Forecasts to 2026 By Deployment Type (Cloud and On-premises); By Organization Size Type (Large, Small and Medium Enterprises); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis and Competitor Analysis
The medical network solution market is estimated to witness a significant CAGR of 10.55% during the forecast period (2021-2026). The growth of the Medical Network Solution industry is associated with the increased R&D investments and need for real-time patient monitoring, so more wireless technology integrated medical equipment is being adopted. Providing the patients with the best care and medical facility, regardless of their location. The efficient medical network solution can help securely exchange medical data across rural and rural setups in form of videos or voice communication. The solutions help the medical enterprises to provide patients with the best care facilities, regardless of their location. They also help to identify the challenges involved in the transformation of business processes and new technology adoptions. The solutions support IP-based applications, such as VoIP, telemedicine applications and video conferencing among others. The growing deployment and implementation of cloud-based technologies among the healthcare sector are also supporting the market growth. The medical network solutions provide support for various applications and software. The advancing use of medical network solutions in the health care industry fulfilling various end-user requirements from one location to another with appropriate safety measures and required bandwidth has prompted the medical network solution market to accelerate and grow for the future predicted period.
Based on deployment type, the market comprises cloud and on-premises services. The cloud is dominant for the market network solution as per the deployment type. Replacing the traditional on-premises solutions with the cloud-based system helps to reduce the costs associated with it and aims to bring in efficiency with a high level of performance which will boost growth for the medical network solutions market. The cloud-based deployment is available in four models namely, private, community, public, and hybrid. The organizations widely preferred private clouds for better access and security. According to data published by the International Data Group more than 69% of companies are using could technologies globally.
Based on the size of the organizations the market is segmented into large, small, and medium enterprises. The increased cost as a factor is the major barrier to the adoption of medical network solutions and related markets, owing to the high range of management and software costs which may go higher for large enterprises and not the small or medium enterprises as the large enterprises have IT expertise and software upgrades for carrying the necessary services maximizing the efficiency.
Based on the region, the North American region held the dominating position for the medical network solution market worldwide, due to the increased need for reducing the healthcare costs in the United States along with the government’s support for boosting investments and expenditure for healthcare solutions. It is also estimated that the North America region will hold approximately one-third of the market among all the regions. According to the research paper, the U.S. health care expenditure raised by 4.6 % in 2019, and reached approximately USD 3.8 trillion. The presence of experienced and prominent players involved in supplying medical technologies such as Intersystem Corporation, Quality Systems, Corepoint health and Summit Health among others is positively impacting the market.
The Asia Pacific and Europe regions will register peak growth in the coming years owing to huge investments and expenditure for healthcare solutions, and the adoption of cloud-based IT solutions. According to the research conducted by Tech Nation’s Data Commons, the UK has approximately 100 new start-ups involved in developing healthcare solutions. It is also estimated that the start-ups can create USD 1 billion business in the country. The UK government also announced a package of GBP 1.25 Billion for the development of start-ups.
Ayasdi, Inc., TriZetto Corporation, Optum, Inc., Vestica Healthcare, LLC, McKesson Corporation, Infosys, Aldera, Inc., Mphasis Limited, Syntel, Inc. and Genpact Limited, are the key players involved in developing advanced medical solutions
Please note: This is not an exhaustive list of companies profiled in the report.
In 2020, Change Healthcare, took over PROMETHEUS Analytics unit, to enhance and strengthen its medical network solutions and offerings.
In 2018, EXL acquired Scio, to accelerate its health analytics solutions and related services, serving healthcare organizations, insurance, and health service providers, pharmacy managers. Accelerating and broadening its healthcare capabilities.
In 2018, Mphasis (India), launched a set of new range medical facilities.
In 2017, Cognizant (US), launched and expanded its related service and operations in Brazil.
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The Global Medical Network Solution Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Medical Network Solution Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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