Medical software market to surpass $120b by 2034

However, limited awareness and high upfront costs may hinder growth.

The global medical software market, valued at $50b in 2024, is expected to exceed $120b by 2034, growing at a compound annual rate of 9.1%, according to Exactitude Consultancy.

The sector’s expansion is driven by the accelerating adoption of digital health technologies and ongoing developments in healthcare information technology.

“Cloud-based platforms, telemedicine applications, and electronic health record systems are at the forefront of adoption,” the report said.

However, limited awareness, skilled worker shortages, and high upfront costs may hinder medical software adoption, particularly in emerging and underdeveloped markets.

“Addressing these gaps through education, partnerships, and affordable product development will be critical to unlocking long-term growth,” it added.