iCrowd Newswire – May 28, 2020
The practice management systems market was valued at US$ 3,143.76 million in 2019 and is expected to grow at a CAGR of 10.2% from 2020 to 2027 to reach US$ 6,740.84 million by 2027.
Practice management solutions enable co-ordination in organizational tasks and process through improved workflows. The solutions allow healthcare professionals to focus on offering quality care by lowing the administrative burden. The global practice management systems market is being driven by factors such as rising pressure on healthcare institutions to provide quality care at affordable costs and increasing prevalence of chronic diseases but increasing concerns of data privacy are anticipated to obstruct the practice management market growth. However, growing demand for automation in developed regions and need for intelligent software solutions with an aim to deal with shortage of primary healthcare resources & increasing patient pool in developing countries is likely offer significant opportunity for the growth of the global practice management systems market during the forecast period.
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Some of the prominent players operating in practice management systems market are, Allscripts Healthcare Solutions, Inc., Athena Health, Cerner Corporation, Epic, eClinicalWorks, GE Healthcare, McKesson Corporation, Medical Information Technology, Inc., Nextgen Healthcare Information System, LLC, and Henry Schein, Inc.
The practice management systems market by product is segmented into integrated and standalone. In 2019, the standalone segment held the largest market share of 67.8%% of the practice management systems market. This segment is also expected to dominate the market in 2027 owing to the increasing adoption of standalone systems during the forecast period. Moreover, the integrated segment is anticipated to witness the highest growth rate of 10.6% during the forecast period. Certain factors such as developing healthcare infrastructure and growing demand for automation in healthcare administration are expected to drive the segment growth.
The standalone systems captured the largest share in the global practice management systems market. Standalone systems comprises only one module and are designed to address specific need in healthcare settings. As the system deals with only one process, the installation and maintenance cost of this system is less compared to integrated systems. Additionally, growing number of physician settings with specific needs and cost concerns in emerging nations are uplifting the standalone practice management systems market during the forecast period.
Administrative tasks are one of the major challenges faced by healthcare providers, which impacts their overall performance. A core objective of healthcare solutions is to lower the functional and operational costs with an aim to reduce the overall cost of healthcare. Currently, the healthcare sector is under a constant pressure to condense the healthcare delivery costs, which calls for enhancements in evidence-based patient care and health plans, improvements in regulations management strategies, and consolidation of healthcare systems. Such conditions are likely to boost the growth of the practice management systems market during the forecast period.
The report segments the global practice management systems market as follows:
Global Practice management systems Market – By Product
Global Practice management systems Market – By Delivery Mode
Global Practice management systems Market – By Component
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Keywords: Practice Management Systems Market, Practice Management Systems