Medical Equipment Management Software Market Size

Medical Equipment Management Software Market Analysis

The medical equipment management software market is expected to register a CAGR of 9.9% during the forecast period (2022-2027).

The COVID-19 pandemic initially impacted the medical equipment management software market in 2020, as there was a decrease in patient visits in hospitals and clinics, which subsequently decreased the demand for medical equipment management software. For instance, according to an article published by BMJ Journals in February 2021, a systemic study was performed to determine the extent and nature of changes in the utilization of healthcare software and services during the COVID-19 pandemic. It was found that healthcare software and services utilization decreased by about a third during the pandemic as many hospitals and clinics which were not providing essential COVID-19 care remained closed. Thus, the COVID-19 pandemic adversely affected the market's growth in its preliminary phase. However, the market is expected to grow in the post-pandemic scenario.

Further, the increasing number of hospitals and clinics, technological advancements in the development of web-based and cloud-based software, and rising government initiatives to develop advanced software are among the major factors driving the growth of the medical equipment management software market.

As the number of hospitals and clinics increases worldwide, the use of medical equipment management software is also expected to increase. For instance, according to the data by European Commission (EU) reported in May 2021, Germany has a large hospital inpatient sector, with 7.9 hospital beds per 1000 population which is the highest in the EU and 50% more than the Europe average (5.3 beds). This indicates that there will be more utilization of medical equipment management software to manage the hospital inventory. Furthermore, according to the data by the Australian Institute of Health and Welfare (AIHW) published in July 2022, in 2020-21, there were 697 public hospitals in Australia, which increased considerably in the last five years. Therefore, as the number of hospitals and clinics increases, the utilization of medical equipment management software is also expected to increase, thereby driving the growth of the medical equipment management software market during the forecast period.

Furthermore, new product launches and strategic activities by major players in the market are positively affecting the growth of the medical equipment management software market. For instance, in June 2022, Syft, a subsidiary of GHX and a leading national provider of healthcare inventory control and end-to-end supply chain management software and services, released Syft Synergy 4.5. with enhancements to the supply chain management software platform, including a redesigned mobile app interface that simplifies processes for receiving and distributing supplies. Additionally, in September 2020, Lumiere32 launched a new AI-driven inventory management software platform for clinics nationwide. Thus, due to product launches and partnerships, the medical equipment management software market is expected to have significant growth during the forecast period.

However, concerns over data privacy and a lack of skilled professionals are likely to impede market growth.