The global practice management system market size was valued at USD 6.9 billion in 2015. The industry is majorly driven by its competence to bring efficiency in healthcare delivery. Global digitization of documents and databases is expected to propel the growth of practice management systems industry over the forecast period. The rising growth of IT worldwide and encouraging federal initiatives to amalgamate health records on a single platform are major drivers of the market.
Government initiatives to upgrade healthcare facility infrastructure, 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 practice management systems market.
Global Practice Management System Market, by Integrating software, 2014-2025 (USD Million)
The healthcare institutes and healthcare system is witnessing a paradigm shift across the globe. This is majorly owing to the changing dynamics of the business models. According to the American Healthcare Association, there were more than 5,000 hospitals in the U.S. in 2013, out of which approximately 3,000 hospitals are nonprofit organizations. The increase in establishment of small and medium hospitals. is further anticipated to drive the demand.
Based on product, the market is segmented into integrated and standalone systems. Integrated solutions comprise of a mix of EHR, e-Prescription, patient engagement, and other software along with the billing systems, whereas, standalone systems are primarily focusing on the billing & administrative function (particularly scheduling) of the organization.
Practice management system market, by product, 2016
Integrated software is gaining popularity due to the trend of centralization within the healthcare industry and the rising complexities associated with patient care and payments.
The component segment includes software and services offered by the key players. Software held a larger market share for the year 2015. However, services are expected to witness lucrative growth, owing to rising demand for training and assistance in installing the software and upgrade the system in-line with the escalating growth of IT technology.
On the basis of delivery mode, the industry is segmented into cloud-based, web-based, and on-premise. Cloud-based delivery mode is expected to grow rapidly, thereby providing higher flexibility and cost-efficiency to end users. On-premises is a traditional method used for practice management. However, web-based software captures a significant share of the practice management features in 2015.
Practice management system delivery mode market, 2016 & 2024 (USD Million)
Cloud-based practice management solutions are anticipated to witness the fastest growth over the forecast period. Companies such as CareCloud are introducing various new products based on cloud computing. The technology is being highly exploited across the country owing to the rapidly evolving healthcare IT scenario. However, in the case of rural regions, the technology is still witnessing sluggish growth, which is expected to improve over the forecast period, thereby boosting further growth.
The key end users of practice management systems in healthcare include physician offices, pharmacies, diagnostics laboratories, and others. Others may be further defined as emergency care centers, community health centers, nursing stations, and hospital & clinic workstations. Physician offices held the largest share of about 43.0% in 2015 and are also projected to witness remunerative growth over the forecast period. However, hospitals and other healthcare settings are expected to witness the fastest growth, owing to higher patient volume and greater financing capabilities.
The presence of sophisticated medical facilities, favorable government initiatives such as the introduction of EHR incentive programs by the Medicaid and Medicare, and high patient awareness levels coupled with relatively higher expenditures in the North American region are some of the prominent drivers.
Rising number of private medical care service providers such as Sana & Helios and the presence of well-established infrastructure are growth-imparting drivers for this industry
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; GE Healthcare; Practice Fusion; Greenway Medical; McKesson Corporation; Accumedic Computer Systems; and NextGen Healthcare Information System LLC. Also, exponential rise in the number of vendors is expected to increase competitive rivalry over the forecast period.
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This report forecasts revenue growth and provides an analysis on the industry trends in each of the sub-markets from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the practice management system market on the basis of product, application, end-use, and region:
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