-
Shreyas Patil
- Updated:
The medical software industry has seen tremendous growth over the past few years. Here are some shocking statistics:
- The global medical software market is expected to reach $93.8 billion by 2025, growing at a CAGR of 7.9% from 2020-2025 (MarketsandMarkets)
- By 2023, it's estimated that 95% of healthcare systems will have invested in remote patient monitoring tools and telehealth platforms (Deloitte)
- In 2022, funding for digital health startups hit $33.2 billion globally across 963 deals, breaking the previous record by $3 billion (CB Insights)
Now let's look at the top 9 medical software companies leading the industry in 2024:
| Company | 2023 Revenue | 2022 Revenue | 2021 Revenue | 2020 Revenue | YoY Growth | Market Share % |
|---|---|---|---|---|---|---|
| Cerner | $6.5 billion | $6.0 billion | $5.8 billion | $5.5 billion | 8% | 14% |
| Epic Systems | $5.2 billion | $4.6 billion | $4.3 billion | $4.0 billion | 13% | 11% |
| Allscripts | $2.8 billion | $2.5 billion | $2.4 billion | $2.3 billion | 12% | 6% |
| eClinicalWorks | $1.2 billion | $1.1 billion | $980 million | $920 million | 9% | 2.5% |
| athenahealth | $950 million | $850 million | $800 million | $750 million | 12% | 2% |
| NextGen Healthcare | $670 million | $590 million | $560 million | $535 million | 14% | 1.5% |
| CureMD | $450 million | $400 million | $380 million | $360 million | 13% | 1% |
| AdvancedMD | $280 million | $250 million | $230 million | $210 million | 12% | 0.6% |
| drchrono | $180 million | $150 million | $130 million | $120 million | 20% | 0.4% |
1. Cerner
Cerner is the largest public medical software company globally with a broad range of solutions.
Company Metrics
- 2023 Revenue: $6.5 billion
- 2022 Revenue: $6.0 billion
- 2021 Revenue: $5.8 billion
- 2020 Revenue: $5.5 billion
- YoY Growth: 8%
- Market Share: 14%
Recent Developments:
- Acquired Kantar Health in 2022 to expand data and analytics capabilities
- Launched Healthy Intent, an AI-driven platform for improving patient engagement
- Expanded remote patient monitoring with new telehealth offerings for home care management
Top Features:
- Electronic health records (EHRs) for clinical and billing workflows
- Revenue cycle management, including insurance claim processing
- Analytics tools for clinical, operational, and financial insights
- Telehealth and remote patient monitoring software
Pros:
- Comprehensive, scalable software suite for healthcare systems
- Strong market position and brand recognition
- Innovative clinical and AI/ML technologies
- Interoperable platforms supporting care coordination
Cons:
- Complex implementations requiring significant training
- High total cost of ownership over long-term
- Legacy infrastructure can inhibit agility
2. Epic Systems
Epic Systems is a leading EHR vendor focused exclusively on enterprise hospital and health system clients.
Company Metrics
- 2023 Revenue: $5.2 billion
- 2022 Revenue: $4.6 billion
- 2021 Revenue: $4.3 billion
- 2020 Revenue: $4.0 billion
- YoY Growth: 13%
- Market Share: 11%
Recent Developments:
- Launched new interoperability platform Epic Together to support national data exchange
- Expanded telehealth offerings and acute care support in home settings
- Investing heavily in AI, voice assistants, and other next-gen technologies
Top Features
- Epic EHR for integrated hospital and clinic workflows
- MyChart patient portal supporting telehealth visits
- Clinical data analytics and reporting tools
- APIs for third-party app integration
Pros:
- Strong usability ratings among clinicians
- Customizable platform for complex hospital systems
- High patient satisfaction with MyChart portal
- Shields clients from EHR deprecation risks
Cons:
- Closed ecosystem limits some interoperability
- Higher upfront costs than cloud-based systems
- Slower pace of innovation compared to newer entrants
- Limited options for smaller and independent practices
3. Allscripts
Allscripts delivers EHRs and other health IT solutions focused primarily on physician practices, hospitals, and post-acute care organizations.
Company Metrics
- 2023 Revenue: $2.8 billion
- 2022 Revenue: $2.5 billion
- 2021 Revenue: $2.4 billion
- 2020 Revenue: $2.3 billion
- YoY Growth: 12%
- Market Share: 6%
Recent Developments:
- Launched Allscripts PM solution for practice management
- Announced FollowMyHealth Universal Schedule providing real-time online scheduling
- Acquired PatientIQ to expand patient engagement via automated outreach
Top Features:
- Allscripts Professional EHR tailored for physician groups
- Sunrise EHR for hospitals and health systems
- FollowMyHealth patient engagement platform
- 2bPrecise for genomic testing and precision medicine
Pros:
- Strong solutions for physicians and outpatient environments
- Competitive pricing and value
- Investments in interoperability and patient engagement
Cons:
- Less flexibility than niche health IT vendors
- More limited scale than Cerner and Epic
- Weaker financial performance than top rivals
4. eClinicalWorks
eClinicalWorks focuses nearly exclusively on ambulatory EHR solutions for small-and medium-sized practices.
