Practice Management System Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Practice Management System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Practice Management System Global Market Report 2024, The practice management system market size has grown rapidly in recent years. It will grow from $12.11 billion in 2023 to $13.41 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to transition to electronic health records (ehrs), increasing regulatory compliance requirements, focus on revenue cycle management, shift to value-based care, integration of telehealth services.

The practice management system market size is expected to see strong growth in the next few years. It will grow to $19.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai) and automation, interoperability and health information exchange (hie), patient-centric care models, population health management strategies, global health crisis response. Major trends in the forecast period include focus on cybersecurity, consumerization of healthcare, advancements in health information technologies:, patient engagement tools, telehealth integration.

The increasing popularity of e-prescriptions is expected to propel the growth of the practice management system market going forward. E-prescriptions refer to digital versions of traditional paper prescriptions that healthcare providers send directly to pharmacies or dispensing entities electronically, typically using specialized software or systems. The practice management system is used in e-prescriptions for auto-filling patient information, safely prescribing controlled medications, and providing alerts and warnings. For instance, in July 2023, according to Surescripts National Progress Report, a US-based information technology company, a significant 10.4% annual growth was seen in e-prescriptions, which reached 2.34 billion in 2022. Therefore, the increasing popularity of e-prescriptions is driving the growth of the practice management system market going forward.

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The practice management system market covered in this report is segmented –

1) By Product Type: Standalone, Integrated

2) By Component: Software, Service

3) By Mode of Delivery: On-premise, Cloud-based

4) By End User: Pharmacies, Diagnostic Laboratories, Hospitals, Other End Users

Major companies operating in the practice management system market are focusing on the adoption of new technologies such as Karbon AI to increase their profitability in the market. Karbon AI is a GPT-powered AI tool integrated into the industry-leading accounting practice management software that enhances the working efficiency of accountants. For instance, in May 2023, Karbon Inc., a US-based leading provider of collaborative practice management platforms for accounting firms launched Karbon AI which is a GPT-based artificial intelligence tool that enhances the productivity of accounting firms. Karbon AI includes features such as summarizing long emails, assessing the email inbox, and composing email drafts.

The practice management system market report table of contents includes: