Practice Management System Market to Hit USD 17.6 billion by 2024

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Practice Management System Market to Hit USD
17.6 billion by 2024
The global practice management systems market is expected to reach USD 17.6 billion by 2024.
Development of value added services, i.e., integration of practice management system with other
healthcare IT solutions (EHR, CPOE, Laboratory Information System and others) is anticipated to
propel the demand of practice management over the forecast period.
Moreover, changing dynamics of the hospital industry is expected to involve centralization and
digitalization of the back end processes, thereby demanding the implementation of practice
management system, which in turn in anticipated to positively impact the market growth.
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The presence of a large population over 60 years globally, which has lower immunity levels and
is prone to PAH and associated diseases, which is a high impact-rendering driver for the growth
of the market over the forecast period.
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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 market.
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
Further key findings from the report suggest:
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.
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.
Software held larger market share for the year 2015. However, services are expected to witness
lucrative growth, owing to rising demand of training and assistance in installing the software and
upgrade the system in-line with the escalating growth of IT technology.
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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 captured a significant share of the practice management market
in 2015.
High economic development, presence of advanced research centers, hospitals, medical device
manufacturers, and universities are the key factors boosting new product development and
commercialization in North American region.
Few of the key players in this industry are 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.
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The global practice management systems market is expected to reach USD 17.6 billion by 2024. 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 market.