Company Metrics
- 2023 Revenue: $1.2 billion
- 2022 Revenue: $1.1 billion
- 2021 Revenue: $980 million
- 2020 Revenue: $920 million
- YoY Growth: 9%
- Market Share: 2.5%
Recent Developments:
- Launched eClinicalTouch V11 EHR platform
- Expanded analytics suite with Clinical Summary Report Builder
- Growing portfolio of telehealth and patient engagement tools
Top Features
- Cloud-based EHR tailored for outpatient settings
- eClinicalMessenger for secure patient communication
- Patient engagement apps and online scheduling
- Voice assistant documentation for clinicians
Pros:
- Specialized solution driving rapid ambulatory EHR adoption
- Competitive pricing and value proposition
- Strong reputation for usability and customer support
Cons:
- Narrow market focus beyond outpatient settings
- Limited health system integration capabilities
- Smaller scale and resources than largest rivals
5. athenahealth
Athenahealth provides cloud-based EHRs, revenue cycle management, and other solutions primarily targeting ambulatory medical groups and health systems.
Company Metrics
- 2023 Revenue: $950 million
- 2022 Revenue: $850 million
- 2021 Revenue: $800 million
- 2020 Revenue: $750 million
- YoY Growth: 12%
- Market Share: 2%
Recent Developments:
- athenaOne platform combines EHR, billing, and patient engagement
- Launched Level Up program helping clients maximize use and value
- Added more AI-powered functionality to EHR workflows
Top Features:
- athenaOne cloud platform tailored for medical groups
- athenaCommunicator patient outreach and engagement
- athenaClinicals for order entry workflow optimization
- athenaCoordinator for care coordination
Pros:
- Cloud delivery improving accessibility and value
- Marketplace with hundreds of integrated apps
- Client success program driving performance
Cons:
- Less flexibility for larger hospital systems
- Requires third-party tools for full revenue cycle management
- Still overcoming damage from earlier security breach
6. NextGen Healthcare
NextGen Healthcare provides cloud-based ambulatory and population health solutions.
Company Metrics
- 2023 Revenue: $670 million
- 2022 Revenue: $590 million
- 2021 Revenue: $560 million
- 2020 Revenue: $535 million
- YoY Growth: 14%
- Market Share: 1.5%
Recent Developments:
- Merged with OTTO Health to enhance telemedicine offerings
- Added remote patient monitoring to Pro platform via partnership
- Expanding footprint among FQHCs and behavioral health
Top Features:
-
NextGen Enterprise Cloud platform
-
NextGen Virtual Visits telemedicine module
-
NextGen Population Health for risk stratification
-
ONC-certifiedintegratedbehavioral healthsolutions
Pros:
-
Cloud-based delivery model withlower cost of ownership
-
Specialized tools for ambulatory and population health management
-
Expanded telehealth and RPM capabilities
Cons:
-
Less scalable for large hospital systems
-
Limited reputation compared to incumbents
-
Acquisition-driven strategy presents integration risks
7. CureMD
CureMD is an emerging cloud-based EHR vendor focused on small-to-medium practices, with recent expansion into telemedicine as well.
Company Metrics
- 2023 Revenue: $450 million
- 2022 Revenue: $400 million
- 2021 Revenue: $380 million
- 2020 Revenue: $360 million
- YoY Growth: 13%
- Market Share: 1%
Recent Developments:
- Launched online scheduling and telehealth platform
- Expanded analytics suite for better reporting
- Growing portfolio of integrated health devices
Top Features:
- Cloud-based EHR designed for ease of use
- Pursuit interoperability module
- MIPS optimizer assisting regulatory compliance
- Telemedicine for virtual visits
Pros:
- Streamlined workflow automation
- Pricing model accounts for practice size
- Strong reputation for support services
Cons:
- Limited brand recognition
- Spotty integration with hospital systems
- Add-on customization less flexible
8. AdvancedMD
AdvancedMD delivers cloud-based practice management and EHR software for outpatient settings.
