The Practice Management System in healthcare market was valued at US$ 3,143.76 million in 2018 and it is projected to reach US$ 6,740.84 million by 2027; it is expected to grow at a CAGR of 10.2% from 2019 to 2027.
The Practice Management System in healthcare market was valued at US$ 3,143.76 million in 2018 and it is projected to reach US$ 6,740.84 million by 2027; it is expected to grow at a CAGR of 10.2% from 2019 to 2027.
Practice management solutions enables co-ordination in organizational tasks and process through improved workflows. Practice management systems allows healthcare professionals to focus on offering quality care by lowing the administrative burden. Moreover, the solution automates day-to-day patient activities, leading to increased efficiency, productivity, and profitability. Integrated practice management solutions allow physician to share and connect to electronic health records enabling generation of full analyzed patient report. Practice management systems are considerably expected play its role in managing exponentially increasing patient population and shortage of primary healthcare resources. The growth of the Practice Management System in healthcare market is attributed to the rising prevalence of chronic diseases, growing adoption of big data & health IT tools, number of strategic initiatives taken by governments, and growing number of hospitals. However, the growth of the market is expected to be restrained by lack of awareness about software in emerging nations and concerns regarding data privacy.
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Practice Management Systems Market Competitive Landscape and Key Development
- In terms of component, the Practice Management System in healthcare market is segmented into standalone, integrated. In 2019, the standalone segment held the largest share of the market, by product.
- In terms of delivery mode, the Practice Management System in healthcare market is segmented into cloud based, web based, on premise. Web-based delivery mode held the largest share of delivery mode segment in the global market
- In terms of component, the Practice Management System in healthcare market is segmented into software, and services. In 2019, the software segment held the largest share of the market, by component and is expected to grow at the fastest rate during the forecast period.
- 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 market players are focused on acquisitions with industry players in order to sustain their position in the market. For instance, in July 2017, GE Healthcare acquired Novia Strategies, a 22-year-old US-based healthcare consulting company with an aim to expand clinical software products portfolio and customer base.
Growing Applications of Practice Management System in Healthcare to Drive Practice Management System in Healthcare Market Growth
Administrative tasks are among the major challenges faced by healthcare providers, which impact their overall performance. A core objective of healthcare businesses is to determine solutions to decrease the functional and operational costs to deal with the increasing government pressure regarding the elevating prices of drugs and medical devices as well as pertaining to the adoption of a value-based 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, simultaneously. The increasing number of patent cliff and growing pricing pressure compel healthcare providers to cut down drug prices to encourage the use of generics, instead of branded drugs, and scale back reimbursements. This, in turn, would lead to steady drop in the annual net sales and profit margins of the healthcare providers, creating an instant requirement of a considerable strategic plan for healthcare providers to reduce the operational costs.
The healthcare IT systems help reduce the costs associated with chronic diseases by improving to keep a real-time track of a patient’s health status by the healthcare provider. As per the American Diabetes Association, in 2017, the estimated costs of diagnosed diabetes rose to US$ 327 billion, including US$ 90 billion in reduced productivity and US$ 237 billion in direct medical costs. The price can be efficiently managed by a clinical decision support system that further helps manage diseases and keep track of individual dosage patterns, which can help patients get assistance with disease and medication management, along with helping them overcome the disease.
The Practice Management System in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide.
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