Pune India, Dec. 28, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Medical practice management software market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the medical practice management software market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the delivery mode, end user and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global medical practice management software market are AthenaHealth (U.S), Aprima Medical Software (U.S), CareCloud Inc. (U.S), eClinicalWorks (U.S), TotalMD (U.S), Epic Systems Corporation (U.S), NXGN Management, LLC. (U.S), ECLIPSE Foundation (Canada), NexTech Systems LLC (U.S), Cerner Corporation (U.S), AdvancedMD Inc. (U.S), CollaborateMD Inc. (U.S), Henry Schein Inc. (U.S), Allscripts Healthcare LLC (U.S), Greenway Health LLC (U.S) among others. To achieve a substantial market share in the worldwide medical practice management software market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Everyday operations of medical practices are managed using medical practice management software (PMS), a type of healthcare software. Data on people’s health and the operations of healthcare organizations are gathered, stored, organized, and transmitted through medical practice management software. Electronic health records (EHR) can be integrated with medical practice management software to provide interoperability solutions and support the complete practice management process. Additionally, the patient registration process, appointment scheduling, and real-time patient verification are all facilitated by the medical practice management software. The desire to improve the efficiency of current medical practices and institutions, long-term savings in time and resources, and a high return on investment are driving the market growth for practice management systems. The topic of electronic data is becoming more and more well-known in the healthcare IT sector. According to a number of experts and professionals, effectively integrating big data in healthcare could potentially result in significant annual cost reductions for everyone. As a result of alliances, acquisitions, and partnership agreements amongst significant businesses to offer cloud-based solutions to their clients, the industry is anticipated to expand.
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Scope of Medical Practice Management Software Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Delivery Mode, End User and Regions|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||AthenaHealth (U.S), Aprima Medical Software (U.S), CareCloud Inc. (U.S), eClinicalWorks (U.S), TotalMD (U.S), Epic Systems Corporation (U.S), NXGN Management, LLC. (U.S), ECLIPSE Foundation (Canada), NexTech Systems LLC (U.S), Cerner Corporation (U.S), AdvancedMD Inc. (U.S), CollaborateMD Inc. (U.S), Henry Schein Inc. (U.S), Allscripts Healthcare LLC (U.S), Greenway Health LLC (U.S) among others|
The cloud-based segment is expected to be the fastest-growing segment in 2021.
The delivery mode segment is On-Premises, Web-Based, and Cloud-Based. The cloud-based segment is expected to witness the highest growth rate during the forecast period. The capacity of cloud-based software to make data accessible across several platforms and allow users to access data from various locations will cause demand to rise throughout the course of the forecast period. As a result of the quickly changing healthcare IT landscape, this technology is thriving. This data processing technique for dissemination is quite reliable.
Others is expected to be the fastest-growing segment in 2021.
The end user segment includes Physician, Pharmacist, Diagnostic Labs and Others. The others segment is expected to witness the highest growth rate during the forecast period. Due to a number of variables, including increased spending by hospitals, healthcare facilities, and clinics for the digitalization of workflow and to centralize operations, it is projected that the other sector would expand at the quickest rate over the forecast period. This standardization is made possible by practice management solutions with integrated billing, patient portals, and clinical information systems. Furthermore, it is expected that having more of these facilities will increase revenue.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the medical practice management software include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. Government funding is probably going to hasten healthcare providers’ adoption of medical practice management and alter how players behave generally. Therefore, the market studied during the forecast period in the North American region is being driven primarily by the growing adoption of a patient-centric approach by healthcare payers, the need to improve the effectiveness of current medical practices and institutions, time and resource savings over the long term, and high return on investments. Government support is also probably going to hasten the adoption of medical practice management by healthcare providers and alter how participants behave in the industry as a whole. The majority of hospitals and states have widespread adoption of medical practise management.
Germany’s medical practice management software market size was valued at USD 0.10 billion in 2021 and is expected to reach USD 0.15 billion by 2029, at a CAGR of 5.8% from 2022 to 2029.
The growing need to reduce healthcare expenditures as well as changing dynamics in hospitals and healthcare settings are driving Germany’s demand for medical practice management systems. It is projected that the adoption of high-quality, cost-effective care would have an impact on the market’s growth. Healthcare institutions in Germany are undergoing a paradigm shift as a result of shifting business model dynamics.
China’s medical practice management software market size was valued at USD 0.16 billion in 2021 and is expected to reach USD 0.27 billion by 2029, at a CAGR of 7% from 2022 to 2029. Increasing pressure to save healthcare costs, the need for therapies that are affordable, historically uncommon medical emergencies like COVID-19, and the digitization of medical information are some key market growth drivers.
India’s medical practice management software market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.24 billion by 2029, at a CAGR of 6.5% from 2022 to 2029. Due to the prevalence of cutting-edge software, the rising demand for better healthcare facilities and an integrated healthcare system, and the prevalence of funding from healthcare IT players for technological advancement, the market for medical practice management software in India is predicted to grow. However, given the growing adoption of IT-enabled healthcare solutions and the rising need for patient-centered care, there is much potential for the medical practice management software market to expand in India.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the growing need to achieve operational efficiency, improved documentation with fewer errors, and financial viability for physicians’ practices.
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