Healthcare SaaS Market Holds $51B Potential

Increasingly critical for its ability to generate better outcomes for patients and for its ease of use by clinicians, healthcare software-as-a-service is on the precipice of a market surge. According to a recent report from Grand View Research, the healthcare SaaS market will hit over $50 billion by 2028, at a CAGR of 19.5%. Cloud computing incorporation in the healthcare sector is considered the primary driver for this optimistic yet entirely plausible projection.

The growing popularity of SaaS in multiple industries—it is now the largest service segment in the cloud space—may make this seem inevitable, but its capabilities in healthcare are particularly game changing. The streamlining of electronic health records (EHR), clinical information, and remote patient monitoring systems is invaluable not only to healthcare accountants, but to patients and their providers, as improved health outlooks are the ultimate goal. Nevertheless, the benefits SaaS can bring to budgeting, including increased flexibility, more return on investment, sharper competitive advantage, and lower software deployment costs, are what really helps one understand the monumental market potential.

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COVID-19 has also played a role in driving the SaaS healthcare takeover; adoption of SaaS-based telemedicine, CRM/ERP systems, and mobile health applications hit an all-time high amid the pandemic. CloudHospital, for instance, mixed in various SaaS services last November to meet increased demand on hospitals and clinics. It has since found a new level of success in managing traffic, patient booking, and overall communication, while also leveraging more substantial contributions to hospital visibility and accessibility.