Practice Management System Industry Overview
The global practice management system market size was valued at USD 12.9 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2022 to 2030. The growing adoption of these management systems can be attributed to its increasing need for reduction in healthcare costs along with the ability to generate sufficient income for healthcare professionals. Furthermore, favorable initiatives undertaken by the government coupled with increasing penetration of IT in the healthcare sector are expected to fuel the market growth. For instance, in May 2020, the federal government proposed the Federal IT Strategic Plan 2020-2025, which focuses on improvising the access, exchange, and usage of electronic health information.
Practice management system vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and scheduling patient appointments using the practice management software. The introduction of a practice management system for operating medical and healthcare practices during the COVID-19 pandemic has eased the process, as data entering into computerized systems is more convenient than paper-based methods. The upsurge in the demand for achieving efficiency in operations and documentation with nominal errors is boosting the market growth.
Gather more insights about the market drivers, restraints, and growth of the Global Practice Management System market
In addition, the rising number of technological developments coupled with the varying dynamics of healthcare/hospital settings have paved ample opportunities for market growth. Moreover, the increasing focus on high-quality care & cost-effective treatment is also anticipated to drive the market growth. Furthermore, a rise in the R&D investments and demand for practice management systems is expected to fuel the market growth over the forecast period. There is high competition between key players, which has prioritized collaborations and partnerships between other companies to enhance the practice management system market.
Moreover, according to the Congressional Research Service report, in 2018, the federal funding for research & development in the U.S. has risen from USD 2.8 billion in 1953 to USD 127.2 billion in 2018. Such factors are driving R&D activities and are expected to support market growth. The growing geriatric population is also expected to propel the market. Elderlies are susceptible to chronic diseases, such as diabetes and cardiovascular diseases, that often lead to hospitalizations. Thus, the increasing geriatric population is expected to increase the patient pool for several chronic diseases. Furthermore, the growing incidences of drug resistance have fueled the demand to maintain & track patient history and medical data.
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Telehealth Market - The global telehealth market size was valued at USD 83.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 24.0% from 2023 to 2030.
Electronic Health Records Market - The global electronic health records market size was estimated at USD 27.2 billion in 2021 and it is anticipated to expand at a CAGR of 4.0% from 2022 to 2030.
Practice Management System Market Segmentation
Grand View Research has segmented the global practice management system market on the basis of product, component, delivery mode, end-user, and region:
Practice Management System Product Outlook (Revenue, USD Million, 2017 - 2030)
- Integrated
- Standalone
Practice Management System Component Outlook (Revenue, USD Million, 2017 - 2030)
- Software
- Services
Practice Management Systems Delivery Mode Outlook (Revenue, USD Million, 2017 - 2030)
- On-premise
- Web-based
- Cloud-based
Practice Management System End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Physician Back Office
- Pharmacies
- Diagnostic Laboratories
- Other Settings
Practice Management System Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights
September 2020: CloudMD Software & Services Inc. acquired the majority of the shares of Benchmark Systems, which is a fully integrated cloud-based healthcare solution provider.
July 2019: Elite Computer Italia, a dental practice management software company, was acquired by Henry Schein to increase its regional presence.
Key Companies profiled:
Some of the prominent players in the global practice management system market include:
- Henry Schein, Inc.
- Allscripts Healthcare, LLC
- AdvantEdge Healthcare Solutions
- Athenahealth
- Cerner Corporation (Oracle)
- Epic Systems Corporation
- GE Healthcare
- McKesson Corporation
- Accumedic Computer Systems, Inc.
- NXGN Management, LLC
- eClinicalWorks
- CoreCloud
- Kareo, Inc.
- Practice Fusion, Inc.
- AdvancedMD, Inc.
- DrChrono, Inc.
- CollaborateMD Inc.
- Greenway Health, LLC
- OfficeAlly Inc.
- PracticeSuite Inc.
Order a free sample PDF of the Practice Management System Market Intelligence Study, published by Grand View Research.
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