Global practice management system market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
Global practice management system market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 11% during the forecast period (2021-2027). Practice management software (PMS) is a kind of software program which is used for operating various medical and healthcare practices. The main purpose of this software is to help organize administrative tasks, streamline appointment bookings, simplify invoice creating and billing, and much more.
Healthcare informatics enables high-quality and error-free care delivery in efficient and effective ways. Electronic health records provide safer transmission of patient information and access to more reliable prescriptions for physicians. They also help with legible and complete documentation of patients’ medical history. Also, healthcare institutions across the globe are focusing on automating their systems and operational workflows with the incorporation of a variety of HCIT tools and solutions which in turn is driving the practice management system market across the globe.
Furthermore, the global practice management system market is anticipated to witness an uptick owing to the shift from volume-based to value-based care, growing volume of patient data, technological advancements, government mandates and financial incentives for adoption of HCIT solutions, increasing awareness of the value of digital health, and high return on IT investment in the healthcare industry. In addition, increasing incidence & prevalence of chronic diseases associated with aging population, growing concern to curtail healthcare cost, and rising use of big data in healthcare further supports the growth of this market. For instance, according to the leading research firm, the big data in healthcare market is anticipated to reach $34.27 billion by 2022 growing at a CAGR of 22.07% globally.
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Based on product type, the market is segmented into integrated and standalone. The integrated segment grabbed an XX% share of the global practice management system market and will witness a considerable CAGR of XX% during the forecast period (2021-2027F). This is because of the growing trend of centralization in the healthcare industry and government mandates in various countries to integrate electronic health records with practice management systems.
Based on the component, the global practice management system market is segmented into services and software. The software occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the increase in the number of industry players launching new and advanced software. However, the services segment is also expected to grow with a lucrative CAGR in the upcoming years.
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Additionally, the report provides detailed report also provides insights into the global practice management system market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the well-established market players and frequent product launches.
GE Healthcare, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Athenahealth, Greenway Health LLC, Cerner Corporation, EPIC Systems Corporation, Accumedic Computer Systems, MediTouch, Henry Schein MicroMD are some of the key players operating in the global practice management system market. Several M&As along with partnerships have been undertaken by these players to develop a new and advanced practice management system.
Global Practice Management System Market Segmentation
Market Insight, by Product Type
Market Insight, by Component
Market Insight, by Mode of Delivery
Market Insight, by End-Users
- Diagnostics Laboratories
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- GE Healthcare
- McKesson Corporation
- Allscripts Healthcare Solutions, Inc.
- Greenway Health LLC
- Cerner Corporation
- EPIC Systems Corporation
- Accumedic Computer Systems
- Henry Schein MicroMD