DUBLIN--(BUSINESS WIRE)--The "Healthcare Compliance Software Market Size, Share & Trends Analysis Report By Product Type (On-premise, Cloud-based), By Category (Policy & Procedure Management, Auditing Tools), By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global healthcare compliance software market size is expected to reach USD 6.5 billion by 2030 and is expected to expand at 11.6% CAGR from 2023 to 2030.
The rising data breaches in the healthcare industry and costs associated with manual compliance management are expected to boost the demand for healthcare compliance management software during the forecast period. According to the HIPAA Journal, around 5,150 data breaches of 500 and above records have been reported in healthcare from 2009 to 2022.
In healthcare, organizations are facing challenges associated with the ever-changing data privacy laws and compliance requirements. Hence, the cost associated with compliance attainment has significantly grown in the highly regulated healthcare industry.
For instance, as per the article published in Hyperproof in August 2022, on an average around USD 10,000 per employee is spent on regulatory costs in the U.S. It costs around USD 1.9 trillion annually for regulatory compliance and its economic effects in the U.S. Hence, in order to reduce the overhead costs associated with the compliance, many healthcare organizations are adopting this software, which is contributing to the growth of the market.
The COVID-19 pandemic positively impacted the growth of the industry owing to the changing laws and policies during the pandemic and post-pandemic circumstances. The government of many countries launched waivers that are expected to expire. Hence, organizations are expected to face challenges regarding compliance and increasing adoption of this software. The changing medical billing and coding guidelines in developed countries every year are expected to boost the demand for these solutions.
Ongoing technological advancements such as patient portals, wearable heart monitors, mobile clinics, and virtual doctor visits are continuously merging protected health information (PHI) with the technology, which are creating HIPAA and privacy related issues. Hence, with the growing demand for compliance solutions in the healthcare sector, companies are launching innovative products to cater to the ever-growing demand.
For instance, in May 2022, LaunchDarkly launched the Health Insurance Portability and Accountability Act (HIPAA) compliance for its Feature Management Platform. This new addition is expected to support healthcare organizations in enhancing digital experiences for providers and patients.
Healthcare Compliance Software Market Report Highlights
- On the basis of product type, the cloud-based segment is expected to witness the fastest growth during the forecast period owing to its several benefits, such as cost-effectiveness, expanded storage, remote file sharing, and custom applications.
- On the basis of category, the medical billing and coding segment is anticipated to witness the fastest growth. This can be attributed to the continuously growing changes in medical billing and coding and stringent regulations associated with false claims for medical billing and coding.
- On the basis of end-use, the hospital segment held the largest market share in 2022 owing to the growing adoption of healthcare compliance management software solutions in the hospital settings due to rising cases of health data breaches.
- North America region dominated the global market with the largest share in 2022 and is expected to maintain its dominance over the forecast period. This can be attributed to the presence of the major players in the region and changing regulatory requirements in recent times in the countries such as the U.S.
- The market is moderately fragmented, and players are constantly innovating to establish their presence in the market. For instance, in July 2021, New Relic, Inc. launched a HIPAA-compliant observability platform for monitoring the infrastructure and application performance of the systems dealing with protected health information.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 160 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $2.8 Billion |
| Forecasted Market Value (USD) by 2030 | $6.5 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growing incidence of data breaches and cybersecurity attacks in the healthcare industry
- Changing regulatory requirements such as laws and policies
- Shift from manual healthcare compliance methods to automated compliance software
Restraints
- Lack of awareness among specialty clinics
- High implementation costs
Companies Mentioned
- HealthStream
- Atlantic.net
- HEALTHICITY, LLC
- ByteChek
- ConvergePoint Inc.
- RLDatix
- Compliancy Group
- Accountable HQ
- Complinity
- Sprinto
- Panacea Healthcare Solutions, LLC
- Radar Healthcare
- Beacon Healthcare Systems
For more information about this report visit https://www.researchandmarkets.com/r/x8afbv
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