What Has Been the Growth of the Practice Management System Market So Far?
The practice management system market has seen considerable growth due to a variety of factors.
• In recent times, the market size of the practice management system has experienced swift expansion. The market, which is projected to be valued at $13.41 billion in 2024, is expected to inflate to $14.82 billion by 2025 at a compound annual growth rate (CAGR) of 10.6%.
The significant growth witnessed in the past can be linked to the adoption of electronic health records (EHRs), heightened regulation compliance needs, an emphasis on revenue cycle management, the transition to value-based care, and the incorporation of telehealth services.
What Is the Forecasted Market Size and Growth Rate for The Practice Management System Market Size In The Coming Years?
The practice management system market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for practice management systems is predicted to witness a significant surge in the upcoming years, with an expected leap to $20.66 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.7%.
The advancement in artificial intelligence (AI) and automatization, in conjunction with interoperability and health information exchange (HIE), patient-centered care frameworks, strategies for population health management, and global health emergency response, are key contributors to this forecasted growth. Towards the forecast period, major trends to note include an emphasis on cybersecurity, the consumerization of healthcare, advancements in health info-tech, patient involvement tools and the integration of telehealth.
What Factors Are Driving Growth In The Practice Management System Market?
The practice management system market is projected to grow due to the rising popularity of e-prescriptions. E-prescriptions, electronic versions of traditional paper prescriptions, are directly dispatched to pharmacies or entities that dispense medicine using specific software or systems. These systems assist in auto-populating patient details, securely prescribing regulated medications, and giving alerts and warnings. A Surescripts National Progress Report in July 2023, reveals a 10.4% annual growth in e-prescriptions, reaching 2.34 billion in 2022, underscoring the significant role of e-prescriptions in driving the market for practice management systems. Practice Management System Market Driver: Increased Health Budgets Foster Growth In The Practice Management System Market
What Are The Main Segments Of The Global Practice Management System Market?
The practice management system market covered in this report is segmented –
1) By Product Type: Standalone, Integrated
2) By Component: Software, Service
3) By Mode of Delivery: On-premise, Cloud-based
4) By End User: Pharmacies, Diagnostic Laboratories, Hospitals, Other End Users
Subsegments:
1) By Standalone: Billing And Invoicing Software, Scheduling And Appointment Management Software, Patient Registration And Record Management Software, Revenue Cycle Management (RCM) Solutions, Reporting And Analytics Software
2) By Integrated: Electronic Health Records (EHR) Integration, Laboratory Management System Integration, Patient Portal And Communication Integration, Accounting And Financial Management Integration, Hospital Information System (HIS) Integration, Telemedicine And Virtual Care Integration
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What Trends Are Shaping The Practice Management System Market?
Leading firms in the practice management system market are prioritizing the incorporation of advanced technologies like Karbon AI to boost their market profitability. Karbon AI, an AI tool powered by GPT, is incorporated into the top-ranking accounting practice management software, improving the operational efficiency of accountants. For example, in May 2023, Karbon Inc., a prominent US-based company providing cooperative practice management platforms to accounting companies, introduced Karbon AI. This is a GPT-oriented AI tool designed to increase the efficiency of accounting companies. Notably, Karbon AI comes with features such as summarizing lengthy emails, evaluating the email inbox, and creating email drafts.
Who Are the Key Players In The Practice Management System Market?
Major companies operating in the practice management system market report are:
• McKesson Corporation
• General Electric Company
• Henry Schein Inc.
• EPIC Systems Corporation
• Allscripts Healthcare Solutions Inc.
• Athenahealth Inc.
• CompuGroup Medical SE & Co. KGaA.
• eClinicalWorks LLC
• NextGen Healthcare Information Systems LLC
• Medical Information Technology Inc.
• Practo Technologies Pvt. Ltd.
• AdvantEdge Healthcare Solutions Inc.
• CareCloud Corporation
• Greenway Health LLC
• Modernizing Medicine Inc.
• Kareo Inc.
• Advanced-Data Systems Corporation
• PracticeSuite Inc.
• AdvancedMD Inc.
• Practice Fusion Inc.
• Luma Health
• WRS Health
• OfficeAlly Inc.
• DrChrono Inc.
• TherapyNotes LLC
• SimplePractice LLC
• CollaborateMD Inc.
• Accumedic Computer Systems Inc.
• Qminder OU
What Is The Most Dominant Region In The Practice Management System Market?
North America was the largest region in the practice management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the practice management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
