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Shreyas Patil
- Updated:
Medical software has become the backbone of healthcare operations worldwide. From patient record management to advanced AI-driven diagnostics, the growth of the medical software industry is staggering. A few companies dominate this space, pushing boundaries and revolutionizing healthcare practices globally.
Did you know that the global healthcare IT market is projected to reach $570 billion by 2027, driven by the increasing adoption of cloud-based technologies and AI-driven solutions? Moreover, the average YoY (year-over-year) growth rate for the top medical software companies hovers around 12-15%, indicating the massive surge in demand for advanced medical technologies.
In this article, we will explore the Top 9 Medical Software Companies in 2024, focusing on their revenue, growth trends, features, pros and cons, and recent developments.
Revenue and Growth Table
| Company Name | 2024 Rev. | 2023 Rev. | 2022 Rev. | 2021 Rev. | 2020 Rev. | YoY Growth (2024) | Market Share % (2024) |
|---|---|---|---|---|---|---|---|
| Epic Systems | $5.8 | $5.4 | $5.1 | $4.8 | $4.6 | 7.4% | 24.5% |
| Cerner (Oracle) | $6.1 | $5.7 | $5.3 | $5.0 | $4.8 | 7.0% | 22.8% |
| McKesson | $3.6 | $3.3 | $3.0 | $2.7 | $2.6 | 9.1% | 16.2% |
| Allscripts | $2.4 | $2.2 | $2.0 | $1.8 | $1.6 | 9.1% | 10.5% |
| GE Healthcare | $2.9 | $2.7 | $2.5 | $2.3 | $2.2 | 7.4% | 12.4% |
| Athenahealth | $1.9 | $1.7 | $1.5 | $1.4 | $1.3 | 11.8% | 8.7% |
| Philips Healthcare | $4.0 | $3.8 | $3.5 | $3.2 | $3.0 | 5.3% | 19.0% |
| NextGen Healthcare | $1.6 | $1.5 | $1.4 | $1.3 | $1.2 | 6.7% | 6.8% |
| Greenway Health | $0.9 | $0.8 | $0.7 | $0.6 | $0.5 | 12.5% | 5.1% |
1. Epic Systems
Epic Systems is one of the most well-known players in the healthcare software industry, particularly for their comprehensive Electronic Health Records (EHR) solutions. Founded in 1979, Epic has grown into a major powerhouse, providing services to some of the largest healthcare organizations across the globe. Their software is designed to streamline healthcare workflows and improve patient care by giving clinicians easy access to health records.
Recent Developments
Epic continues to dominate the healthcare software market with its integrated EHR system. The company is constantly updating its software with AI features aimed at predictive analytics and patient management.
Top Features
- Comprehensive EHR system
- AI-driven predictive models
- Telemedicine capabilities
Pros and Cons
| Pros | Cons |
|---|---|
| Excellent integration of EHR | Expensive initial setup |
| User-friendly interface | Long learning curve for users |
| Strong customer support | Limited third-party integration |
Website: Epic Systems
2. Cerner (Oracle)
Cerner, recently acquired by Oracle, is another major player in the healthcare software landscape. Known for its EHR solutions and healthcare information technology services, Cerner has provided top-tier medical software for over four decades. Its offerings span across clinical, financial, and operational functions, all aimed at improving healthcare management.
Recent Developments
Since being acquired by Oracle, Cerner has leveraged Oracle's cloud infrastructure to enhance its capabilities. The focus is now on developing scalable cloud-based EHR solutions.
Top Features
- Cloud-based EHR
- AI and machine learning integration
- Population health management
Pros and Cons
| Pros | Cons |
|---|---|
| Strong data analytics features | Integration with legacy systems |
| Scalable cloud-based infrastructure | High customization costs |
| Extensive training materials | Complex user interface |
Website: Cerner (Oracle)
3. McKesson
McKesson is a global leader in healthcare supply chain management, offering a wide array of medical software solutions. Their software focuses on improving healthcare logistics, pharmacy solutions, and revenue cycle management. McKesson’s technological infrastructure is renowned for its efficiency in managing vast quantities of medical supplies, patient data, and pharmaceuticals.
Recent Developments
McKesson is a leader in healthcare software and distribution. They have expanded their offerings with cloud solutions and AI-driven analytics.
