The increasing geriatric population and their vulnerability towards various chronic and severe diseases are driving the global “pain management software” market, predicts Fortune Business Insights in their recent report. The report is titled, “Pain Management Software Market Size, Share and Global Trend by Technology (Web-based Software, Cloud-based Software), By End User (Hospital, Clinics, Ambulatory Surgical Centers, Others), and Geography Forecast till 2026.”
According to the report, the market is anticipated to be dominated by the hospital segment among end users. This is owing to the rising prevalence of chronic diseases and acute pain where the patient has to be immediately taken to the hospital.
Rising Incidence of Acute and Chronic Diseases to Boost Market
Pain management software is used for improving the quality of life for patients suffering from acute and chronic pain by easing the level of pain the patient is bearing. This software is a web-based or cloud-based software and is capable of integrating with EHR and practice management software.
The rising incidence of chronic ailments such as diabetes, cancer, cardiovascular disorders, and others may result in intense pain in patients. This is a key factor fueling the demand for pain management software. In addition to this, the market is likely to benefit from the increasing willingness among patients and their kin to spend on advanced treatments.
Increase in demand for pain management devices is mainly because of the pain caused by the tumor while it compresses a nerve and many more factors depending upon what stage of cancer the patient is undergoing. Therapeutic solutions provided to the patient at this time helps the patient to deal with the pain caused by the tumor and thus, the use of pain management software for measuring health is important for such patients.
However, factors such as high installation and maintenance cost of pain management software may restrict its growth in the future market. The lack of awareness and lack of skilled professionals and poor healthcare facilities in developing nations with low or middle incomes may also hinder the growth of the market in the forecast period.
Some of the players operating in the global pain management software market are QSI Management LLC., Infor-Med Inc., Modernizing Medicine, Care Cloud Corporation, Greenway Health LLC., Practice Fusion Inc., Advanced Data Systems, AllegianceMD Software Inc., Raintree Systems, Bizmatics Inc., RevenueXL Inc., Medsphere Systems Corporation, OmniMD, Kareo Inc., among others.
North America to Emerge as Fastest Growing Market with New Software Launches
Fortune Business Insights foresees the global pain management software market to witness quick progress in North America on account of the increasing number of denials in health reimbursement, coupled with the rise in number of startups that provide healthcare software solutions. To cite an instance, the company MoxyTech, launched a pain tracking application in 2017 called the GeoPain. This app is capable of telling its user the location and intensity of pain that the user undergoes with the help of a 3D image of the body. Such software launches in the region is anticipated to bring lucrative growth opportunities for the global pain management software market in North America in near future.
Meanwhile, the pain management software market in Asia Pacific and Europe is anticipated to witness rapid expansion during the forecast period. This is because of the growing healthcare infrastructure in developing nations such as China, and India and the faster incorporation of management software for healthcare by hospitals and specialty clinics themselves.
An Overview of the Impact of COVID-19 on this Market:
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