Global Practice Management Systems Market projected to grow at a CAGR of 9.44% during the forecast period 2020-2027

A new research report published by Fior Markets with the title Practice Management Systems Market by Component (Software and Services), Product (Standalone and Integrated), Delivery Mode, End-users, Region and Global Forecast 2020 to 2027.

The global practice management systems market is expected to grow from USD 8.35 billion in 2019 to USD 17.18 billion by 2027, at a CAGR of 9.44% during the forecast period 2020-2027. North America holds the majority of the market shares. The region has the availability of advanced healthcare infrastructure. Further, the presence of major players, along with advanced healthcare professionals, has contributed to the market growth. The favorable government initiatives have increased investments in the market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The IT industry has been growing tremendously from the last decade, which has contributed significantly to the growth of the market. Also, the growing patient population has fuelled the market demand.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

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Key players of the practice management systems market are NextGen Healthcare Information System LLC, GE Healthcare, Greenway Medical, Accumedic Computer Systems, Allscripts Healthcare Solutions, Inc., Henry Schein MicroMD, AdvantEgde Healthcare Solutions, athenahealth Inc., McKesson Corporation, MEDITECH, Cerner Corporation, Practice Fusion, Epic and others.

The component segment includes software and services. The software segment accounts for the majority of the market shares. The software has been increasingly used in the medical premises as it enables simplification of the complex data. It is useful in the scheduling of appointments, handling patient’s data, processing of bills and claims, etc. The software used in these systems can be customized according to the required applications of the customer. The product type segment includes standalone and integrated. The integrated segment further includes e-Rx, patient engagement, EMR/EHR and others. The standalone segment holds the majority of the market shares. The standalone systems provide easy access to the data stored. It is widely used by medium and small scale medical institutions owing to the fewer maintenance costs. The delivery mode segment includes on-premise, web-based and cloud-based. Web-based mode of delivery constitutes the majority of the shares. It provides various applications that can be used in the practice management system. The interactive screens and dashboards are helpful for trained healthcare professionals. However, the cloud base segment is expected to register a high growth rate as it provides sizeable storing space. The end-user segment includes pharmacists, physician’s offices, hospitals, diagnostic laboratories and others. Hospitals have more applications of the practice management system owing to the need for integration and complexity of the data.

Practice management systems are found to be effective in managing the data by the organizations to manage their day-to-day operations. It enables more efficient handling of data such as the demographics of patients, report generation and schedule appointments. The increasing need for data storage in the medical sector, owing to the rising patient population, has been a major driving factor for the market.

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About the report:
The global practice management systems market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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