Global digitization of documents and database is expected to propel the growth of practice management systems market over the forecast period. The practice management systems assist in the smooth functioning of the back office activities thereby promoting complete attention of medical professionals on their practice and patient’s health.
It helps in maintaining appointment records, surgery schedules, medication regime, claim details and various other vital data. The rising growth of IT worldwide and encouraging federal initiatives to amalgamate health records on a single platform are major drivers of the market growth. Advantages offered by the system such as easy accessibility to past records and insurance related information, faster diagnosis, evading administration of contraindicated medication and so on are expected to drive patient popularity and demand for these systems to be incorporated by hospitals, clinics and other medical organizations.
Technologies such as cloud-computing and wireless tools enhance the performance of the systems, making them applicable anytime and anywhere that further fuels the growth for the practice management systems market. Government initiatives to upgrade healthcare facility infrastructures such as the ObamaCare Act in the U.S., which mandated the presence of such systems for practices to be carried out across the nation, is a vital growth factor of the market.
Practice management systems market can be segmented on the bases of component, product, delivery mode and end-use. The component segment includes softwares and services provided by the key players. Services held larger market share for the year 2014 owning to need of training and assistance in installing of softwares and up gradation in-line to the escalating growth of IT technology. The product segment of the practice management systems market include integrated and standalone solutions.
Integrated solutions are expected to witness lucrative growth over the forecast period due to the federal initiatives. On the basis of delivery mode the market is segmented into cloud-based, web-based and on-premise. Cloud based delivery model held the largest share and is further expected to grow providing higher flexibility and cost efficiency. End-use segment includes pharmacists, medical practitioners, diagnostic facilities and others. With the rise in end-users, the market is anticipated to witness substantial growth over the forecast period for this segment.
North America is identified as one of the most lucrative markets. North American government agencies lay the highest emphasis on patient convenience and safety thereby promoting installation of these systems. Asia pacific is expected to witness lucrative growth over the forecast period owning to rising investment into IT within the region, growing healthcare infrastructure and higher opportunities in the unexplored market areas. Rising medical tourism with patient-centric care in countries such as India, Singapore, Australia and New Zealand is expected to further fuel the market growth.
The key suppliers of the practice management systems include companies such as Henry Schein MicroMD, Allscripts Healthcare Solutions Inc., AdvantEgde Healthcare Solutions, athenahealth Inc., MediTouch, Acrendo Software, LeonardoMD Inc., Cerner Corporation, Accra Med Software Inc., Epic, Insta Health Solutions, Acentec Inc., Cyfluent, eClinicalWorks, GE Healthcare, Greenway Medical, MEDITECH, DSoft Systems, McKesson Corporation, Accumedic Computer Systems and NextGen Healthcare Information System LLC.
Development of android based application that could be used in tablets and phones to collaborate with the data systems is a recent product that companies are offering to clients thereby enhancing market growth. Also, customization offered according to individual needs by these companies is expected to increase the demand over the next seven years.
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