Dental Practice Management Software Market worth over $3.4bn by 2027
Published Date: July 21, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Dental Practice Management Software Market size is set to surpass USD 3.4 billion by 2027, according to a new research report by Global Market Insights Inc.
Advancements in healthcare IT along with favorable government regulations has promoted the integration of various healthcare IT solutions including electronic medical records, patient engagement and workflow management software in daily healthcare practice. Favorable government policies have led to the introduction of innovative healthcare IT services, and sophisticated healthcare infrastructure supporting the growth of the market.
In the last decade, the healthcare IT sector has received USD 13.4 billion in venture capital funding in 2,050 deals and almost USD 7 billion in debt and public market financing, including IPOs totaling to a funding of over USD 20.4 billion, while venture capital firms invested USD 4.6 billion through 574 deals in healthcare IT companies. Such large funding has encouraged the healthcare IT industry, leading to rising adoption of dental practice management software by the dentists. The growth of healthcare IT market is credited to the rise in pressure to cut healthcare costs, growing demand to integrate healthcare systems, and government support is further poised to propel the market growth.
Technological developments in the field of dentistry are driving the revenue generation
The dental practice management software market is witnessing various technological advancements, attributed to the innovations and increasing acceptance of latest technology in the field of dentistry. The introduction of smaller and simpler implants, improved guidance, alignment systems for placement of implant, and expanded use of digital CAD-CAM for dental prosthetics are some of the technological advancements. The recent advancements in practice management such as transformation from stand-alone practice management software to integrated EHR/practice management (EHR/PM) systems, and advanced modules such as patient check-in and patient portals are becoming revenue enhancing tools. Dental electronic health records (EHRs) are been increasingly integrated with the practice management software further influencing its functionality and features. Dental EHR offers quick real-time, clinical data and helps the caregivers in intelligent decisions making.
Currently, the usage of several novel dental practice management software that offer state-of-the-art solutions to most of the traditional dental problems is fueling the market expansion positively. For instance, Carestream Dental launched CS OrthoTrac v14 practice management software that promotes practice efficiency for dentists and simplifies daily redundant tasks. The U.S. Department of Health & Human Services’ Office collaborated with Acumen Solutions’ cloud-based solutions for implementing EHR systems in the U.S. The software allows regional centers to operate interactions with healthcare facilities. Thus, increasing adoption of technologically advanced solutions including cloud-based software in developed countries such as the U.S. is expected to augment the industry growth. Moreover, incorporation of highly sophisticated technologies such as artificial intelligence (AI) in dental practice management software would stimulate the demand for these solutions. Acceptance of modern technologies and their integration with the dental practice management software along with other developments is anticipated to promote the industry progression.
Multiple advantages owing to use of patient communication software along with advanced product launches is estimated to spur the market value
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The invoice/billing segment in the dental practice management software market was valued at more than USD 233 million in 2020. Many healthcare facilities struggle to generate profit and maintain financial viability attributed to rising healthcare expenses. The administrative costs of medical practices, government health authorities and insurers in the U.S. is predicted to be around USD 360 billion every year. Significant proportion of these costs are incurred due to billing-associated functions. The billing or invoice software setup provides easy collection coupled with automatic record of payments and billings.
Browse key industry insights spread across 141 pages with 96 market data tables & 14 figures & charts from the report, “Dental Practice Management Software Market Size By Component (Scheduling, Patient Communication, Invoice/Billing, Payment Processing, Insurance Management, Dental Charting), By Delivery Mode (On-premise, Web-based, Cloud-based), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing preference for cloud-based healthcare management systems is slated to expand the client base
The cloud-based segment is estimated to observe exponential growth rate of 16.3% and will reach USD 1.30 billion by 2027 owing to the growing preference for cloud-based healthcare management systems due to advanced features such as flexibility, ability to collaborate, and security measures among others. Cloud-based dental practice management software have been a game changer in the market, since it has reduced the cost of practice management software leading to higher adoption across the healthcare sector. The acceptance of cloud-based dental practice management software has offered several advantages such as easy and convenient management, bolstering the clinical information security and reducing expenses.
Significant target population suffering with dental ailments and irregular distribution of dental services in China is expected to propel the market revenue
China held substantial revenue share in the Asia Pacific dental practice management software market and is projected to cross USD 163 million by 2027 led by the several factors such as significant geriatric population base suffering with dental ailments, increase in usage of healthcare IT systems due to surging labor shortage and easy access to advanced cloud-based services. Moreover, growing number of dentists in China and widening gap of dentist per person is further set to promote the use of dental practice management software. The distribution of dental health services is scattered and imbalanced in the country. In addition, as per the Chinese National Oral Health Survey stats that the proportion of unaddressed dental caries in adults was 20-40% and more than 80% in children. These factors highlight significant proportion of untreated population suffering with dental ailments in China, thereby augmenting the demand for dental practice management software.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major companies operating in the market are Henry Schein, Carestream Dental, Patterson Dental, Curve Dental, Quality Systems, Dovetail Dental Software, Epic Systems Corporation, Allscripts Healthcare Solutions and DentiMax among others. These participants implement several strategic formulations such as forward integration, product commercialization, collaboration to capitalize company growth and drive product sales.
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