Top Features
- Comprehensive drug distribution software
- Inventory management
- Cloud-hosted solutions
Pros and Cons
| Pros | Cons |
|---|---|
| Integrated supply chain management | Expensive upgrades |
| Reliable customer service | Limited customization |
| Real-time inventory tracking | Steep learning curve |
Website: McKesson
4. Allscripts
Allscripts is a key provider of healthcare software with a focus on clinical, financial, and operational solutions. Their platform serves hospitals, physician practices, and post-acute care providers, offering tools to enhance patient care and streamline business processes. With a strong commitment to improving healthcare efficiency, Allscripts has a history of innovating through technology.
Recent Developments
Allscripts has recently expanded its partnerships, including a new collaboration with Google Cloud, which will enhance its ability to manage patient data and improve operational efficiency.
Top Features
- Data interoperability
- Patient engagement tools
- Cloud-based health solutions
Pros and Cons
| Pros | Cons |
|---|---|
| Strong interoperability with other systems | Slower response times on cloud |
| Advanced patient engagement features | Complex to configure |
| Multiple integration options | Limited mobile app functionality |
Website: Allscripts
5. GE Healthcare
GE Healthcare, a subsidiary of General Electric, is a leading provider of medical imaging and diagnostic technologies. Its software offerings primarily focus on enhancing diagnostic capabilities and improving patient care through technology. GE Healthcare also integrates artificial intelligence to deliver faster and more accurate imaging solutions.
Recent Developments
GE Healthcare has focused on enhancing its imaging and diagnostics software by incorporating more advanced AI tools for predictive diagnostics and operational efficiencies.
Top Features
- Advanced imaging tools
- Predictive diagnostics
- AI-based analytics
Pros and Cons
| Pros | Cons |
|---|---|
| Best-in-class imaging software | Expensive for smaller facilities |
| AI tools for operational efficiency | Limited EHR features |
| Strong diagnostic tools | High upgrade costs |
Website: GE Healthcare
6. Athenahealth
Athenahealth is a leading provider of cloud-based healthcare solutions for small to mid-sized practices. Their platform offers a combination of EHR, revenue cycle management, and patient engagement tools. Athenahealth is particularly well-regarded for its ease of use and quick adoption by smaller healthcare providers.
Recent Developments
Athenahealth has recently invested heavily in AI and machine learning to improve its cloud-based practice management software, focusing on small and mid-sized healthcare providers.
Top Features
- Cloud-based practice management
- Revenue cycle management
- AI-powered decision support
Pros and Cons
| Pros | Cons |
|---|---|
| Great for small practices | Limited customization for larger providers |
| Easy-to-use cloud system | Costs can escalate with add-ons |
| AI-powered analytics | Complex reporting tools |
Website: Athenahealth
7. Philips Healthcare
Philips Healthcare is known globally for its telehealth and remote patient monitoring solutions. As part of Royal Philips, a diversified technology company, Philips Healthcare provides innovative healthcare solutions that integrate AI-driven diagnostics and wearable technologies. The company focuses on improving patient care, especially in remote and telehealth environments.
Recent Developments
Philips is known for its innovations in telehealth and **remote patient
monitoring**. Their latest updates have integrated AI-driven diagnostics into wearable devices.
Top Features
- Remote patient monitoring
- Telehealth solutions
- AI-powered diagnostics
Pros and Cons
| Pros | Cons |
|---|---|
| Best in class for telehealth | Expensive hardware costs |
| Strong focus on patient engagement | Limited EHR functionality |
| AI-powered diagnostics | Costly upgrades |
Website: Philips Healthcare
8. NextGen Healthcare
NextGen Healthcare is a medical software company specializing in EHR solutions tailored to specific healthcare specialties, such as pediatric and mental health practices. NextGen is widely used in the healthcare industry due to its specialty-focused tools that cater to smaller, niche markets.
Recent Developments
NextGen has focused on specialty-specific solutions and has recently introduced features tailored for pediatric and mental health practices.
Top Features
- Specialty-specific EHR solutions
- Patient portal
- Revenue cycle management
Pros and Cons
| Pros | Cons |
|---|---|
| Strong specialty focus | Limited general practice features |
| Excellent patient portal | High training costs |
| Revenue cycle management tools | Complex reporting features |
Website: NextGen Healthcare
9. Greenway Health
Greenway Health is a fast-growing medical software company offering EHR and practice management solutions primarily for small to mid-sized healthcare providers. Greenway’s software emphasizes patient engagement and telehealth, making it a favorite for smaller practices looking for cost-effective, scalable solutions.
