The “Emergency Medical Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product, Mode of Delivery, Platform and End User” report has been added to ResearchAndMarkets.com’s offering.
The emergency medical software market is projected to reach US$ 2,313.20 million by 2028 from US$ 1,144.91 million in 2021; it is estimated to grow at a CAGR of 10.6% during 2021-2028.
The report highlights trends prevailing in the market and factors driving the market growth. The emergency medical software market growth is attributed to the rising healthcare expenditure, increasing demand for software deployment, and growing demand for rapid and quality medical care. However, the lack of skilled professionals hampers the growth of the market.
Healthcare expenditure is anticipated to grow due to the increasingly aging population, improvement in lifestyle, and rising per capita disposable income. The healthcare expenditure per person is higher for people aged 60 years and above compared to those between 15 and 30 years.
The global geriatric population is significantly increasing at an unprecedented rate, which has boosted life expectancy and increased the presence of multiple illnesses (physical or mental) in a person. As the healthcare expenditure is rising in low and middle-income countries, it has further helped overcome the challenges of poor accessibility and affordability. Increased healthcare expenditure provided better access to emergency departments and encouraged emergency medical software service providers to invest in research & development and innovations.
The COVID-19 pandemic has created both a public health crisis and an economic crisis. The pandemic adversely affected an unbelievable percentage of the population since the first quarter of 2020. The regions saw a very high demand for emergency medical services and software owing to the high number of COVID-19 cases.
Various studies and statistics showed one of the highest numbers of emergency medical services (EMS) activation in 2020 and 2021. Also, the incidence of cardiac arrest activations increased during the pandemic. With a large section of the first respondents and EMS personnel involved in the care of COVID-19 patients, the demand for robust technologies increased.
Various organic and inorganic developments have been adopted by the companies in the emergency medical software market. Many companies focus on organic strategies, such as product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships.
These growth strategies have aided the market players in expanding their business, contributing toward the emergency medical software market size and enhanced their geographic presence.
Additionally, growth strategies such as acquisitions and partnerships helped in strengthening their customer base and increasing the product portfolio. A few of the significant developments made by key players are listed below:
In January 2022, CentralSquare Technologies announced that Paragould, Arkansas has selected CentralSquare’s 911 Pro to replace Motorola Vesta for its emergency dispatch needs to provide its dispatchers with easy-to-use software applications and key tools, like improved location resources, to make their jobs simpler and help provide better services to the citizens they serve.
In October 2020, EMIS Health announced the launch of Symphony 3.0, an emergency care software system. Symphony 3.0 was designed to support same day emergency care (SDEC).
In November 2021, Trapeze Emergency Services announced that it has teamed up with Ortivus to deliver solutions covering all aspects of patient care information or Integrated Patient Care Records (iPCR). These integrated functions greatly reduced paramedic’s workload, improved service efficiency, and overcame ‘information isolation’.
Key Market Dynamics
Market Drivers
- Increasing Cases of Trauma Injuries
- Rising Healthcare Expenditure
Market Restraints
- Shortage of Skilled Professionals
Market Opportunities
- Lucrative Growth Opportunities
Future Trends
- Increased Usage of High-Tech Products
Company Profiles
- Quark Software
- Sun Ridge Systems, Inc.
- Trapeze Group
- Cerner Corporation
- GE Healthcare
- Centralsquare
- Traumasoft
- Angeltrack LLC
- Emis Health
- Medhost
- Epic Ems
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