Newark, NJ, Oct. 01, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global practice management systems market is expected to grow from USD 8.35 billion in 2019 and to reach USD 17.18 billion by 2027, growing at a CAGR of 9.44% during the forecast period 2020-2027.
The increasing need for data storage in the medical sector has been a major driving factor for the market in recent years. Further, the globalization of databases and documents is also fuelling the market growth. Moreover, the medical institutions are witnessing the burden of the increased care costs along with the increasing need for integration of different systems. Thus, the end-users are increasingly demanding the practice management system to increase the efficiency of the regular operations.
Practice management systems deals in the storage of patient data. The systems enables the medical staff to indulge in a more efficient process of data handling, which otherwise cannot be done by manual entry of data. It helps to provide detail about the demographics of patients, report generation and schedule appointments. Further, these systems can also generate bill statements and electronic claims in a transparent way.
The IT sector has been growing worldwide, which has significantly contributed to the development of practice management systems. The IT services have enabled the integration of a large amount of data, which has resulted in a decrement in a huge amount of costs. Apart from this, the government has also favored the growth of the market in various regions by means of supportive initiatives. The use of these systems has been mandated in certain regions for compliance with the prescribed regulatory norms. However, the issue of data confidentiality is hindering the growth of the market.
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Key players operating in the practice management systems market are NextGen Healthcare Information System LLC, GE Healthcare, Greenway Medical, Accumedic Computer Systems, Allscripts Healthcare Solutions, Inc., Henry Schein MicroMD, AdvantEgde Healthcare Solutions, athenahealth Inc., McKesson Corporation, MEDITECH, Cerner Corporation, Practice Fusion, Epic and others. The major players in the practice management systems market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. Healthcare Information System LLC and GE Healthcare are some of the biggest manufacturers and suppliers of practice management systems in the global market.
- In March 2019, McKesson Corporation performed a collaboration with Navigating Cancer for the improvement of patient relationship management.
- In April 2018, McKesson Specialty Health, which is a McKesson Corporation division and CoverMyMeds, collectively launched the ExpressCoverage, which is a patient support platform that helps to integrate the patient’s data which can be accessed for providing better services.
The software segment dominated the market and held the largest market share of 55.82% in the year 2019
On the basis of the component segment, the global practice management systems market includes software and services. The software segment dominated the market and held the largest market share of 55.82% in the year 2019. The software used in these systems can be customized according to the required applications of the customer. It enables simplification of the complex data, which is leading to increased demand. However, the service segment is expected to grow at a lucrative rate owing to the growing demand for training and assistance.
The standalone segment dominated the market and held the largest market share of 54.21% in the year 2019
On the basis of the product segment, the global practice management systems market includes standalone and integrated. The integrated segment further includes e-Rx, patient engagement, EMR/EHR and others. The standalone segment dominated the market and held the largest market share of 54.21% in the year 2019. The standalone systems require low maintenance charges, which is why they are used by the majority of the medium and small scale medical institutions. However, the integrated system is expected to register a high growth rate during the forecast period. The integrated system provides efficiency in administrative functions.
The web-based segment dominated the market and held the largest market share of 36.03% in the year 2019
On the basis of the delivery mode segment, the global practice management systems market includes on-premise, web-based and cloud-based. The web-based segment dominated the market and held the largest market share of 36.03% in the year 2019. The web-based delivery mode has been made technically advanced in recent years. However, the cloud base segment is increasingly demanded by the end-users owing to the availability of large space for storing data and decreased operational expenditure.
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Hospitals dominated the market and held the largest market share of 31.49% in the year 2019
On the basis of the end-user segment, the global practice management systems market includes pharmacists, physician’s offices, hospitals, diagnostic laboratories and others. Hospitals dominated the market and held the largest market share of 31.49% in the year 2019. Hospitals have a higher demand for integration of the functions as the data produced in hospitals is huge and complex in nature, which has resulted in the market growth of the segment.
Regional Segment Analysis of the Practice Management Systems Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global practice management systems market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for a significant market share of 45.81% in the year 2019. The massive amount of investment in R&D activities by major players is the primary factor for market growth in the region. The countries belonging to the region, especially the US, have high healthcare expenditure, which is contributing to the demand. Further, the availability of advanced healthcare professionals is also fostering the market growth. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The growing patient population owing to the prevalence of chronic diseases has led to an increase in demand. Additionally, the growing IT industry has opened up a lot more opportunities for the growth of the market in the region.
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About the report:
The global practice management systems market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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