Dental Practice Management Software Market: Patient Management and Billing to be Highly Lucrative Segment
Transparency Market Research (TMR) has published a new report titled, ‘Dental Practice Management Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027’. According to the report, the global dental practice management software market was valued at US$ 1,984.4 Mn in 2018 and is projected to expand at a CAGR of 11.4% from 2019 to 2027.
- Dental practice management software is both administrative as well as clinical tool that is designed to aid dentists and practice management professionals to run their practices efficiently and effectively.
- The dental practice management software are featured with administrative tools such as online appointment bookings, accounting, and report generation, e-billing and insurance claiming facilities.
- The clinical features offered by the dental practice management software includes the patient charting, periodontal charting, treatment planning and e-prescription facilities and dental imaging and integration with other practice management software. The software aids in maintaining high quality standard of patient care, is easy to use, saves time, and regularizes the data.
- North America dominated the global dental practice management software market in 2018 and the trend is anticipated to continue during the forecast period. High adoption of digital platforms for the dental practice management, high digital healthcare IT budgets and government initiative to promote the digital healthcare facilities have contributed to leading share of North America in the global DPMS market.
- Asia Pacific is likely to be a highly lucrative market for dental practice management software and it is expected to expand at a high CAGR during the forecast period
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Value Added Features Offered by the Dental Practice Management Software to Drive Market
- Value added features offered by the various dental practice management software in order to streamline the day to day work flow and increase the revenue of the practices. The dental practice management software provides the wide range of features and benefits ranging from patient scheduling, treatment planning, clinical charting, electronic prescriptions, billing, insurance claims and business analytical solutions to the dentists and hospitals.
- These features help dentists and hospitals streamline their daily workflow and manage their practice efficiently and effectively.
- The key players offering the dental practice management software are coming up with the value added features such as patient communication and online appointment scheduling features, accounting feature, and imaging modules that eliminates the need for the separate software for each tasks, thereby reducing the overall operating cost and thus, improves the overall effectiveness and efficiency of dental practices.
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On Premise Segment to Dominate Market
- In terms of deployment mode the global DPMS market is segmented into on premise and cloud based DPMS. Large installed base of on-premise dental practice management software, availability of subscription-based DPMS models led to the prominent share of on-premise DPMS software in 2018.
- Rising adoption of on-premise in emerging economies is projected to drive the segment during the forecast period.
Patient Management and Billing to be Highly Lucrative Segment
- By application, the global market is segmented as patient management & billing and clinical application.
- The patient management & billing segment dominated the global dental practice management software market in 2018 and is projected to continue its dominance throughout the forecast period.
- Wide adoption of digital platform by the young population for appointment booking and scheduling, increasing need for optimum performance dental practices, and value added services like e-billing, cashless payment systems and easy insurance claiming features etc. factors led to prominent share of segment in 2018.
Dental Clinics Segment to offer attractive opportunity
- By end –use, the market is segmented into dental clinics and hospitals. The dental clinics segment is projected to dominate the global market during the forecast period.
- Expansion of dental practice services and increasing need for the optimum chair time utilization to increase practice management revenue in developed countries has led to large share of dental clinics in 2016. Moreover, increased oral care awareness in the developing countries and growing geriatric population has resulted in the increased patient footfall in dental clinics.
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North America to Dominate Global Market
- In terms of region, the global dental practice management software market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America dominated the global dental practice management software in 2018 and is estimated to maintain its leading position by the end of 2025 with sight decline in the market share.
- The high desire of dentists and corporate dental practices for dental software in their practices, rising need for the chair time optimization by reducing no shows, and rising demand for practice efficiency has led to prominent share of North America in the global dental practice management software.
- According to management consulting firm Accenture, by the end of 2019 around 66% of the US health system will provide the digital self-scheduling facilities and around 64 % of patients will book the schedule the appointments using digital platforms.
- The market in the Asia Pacific region is projected to expand at exponential growth rate during the forecast period. The highest growth rate in the Asia Pacific region is attributed to large number of dental clinics in the emerging countries like India, China, well established dental facilities and high digital healthcare IT budgets in the countries like Japan, Australia & New Zealand, Malaysia, Singapore etc.
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The global dental practice management software market is fragmented in terms of number of players. Key players operating in the global dental practice management software market includes, Patterson Companies Inc., Curve Dental Inc., DentMax LLC, Ace Dental, Henry Schein Inc., Carestream Dental LLC, Open Dental Software, Planet DDS, Inc. Web.com Group, Inc. and MOGO, Inc.
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