Practice Management System Industry Overview
The global Practice Management System Market size is expected to reach USD 28.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2022 to 2030. Rising pressure to curb healthcare expenditure, demand for cost-effective treatment options, unprecedented medical emergencies such as COVID-19, and digitization of healthcare records are the key factors driving the market growth. Moreover, unpreparedness for the global COVID-19 pandemic has further heightened the need for digitized interoperability solutions providing faster and more effective results. The rising adoption of EHR, telehealth in developed as well as developing economies is anticipated to provide this market with a lucrative growth platform in the coming years.
Increasing pressure to curb healthcare costs along with changing dynamics of hospital/healthcare settings is fueling the demand for practice management systems in the U.S. In addition, a rising focus on implementing cost-effective and high-quality care are also likely to contribute to the market development. Healthcare institutes are witnessing a paradigm shift in the U.S. as a result of the changing dynamics of the business models. The development of new value-added services like integration of practice management systems with other healthcare IT solutions, such as Computerized Physician Order Entry (CPOE) and laboratory information systems, is anticipated to propel the market growth in the U.S. over the next few years.
Practice management systems enable mid-sized and large healthcare providers in offering the right treatment at an effective price, thus reducing treatment costs. Most of the key players adopt strategies, such as product launches, collaborations, partnerships, and mergers acquisitions to strengthen their industry position. For instance, in September 2019, GetWellNetwork and Cerner partnered to narrow the gaps between providers and patients from inpatient to outpatient settings and the home. This partnership was aimed at providing convenient access and consumer engagement.
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:
Based on the Product Insights, the market is segmented into Integrated and Standalone.
- The integrated systems accounted for the largest revenue share of more than 71.5% in 2021 owing to associated benefits with their usage. The integrated solutions comprise e-Prescription, Electronic Health Records(EHR), and billing systems patient engagement. These systems offer several benefits, such as systematic medical billing, streamlined practitioner patient communication, etc.
- The standalone system segment is anticipated to register the fastest growth rate over the forecast period. The rising complexities associated with patient care and payments coupled with the centralization in the healthcare industry is fueling the segment growth.
Based on the Component Insights, the market is segmented into Software and Services.
- The component segment includes software and services offered by the key players. The software segment accounted for the largest revenue share of more than 58.00% in 2021. Software is easy to install, use, and retrieve records owing to intuitive user interfaces and continuous product upgrades.
- The services segment is expected to witness the fastest CAGR over the forecast period owing to the rising demand for training and assistance in installing the software and upgrading the system in line with the escalating growth of IT technology.
Based on the Delivery Mode Insights, the market is segmented into On-premise, Web-based and Cloud-based
- The web-based delivery mode segment accounted for the largest share of more than 50% of the global revenue in 2021. 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.
Based on the End-User Insights, the market is segmented into Physician Back Office, Pharmacies, Diagnostic Laboratories and Other Settings.
- The physician back-office segment held the majority of the revenue share of 43% of the global market in 2021. This segment is further divided into ambulatory settings and others. The segment growth can be attributed to the digitization of documents and databases.
- The software manages operations including accounting, billing, and scheduling, and enhances the work efficiency of the healthcare settings, which further boosts the market growth for the physician’s back-office segment. This, in turn, is anticipated to drive demand for the software in dental clinics over the forecast period.
Practice Management System Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile
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.
Some 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.
About Grand View Research
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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