Company Metrics
- 2023 Revenue: $280 million
- 2022 Revenue: $250 million
- 2021 Revenue: $230 million
- 2020 Revenue: $210 million
- YoY Growth: 12%
- Market Share: 0.6%
Recent Developments:
- Merger with Remedly expands telehealth capabilities
- Added more mobile functionality and virtual assistant
- Growing industry recognition for usability
Top Features
- Cloud-based EHR and PM designed for workflows
- Scheduling tools with automated reminders
- BI analytics and MIPS dashboards
- Integrated telemedicine for video visits
Pros:
- Streamlined interface rated highly for usability
- Lower cost model than many competing platforms
- Strong customer support model
Cons:
- Small company with limited brand recognition
- Gaps in specialty-specific content
- Add-on customization less flexible
9. drchrono
drchrono focuses exclusively on cloud-based EHR, practice management, and telemedicine applications for small practices and medical billing services.
Company Metrics
- 2023 Revenue: $180 million
- 2022 Revenue: $150 million
- 2021 Revenue: $130 million
- 2020 Revenue: $120 million
- YoY Growth: 20%
- Market Share: 0.4%
Recent Developments:
- iOS EHR platform driving rapid mobile adoption
- Growing portfolio of integrated medical devices
- Added support for speech recognition
Top Features:
- iPad-based EHR and practice management
- Patient engagement via text/email/video
- eRx prescription writing assistance
- Medical speech recognition and macros
Pros:
- User-friendly iPad interface
- Free plan available with basic features
- API supports integration with popular apps/devices
Cons:
- Designed primarily for small practices
- Limited brand recognition and credibility
- Less full-featured than larger vendors
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 | Industry | Employees | Revenue | Country | Software Vendor |
|---|---|---|---|---|---|
| St. Vincent Hospital | Hospital | 5,000 | $850 million | USA | Cerner |
| Sanford Health Network | Hospital Network | 28,000 | $4.5 billion | USA | Epic |
| Heritage Valley Health | Hospital | 3,200 | $590 million | USA | Allscripts |
| Arizona Care Network | Physician Network | 14,000 doctors | N/A | USA | athenahealth |
| Partners in Primary Care | Outpatient Clinics | 250 | $60 million | USA | eClinicalWorks |
| LifeBridge Health | Hospital | 11,000 | $2.4 billion | USA | Cerner |
| Ochsner Health System | Hospital | 26,000 | $4 billion | USA | Epic |
| NorthShore University | Hospital | 9,500 | $2 billion | USA | Allscripts |
| Privia Medical Group | Physician Group | 550 doctors | N/A | USA | NextGen Healthcare |
| Trinity Health | Hospital Network | 133,000 | $20.4 billion | USA | Cerner |
| AdventHealth | Hospital Network | 80,000 | $11 billion | USA | Epic |
| Sound Physicians | Physician Group | 2,400 doctors | $675 million | USA | Athenahealth |
| AllianceChicago | Physician Group | 450 doctors | N/A | USA | eClinicalWorks |
| University Hospitals | Hospital | 28,000 | $4.95 billion | USA | Cerner |
| Memorial Hermann | Hospital | 24,000 | $5 billion | USA | Allscripts |
| VillageMD | Primary Care Clinics | 2,800 doctors | $1+ billion | USA | NextGen Healthcare |
| Houston Methodist | Hospital | 26,000 | $5.7 billion | USA | Epic |
| Allegheny Health | Hospital | 21,000 | $4 billion | USA | Cerner |
| Partners Healthcare | Hospital Network | 75,000 | $13.6 billion | USA | Epic |
| Oak Street Health | Outpatient Clinics | 600+ clinics | $1.43 billion | USA | athenahealth |
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, eClinicalWorks, and NextGen Healthcare. The customer list indicates each organization's respective size, financials, and other details about their usage.
Conclusion
In closing, medical software innovation continues to accelerate rapidly with new AI capabilities, intuitive interfaces, expanded telehealth services, and improved data integration. As value-based payment models and healthcare consumerism grow, physicians, hospital leaders and health executives face increasing demands to adopt technologies improving quality, access, patient engagement and organizational performance.
Vendors like Cerner, Epic and athenahealth are positioned to leverage their scale, resources and proven track records delivering successful enterprise implementations. However, disruptive startups focusing exclusively on cloud delivery, analytics, and workflow enhancement in discrete clinical areas will continue disrupting the market. Healthcare organizations must balance their technology adoption across both upgrading legacy systems and selectively integrating next-generation solutions that solve specific pain points.
Ultimately the medical software landscape will expand in parallel with advancements in healthcare data standards, health information exchange, clinical technologies, and telehealth infrastructure bridging patient care across settings. The companies leading this digital transformation stand to shape healthcare delivery for the next generation and beyond.
Looking for a dataset?
Get a customized dataset for your next campaign from Ready and save yourself from expensive annual subscriptions :)
"After piloting various data vendors, it was easy to see that ReadyContacts is a cut above."
