Overview and Scope
Practice management system refers to a software solution designed to streamline and optimize various administrative and operational tasks within a practice or organization. Practice management software is designed to enhance clinical processes, automate billing procedures, aid in claims management, reduce operational costs, and boost overall effectiveness.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the practice management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the practice management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the practice management system market report are McKesson Corporation, General Electric Company, Henry Schein Inc., EPIC Systems Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., CompuGroup Medical SE & Co. KGaA., eClinicalWorks LLC, NextGen Healthcare Information Systems LLC, Medical Information Technology Inc., Practo Technologies Pvt. Ltd., AdvantEdge Healthcare Solutions Inc., CareCloud Corporation, Greenway Health LLC, Modernizing Medicine Inc. , Kareo Inc., Advanced-Data Systems Corporation, PracticeSuite Inc. , AdvancedMD Inc., Practice Fusion Inc., Luma Health, WRS Health, OfficeAlly Inc., DrChrono Inc., TherapyNotes LLC, SimplePractice LLC, CollaborateMD Inc., Accumedic Computer Systems Inc., Qminder OU
The practice management system market report table of contents includes:
- Executive Summary
- Practice Management System Market Characteristics
- Practice Management System Market Trends And Strategies
- Practice Management System Market – Macro Economic Scenario
- Global Practice Management System Market Size and Growth
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- Global Practice Management System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Practice Management System Market
- Practice Management System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Practice Management System Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Practice Management System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Practice Management System Market, Segmentation By Mode of Delivery, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: McKesson Corporation Financial Performance
Table 76: General Electric Company Financial Performance
Table 77: Henry Schein Inc. Financial Performance
Table 78: EPIC Systems Corporation Financial Performance
Table 79: Allscripts Healthcare Solutions Inc. Financial Performance
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