Practice Management System Market Size, Industry Analysis Report, Regional Outlook, Application Growth Potential, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI1654
Practice Management System Market size is projected to experience considerable growth over the forecast period.
Healthcare IT has been hailed as a breakthrough in life science industry, attracting millions of dollars in R&D to offer best-in-class services to the industries. Electronic health records (EHR) and practice management systems are two key advanced healthcare solutions which should drive practice management system market growth over the forecast period.
Practice management systems market size will attain upward trajectory over the forecast timeframe and might benefit with integration of technology such as predictive analysis and big data. Increasing private equity activity in healthcare sector and substantial rise in number of hospitals is also expected to bolster the market revenue in near future.
Integrated system will dominate the practice management system market size. Over 45% of the integrated system revenue share is captured by Electronic Medical Record (EMR) and the segment will dominate the practice management system market size throughout the forecast period.
Software accounted for major revenue share in 2015. While services segment will grow at impressive rate over the forecast period. Web based deployment accounted for major practice management system market share in 2015. Whereas cloud based delivery mode will grow at impressive CAGR over the forecast timeframe. Healthcare industry shift towards cloud based deployment has accelerated the practice management systems market revenue. The technology is on the rise owing to its cost-effective nature making it popular among healthcare personnel and patients.
Physician’s office premises accounted for majority of global practice management system market share. The segment is expected to grow at a significant rate over the forecast period.
U.S. practice management system market size primarily drives the regional revenue share in 2016. Most of this software are installed in mid-sized and corporate hospitals. High healthcare expenditure along with presence of physicians and technological advancement should drive practice management system market revenue in the region. Moreover, substantial rise in geriatric population coupled with remunerative reimbursement policies and insurance policies has further driven the industry size in the region.
Europe practice management system market size is the second major destination for medical holography industry players. Germany, UK, and France are major countries wherein companies will find lucrative growth opportunities over the forecast period. Europe is expected to maintain steady growth between 2016 and 2024.
China, India and Japan will primarily drive regional practice management system market size. As per the estimates, China has over 60 thousand hospitals. However, penetration of digital disruption technology is minimal as compared to developed countries. Practice management systems has replaced paper based system by over 35% in APAC. This is comparatively lower when compared to developed region wherein the software solutions have replaced paper based solutions by 75%. Practice management system revenue share will escalate in near future with increasing healthcare spending and better treatment facilities. Moreover, the region is witnessing rapid FDI inflow. Many medical device companies as well as multi chain hospitals are venturing in countries like India and China.
Middle East practice management system market share is expected to grow at a substantial rate with South Africa and Saudi Arabia to dominate the industry share throughout the forecast period.
Some of the companies operating in the industry include Henry Schein MicroMD; AdvantEgde Healthcare Solutions; athenahealth, Inc.; Allscripts Healthcare Solutions, Inc., Practice Fusion; MediTouch; GE Healthcare; McKesson Corporation; Greenway Medical; NextGen Healthcare Information System LLC, and Accumedic Computer Systems.
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