Recent Developments
Greenway Health recently launched a new telehealth feature aimed at small to mid-sized practices, making it a viable option for those seeking affordable healthcare solutions.
Top Features
- Telehealth capabilities
- Patient engagement tools
- Revenue cycle management
Pros and Cons
| Pros | Cons |
|---|---|
| Affordable telehealth solution | Limited AI features |
| User-friendly patient portal | High setup costs |
| Scalable for small and mid-sized practices | Limited EHR features |
Website: Greenway Health
That covers an overview of the top medical software companies to watch in 2024 based on latest market share figures and revenue growth trends. The industry should continue its rapid pace of digital transformation as new data interoperability standards and value-based care reimbursement models drive technology adoption. Medical software innovation remains centered around usability, analytics, telemedicine, patient engagement tools, cloud delivery, and tighter EHR integration with clinical workflows and 3rd party applications.
Top Medical Software Companies: Who Are Their Top Customers?
To illustrate the reach and adoption of the medical software solutions covered in this report, below is a sampling of 20 healthcare organizations leveraging these systems across their operations:
| Customer Name | Industry | Employees | Rev. (m) | Country | Company |
|---|---|---|---|---|---|
| Cleveland Clinic | Healthcare Services | 70,000 | $10,000 | USA | Epic Systems |
| Mayo Clinic | Healthcare Services | 63,000 | $13,500 | USA | Epic Systems |
| Johns Hopkins Medicine | Healthcare Services | 45,000 | $9,000 | USA | Epic Systems |
| Kaiser Permanente | Healthcare Services | 217,000 | $92,000 | USA | Cerner (Oracle) |
| Mount Sinai Health System | Healthcare Services | 42,000 | $9,500 | USA | Cerner (Oracle) |
| AdventHealth | Healthcare Services | 80,000 | $12,000 | USA | McKesson |
| Banner Health | Healthcare Services | 50,000 | $8,300 | USA | McKesson |
| UCLA Health | Healthcare Services | 38,000 | $8,000 | USA | Allscripts |
| Providence | Healthcare Services | 119,000 | $26,000 | USA | Allscripts |
| Sutter Health | Healthcare Services | 55,000 | $14,000 | USA | GE Healthcare |
| NewYork-Presbyterian | Healthcare Services | 47,000 | $11,000 | USA | GE Healthcare |
| Mass General Brigham | Healthcare Services | 80,000 | $15,000 | USA | Athenahealth |
| HCA Healthcare | Healthcare Services | 275,000 | $60,200 | USA | Athenahealth |
| Texas Health Resources | Healthcare Services | 23,000 | $5,500 | USA | Philips Healthcare |
| UCSF Health | Healthcare Services | 25,000 | $7,800 | USA | Philips Healthcare |
| Sanford Health | Healthcare Services | 48,000 | $6,500 | USA | NextGen Healthcare |
| Cincinnati Children's | Healthcare Services | 16,000 | $3,000 | USA | NextGen Healthcare |
| Northwell Health | Healthcare Services | 80,000 | $16,500 | USA | Greenway Health |
| Memorial Sloan Kettering | Healthcare Services | 22,000 | $5,200 | USA | Greenway Health |
| Children's Hospital of Philadelphia | Healthcare Services | 15,000 | $2,800 | USA | Greenway Health |
This table provides a cross-section of hospitals, health systems, physician groups, and outpatient clinics across the United States that have implemented EHR and healthcare IT systems from vendors like Cerner, Epic, Allscripts, athenahealth, GE Healthcare, and NextGen Healthcare. The customer list indicates each organization's respective size, financials, and other details about their usage.
Conclusion
The top medical software companies in 2024 have continued to innovate, offering robust solutions for healthcare providers across the globe. From Epic Systems' dominant EHR capabilities to Greenway Health's affordable telehealth solutions, these companies are at the forefront of healthcare technology. Whether you're looking for advanced AI integrations or scalable telehealth platforms, there’s a solution for every healthcare facility.
With YoY growth continuing to impress and AI-driven solutions becoming the norm, the future of medical software looks promising, potentially transforming patient care in ways we have only just begun to imagine.
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