Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Master patient index (MPI) is an essential as well as critical part of every hospital or a healthcare facility center. To maintain the huge database of patients’ MPI software or systems are used. MPI software or system is a primary feature build in the electronic health record (HER) to maintain a universal identity of patients at the organizational level. MPI helps in connecting patient records from several databases and reduces data duplication of patients. MPI also helps avoiding inaccuracy of data resulting in improper treatments.
According to our new research study on “Master Patient Index Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Software and Service) and Deployment (Cloud-based and On-premises), and Geography,” the master patient index software market size to grow from $776.36 million in 2020 to $1678 million by 2028; the market is estimated to record a CAGR of 10.3% from 2021 to 2028.
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Global Master Patient Index Software Market Analysis: Competitive 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.
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.
Adoption of Cloud-Based Technologies Fuels Global 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.
Global 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.
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.
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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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