Practice Management System Industry Overview
The global Practice Management System Market reached USD 12.4 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 9.72% between 2023 and 2030. This increasing adoption is driven by the need to lower healthcare costs and improve revenue for healthcare professionals. Government support and the growing integration of IT in healthcare are further propelling market growth. For example, the Federal IT Strategic Plan 2020-2025 aims to enhance the access and use of electronic health information.
During the COVID-19 pandemic, practice management system providers and organizations facilitated telehealth adoption, improved EHR data access, and streamlined appointment scheduling. The convenience of computerized data entry over paper-based methods and the rising demand for efficient, error-free operations and documentation are fueling market expansion.
Detailed Segmentation:
- Product Insights
The integrated systems segment accounted for the largest revenue share of 74.2% in 2022 owing to associated benefits with their usage, and is projected to grow at the fastest rate over the forecast period. The integrated solutions comprise e-Prescription, Electronic Health Records (EHR), and billing systems and patient engagement. These systems offer several benefits, such as systematic medical billing, streamlined practitioner and patient communication, etc.
- Component Insights
The software segment accounted for the largest revenue share of 66.7% in 2022. Software is easy to install, use, and retrieve records owing to intuitive user interfaces and continuous product upgrades. They are used by providers, hospitals, and health systems to drive the quality of care and increase patient satisfaction. Regulatory authorities, especially in the developed nations, are also focused on the wider implementation of practice management software for improving the delivery of healthcare services, which is also expected to boost the market growth. Furthermore, various product launches along with improvements in the existing versions also support the dominant share of the software segment. For instance, in May 2018, Kareo launched Kareo Analytics for billing professionals to reduce complexity by delivering transparency and valuable insights.
- Delivery Mode Insights
The web-based delivery mode segment accounted for the largest share of 47.7% of the global revenue in 2022. The web-based management system is gaining popularity as it automatically gets updated as the changes occur, thus causing little disruption to the workflow. On-premise solutions provide patient data security, easy retrieval, and ease of access. The inclination toward on-premise solutions is primarily due to the complete access to the information within the premises. For large healthcare systems and organizations, which can store large data, pay high upfront costs, and maintain servers, on-premise systems are a much more reliable option.
- End-use Insights
The physician back-office segment held the majority of the revenue share of 56.1% of the global market in 2022. This segment is further divided into ambulatory settings and others. The segment growth can be attributed to the digitization of documents and databases. Furthermore, the increasing technological advancements in these settings have boosted work efficiency. Such factors are propelling the growth of the physician back-office segment.
- Regional Insights
North America held the dominant share of around 46.6% of the global market in 2022 and was followed by the European nations due to high digital literacy rates, investment in health care expenditure, and high patient awareness. Furthermore, the presence of developed healthcare IT infrastructure in these regions is also fueling the market growth. Moreover, favorable government initiatives such as EHR incentive programs by Medicaid and Medicare are driving the market.
Gather more insights about the market drivers, restraints, and growth of the Practice Management System Market
Key Companies & Market Share Insights
Key players are involved in business activities, such as strategic collaborations, new product launches, and regional expansion as emerging countries are still in the loop of adopting these systems. For instance, in January 2023, PatientClick, Inc. announced the launch its new AI-powered practice management software. In September 2020, CloudMD Software and Services Inc. acquired the majority of the shares of Benchmark Systems, which is a fully integrated cloud-based healthcare solution provider. The aforementioned initiatives are projected to further encourage market growth. Some of the prominent players in the global practice management system market include:
- Henry Schein, Inc.
- Allscripts Healthcare, LLC (Veradigm LLC)
- AdvantEdge Healthcare Solutions
- Athenahealth
- Cerner Corporation (Oracle)
- Epic Systems Corporation
- GE Healthcare
- McKesson Corporation
- Accumedic Computer Systems, Inc.
- NXGN Management, LLC
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