Practice Management System Market - Growth, Trends, and Forecast (2019 - 2024)

The Practice Management System Market is Segmented by Product Type, Component, Mode of Delivery (On-premise and Cloud-based), End Users, and Geography.

Market Snapshot

NEW Europe Medic
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Europe

Largest Market:

North America

CAGR:

8.3%

Key Players:

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Market Overview

The practice management system market is expected to register a CAGR of nearly 8.3% during the forecast period, 2019-2024. The major factors for the growth of the practice management system market include the need to increase the efficiency of current medical practices and institutions, time and resources saving in the longer run, and high return on investments.

  • Electronic data is a rapidly-emerging topic in the healthcare IT market. Since its inception, the healthcare industry has generated bulk amount of data, driven by record keeping, compliance and regulatory requirements, and patient care. A number of researchers and professionals have suggested that by better integrating big data, healthcare may save a huge amount of money each year, for everyone.
  • Traditionally, the number of time physicians have to spend on patients is wasted on the completion of paperwork. Medical practice management systems are becoming increasingly popular, as they enhance the ability to meet important regulatory requirements and ensure the completion of key regulatory data elements by the physician just with a notification alert, along with enhancing the ability to reduce time and resources needed for entry of details, manually.
  • These systems also provide improved and more accurate billing procedures and insurance details and alerts for obtaining advance beneficiary notice that minimizes claim denials. Hence, the usage of medical practice management software saves time and resources in the long run, which act as a driver for the growth of the market studied. Along with this, other factors, such as high return on investments and need to increase the efficiency of current medical practices and institution are likely to boost the market growth.

Scope of the Report

As per the scope of this report, practice management in healthcare can be defined as the process which deals with the day-to-day operation of medical practice. Medical practice management software helps in streamlining operations, produce accurate claims, and receive faster reimbursements. The market is segmented by software, component, mode of delivery, end users, and geography.

By Product Type
Stand-alone Practice Management Software
Integrated Practice Management Software
By Component
Software
Client-server Software
Internet-based Software
Services
Other Components
By Mode of Delivery
On-premise
Cloud-based
By End User
Pharmacist
Diagnostics Lab
Hospitals
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

Report scope can be customized per your requirements. Click here.

Key Market Trends

Cloud Based is the Segment by Mode of Delivery is expected to be the Fastest Growing Segment

Modernization of operations and approaches in medical practice, by utilization of technological solutions, such as medical practice management software, has improved healthcare organizations. Cloud-based software systems help in storing the data on external servers, making it accessible via the web, as it requires only a computer with an internet connection to access the data. Cloud-based delivery in medical practice management helps healthcare providers to automate day-to-day medical tasks. Cloud-based medical practice management is particularly useful for small- to medium-sized practices since there are no large hardware expenditures and the software expense is consistent with a low subscription rate. Recently, in June 2018, one of the market player Patterson Veterinary announced a new joint venture with Cure Partners, together the companies have formed a new business, Technology Partner Innovations LLC, which is launching a new cloud-based practice management software, NaVetor. Furthermore, cloud-based medical practice management is cost and time effective and improves patient satisfaction, as it is accessible to medical professionals. Hence, with an increasing need for efficient medical practices and institutions, the market studied is expected to record a high CAGR, during the forecast period. However, high maintenance and security cost restrict the growth of the market studied, during the forecast period.

Picture2 Europe

To understand key trends, Download Sample Report

North America is Expected to Dominate the Market

North America is expected to dominate the market owing to the presence of better healthcare infrastructure and rising geriatric population. Medical practice management in the United States helps in every aspect of healthcare accounts, billing, appointments, and insurance details of the patients. In the United States, most of the medical practice management software systems are designed for small to medium-sized medical facilities. Some of the medical practice management software is used by the third-party medical billing companies for healthcare facilities. Medical practice management software is often used for administrative and financial matters of medical care facilities and providers. Government funding is likely to speed up the adoption of medical practice management by healthcare providers and change the way players operate, across the sector. Hence, the increasing adoption of patient-centric approach by healthcare payers, the need to increase the efficiency of current medical practices and institution, time and resources saving in the long run, and high return on investments are the major factors driving the market studied during the forecast period.

Practice Managem

To understand geography trends, Download Sample Report

Competitive Landscape

The market studied is a moderately consolidated market owing to the presence of many small and large market players. Some of the market players are Allscripts Healthcare Solutions Inc., Athenahealth, CareCloud Corporation, eClinicalWorks, Advanced Data Systems, GE Healthcare, Greenway Health LLC, McKesson Corporation, and NextGen Healthcare.

Major Players

  1. Allscripts Healthcare Solutions Inc.
  2. Athenahealth
  3. eClinicalWorks
  4. GE Healthcare
  5. Greenway Health LLC

* Complete list of players covered available in the table of contents below

Picture3 Europe

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Need to Increase Efficiency of Current Medical Practices and Institutions

      2. 4.2.2 Time and Resources Saving in the Longer Run

      3. 4.2.3 High Return on Investments

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Skilled IT Professionals in Healthcare

      2. 4.3.2 High Maintenance and Security Cost

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Stand-alone Practice Management Software

      2. 5.1.2 Integrated Practice Management Software

    2. 5.2 By Component

      1. 5.2.1 Software

      2. 5.2.2 Client-server Software

      3. 5.2.3 Internet-based Software

      4. 5.2.4 Services

      5. 5.2.5 Other Components

    3. 5.3 By Mode of Delivery

      1. 5.3.1 On-premise

      2. 5.3.2 Cloud-based

    4. 5.4 By End User

      1. 5.4.1 Pharmacist

      2. 5.4.2 Diagnostics Lab

      3. 5.4.3 Hospitals

      4. 5.4.4 Other End Users

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle East & Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle East & Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Advanced Data Systems

      2. 6.1.2 Allscripts Healthcare Solutions Inc.

      3. 6.1.3 Athenahealth

      4. 6.1.4 CareCloud Corporation

      5. 6.1.5 eClinicalWorks

      6. 6.1.6 GE Healthcare

      7. 6.1.7 Greenway Health LLC

      8. 6.1.8 McKesson Corporation

      9. 6.1.9 NextGen Healthcare

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please Enter a Valid Message!


Complete your payment details below

Shipping & Billing Information

Payment Information