According to FutureWise analysis the market for master patient index software in 2023 is US$ 1.04 billion, and is expected to reach US$ 2.31 billion by 2031 at a CAGR of 10.52%.
A hospital's master patient index (MPI) is an essential as well as vital part of healthcare facility operations. The MPI software or system is used to keep track of the enormous database of patients. The MPI software or system is a major component of the electronic health record (HER) that maintains a universal identity for patients within an organization. MPI allows patients' records to be connected from multiple databases and reduces duplicate data entry. By using MPI, inaccuracies in data can also be avoided, resulting in improper treatment. Global master patient index software demand is driven by a shift toward paperless data management systems and cost-effective cloud-based technologies. Furthermore, health care organizations, medical professionals, as well as patients have been benefiting from health care data management software. Healthcare players have adopted cloud-based technologies due to a shift toward paperless data management. Furthermore, factors such as the drop in the cost of cloud-based technologies, improvements in flexibility and security, and low resource requirements and expenses are driving adoption of these technologies among healthcare organizations. The benefits of these technologies include providing high-quality care and services to patients. The cloud enables healthcare professionals to collaborate across departments, institutions, healthcare providers, and patients. In addition, technological advancements support the integration of artificial intelligence (AI) and machine learning into patient management, allowing users to manage healthcare operations and massive amounts of data. Healthcare providers are motivated by continuous developments in the sector to adopt healthcare IT solutions for securing easy workflow. Every patient is assigned a unique identifier by MPI software, and this unique identifier allows accurate and consistent information about every patient to be maintained. MPI automatically manages patient information.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Master Patient Index Software Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Master Patient Index Software Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.