Medical Network Solution Market Share

North American Market Forecast

Medical network solution market in North America is anticipated to hold the largest revenue share of about 32% during the forecast period. The adoption of technology-enabled software and solutions such as electronic health records that facilitate various payment processes by reducing time and costs as compared to traditional manual procedures is expected to increase market growth due to the increasing expenditure on healthcare in the region. The national health expenditure (NHE) increased by 2.7% to USD 4.3 trillion, accounting for 18.3% of GDP, according to data from the Centres for Medicare &Medicaid Services (CMS) 2021. In addition, in 2021 private health insurance spending increased by 5.8% to USD 1.2 trillion. In 2021 another USD 596.6 billion will be paid by third parties and programs and public health activities, with hospital expenditures increasing by 4.2 percent to USD 1.3 trillion. Moreover, there has been a strong government focus on healthcare IT solutions in countries such as Canada, boosting the growth of the market in the region.

European Market Statistics

The medical network solution market in Europe is estimated to hold 25% revenue share during the forecast period. In view of the massive investments and spending in healthcare technologies, as well as the adoption of cloud-based IT solutions. The UK has around a hundred new start-ups in the area of health solutions, based on Tech Nation's Data Commons research. In addition, it is estimated that in the country there could be as much as 1 billion dollars’ worth of business created by entrepreneurs. A package of GBP 1.25 billion is also set up for the development of entrepreneurship by the United Kingdom Government