The global practice management system market is expected to grow to US$9.409 billion by end of the forecast period, increasing from US$5.805 billion in 2017, at a CAGR of 8.38%. The growth of the global practice management system market is mainly driven by an increasing number of medical centres and hospitals. The advancements in cloud-based and web-based systems are enabling firms to introduce cost-effective and efficient solutions. The cloud-based system is expected to grow at a significant rate during the forecast period. The global Practice Management System industry will be restrained by strict patient confidentiality laws in several countries and a lack of a skilled workforce.
By Product Type
Integrated practice management systems accounted for a major share of the market in 2017. These systems provide comprehensive solutions for e-prescription, patient engagement, and other software along with the billing systems. This segment is expected to witness continuous growth during the forecast period due to an increase in digitalization across various regions and consolidation in the healthcare industry.
By Deployment Model
The Cloud-based segment is expected to grow at the fastest rate during the forecast period. The cloud-based solutions are gaining popularity due to their low-cost and remote accessibility. Companies like CareCloud are introducing cloud-based solutions to take advantage of the fast-growing demand for these solutions. The web-based segment is gaining popularity and is expected to witness a significant growth rate during the forecast period.
The physician segment of the global practice management system held a significant share during 2017 and is expected to grow at a moderate rate during the forecast period. The hospital and medical centres segment is expected to witness the fastest growth rate during the forecast period due to an increase in the number of hospitals and medical centres in various developing countries aided by favourable government policies.
North America is a major market for practice management systems due to high patient awareness, and an increase in demand for medical services by an ageing population. Various companies in North America and Europe are launching cloud-based and web-based practice management systems that enable companies to handle off-shore operations. Demand for these systems is also expected to surge owing to the large population with health insurance.
North America is a major market for PM systems due to high patient awareness, and an increase in demand for medical services by an ageing population. Various companies in North America and Europe are launching Cloud-based and web-based PM systems that enable companies to handle operations far off-shore. Demand for a PM system is also expected to rise in the region owing to the large population with health insurance.
In this report, the global practice management system market is segmented on basis of products, delivery mode, end-user and various geographic regions:
Integrated Practice Management System
Standalone Practice Management System
By Delivery Mode
By Geographic Regions
Middle East and Africa
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