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, restrains 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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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)
Practice Management System Component Outlook (Revenue, USD Million, 2017 - 2030)
Practice Management Systems Delivery Mode Outlook (Revenue, USD Million, 2017 - 2030)
Practice Management System End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Physician Back Office
- Diagnostic Laboratories
- Other Settings
Practice Management System Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & 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
- Cerner Corporation (Oracle)
- Epic Systems Corporation
- GE Healthcare
- McKesson Corporation
- Accumedic Computer Systems, Inc.
- NXGN Management, LLC
- Kareo, Inc.
- Practice Fusion, Inc.
- AdvancedMD, Inc.
- DrChrono, Inc.
- CollaborateMD Inc.
- Greenway Health, LLC
- OfficeAlly Inc.
- PracticeSuite Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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