Master Patient Index Software Market: Key Insights
According to our new research study on “Master Patient Index Software Market to 2028 – Global Analysis and Forecast – by Type, Deployment, and Geography,” the master patient index software market was valued at valued at US$ 776.36 million in 2020, and it is projected to reach US$ 1,678.86 million by 2028; it is expected to grow at a CAGR of 10.3% from 2021 to 2028. The growth of the market is attributed to assistance in maintaining and managing clinical, financial, and demographic data of patients. However, the high cost of software is likely to hinder the market’s growth.
In 2019, North America dominated the global master patient index software market. The growth factors that are contributing to market’s growth in the North American region are growing developments in the healthcare IT industry, increasing adoption of remote patient care software by the healthcare providers and payers in countries such as Canada and Mexico. Moreover, the increasing healthcare expenditure on chronic diseases is expected to support the market in the region.
Based on type, the master patient index software market is segmented into software and services. In 2020, the software segment held a larger share of the market and is estimated to grow at a significant CAGR. Due to increasing development in the healthcare IT by the market players, the adoption of patient data management software is likely to enhance patient care during the forecast period. In addition, private and public care facilities are adopting master patient index software owing to the benefits of the system.
Digitalization of Healthcare Processes Expected to be Future Trend for Master Patient Index Software Market
Healthcare IT solutions are enabling large-scale innovations in the healthcare sector, which contribute to the improvement of service quality. Technologies such as telemedicine, mHealth, remote patient monitoring, behavioral health technologies, and consumer-driven digital health have significantly transformed fundamentals of care delivery. The positive outlook and acceptance for these advancements is likely to encourage companies to develop MPI software in greater numbers in the coming future.
Infrastructure developments along with the adoption of automated healthcare IT solutions have drawn government support and investments toward healthcare digitalization. For instance, in March 2017, NHS Scotland signed a 12-year contract with Wipro Limited for the development of next-generation EMPI solution, which is expected to bring a transition in the healthcare system in Scotland through its traditional community health index (CHI) system, enabling paperless, cost-effective, efficient, and patient-friendly MPI software in the healthcare services. Similarly, according to European Union’s (EU) data for 2019, EU has contributed US$ 220,474 (€180,000) for creating MPI in France. Likewise, in the US, investments in the digital health have grown from US$ 1.1 billion in 2010 to US$ 6 billion in 2015 after the implementation of Affordable Care Act. Moreover, the COVID-19 pandemic has created the need of additional investments for the establishment of the digital healthcare. The digitalization of processes in healthcare segment is emerging as a prominent trend that would propel the adoption of MPI software during the forecast period.
Master Patient Index Software Market: Segmental Overview
Based on type, the software segment held a larger share of the market in 2020 and is estimated to register a higher CAGR during the forecast period. The software consists of the complete set of programs, actions, and routines associated with the operation of a computer system. Master patient index software support all of types of care delivering facilities irrespective of the facility size, from small, single-site practices to large and enterprise-diverse organizations. Private and public care facilities are adopting master patient index software owing to the benefits of the system. The index is one place for the individuals/persons/patients/citizens who have received healthcare or wellness services. MPI helps in the development of a patient-centric approach in the system and serves as the core unique patient data interoperability index maintaining data exchange, data sharing, and the aggregation of reasons data that may be used in sites beyond its point of origin. MPI helps in providing statistics to support care, finances, WHO reporting, public health and aid grant reporting, and evolving health priorities.
Also, the developments by market players in this segment are likely to enhance the growth of the segment. In June 2019, Verato announced that the company is ranked number 1 for Enterprise Master Patient Index (EMPI) in the 2019 Black Book Survey.
Master Patient Index Software Market: Competition Landscape and Key Developments
McKesson Corporation; Oracle Corporation; Wipro Limited; Allscripts Healthcare, LLC; NextGate; Just Associates, Inc; Verato; QuadraMed Affinity Corporation; MEDITECH, and Intersystems Corporation are among the key companies operating in the master patient index software market. Leading players are focusing on the inorganic strategies such as partnership, collaboration, and mergers & acquisitions to diversify their market presence, and acquiring new customer base, thereby tapping prevailing business opportunities.
In December 2020, Summit Healthcare, a provider of healthcare system integration and automation solutions, announced a new strategic relationship with NextGate to increase its integration capabilities with real-time patient identification throughout its hospital system network.
In March 2019, QuadraMed’s EMPI partnered with LexisNexis Risk Solutions to prevent patient identification errors. Under the agreement, LexisNexis Risk Solutions will use QuadraMed’s EMPI data cleansing services to expedite the resolution of unmatched patient identity or duplicate records to unique identities. In addition, the two companies have integrated their software to ensure correct patient record matching and enhance the patient care.Contact UsContact Person: Sameer JoshiPhone: +1-646-491-9876Email Id: email@example.com