Practice Management Systems Market Size, Key Players and Segment Analysis 2023
In
2017, the global
practice management systems market valued at $9.3 billion, and
it is expected to attain a CAGR of 9.7% during the forecast period (2018–2023).The
growth would be due to the development and sale of value-added services, desire
to manage healthcare costs, ever-evolving scenario in hospital settings, and
improvement in healthcare infrastructure and its digitalization. Software and solutions
that help in managing the day-to-day operations in healthcare centers are referred
to as practice management systems.
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Practice
management systems help in catering to the demands of patients for a faster and
less cumbersome healthcare process. Such systems include software for
diagnostic, financial, reporting, and administrative purposes. The inclusion of
cloud computing is expected to provide patients with an easy retrieval facility
for their health records as per their convenience and also enhance information sharing
among various departments. Hence, the practice management systems market is
expected to grow in the coming years owing to the centralization of healthcare
facilities.
Coming
to the report, the segments of the market are geography, delivery mode,
product, end user, and component. Based on product, the categories are
standalone and integrated systems, of which, in 2017, the integrated category led
the practice management systems market. The advantages of integrated systems
include administrative and clinical efficiency, offered through a single
interface, which enables the caregivers to spend more time with patients. This
is why the category is expected to grow at a higher CAGR of 10.1% during the
forecast period.
Hence,
it is clear that digitization in healthcare would be among the primary drivers for
the market.
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