NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global practice management systems market is forecasted to attain revenue of $16.0 billion by 2023, the market is mainly driven by improving infrastructure and digitalization of healthcare, increasing pressure to curb healthcare costs, and development and sales of value added services.
Among the various delivery mode for practice management systems, web-based delivery mode attained the largest share, of 47.5%, in the market, in 2017. This leading position of the category is attributed to its reduced cost and ability to provide access to large data information, that makes it a preferable choice over cloud-based and on premise-based delivery modes.
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Among the different component, the demand for practice management software is increasing at a high rate globally. The category held contribution of 58.2% in the practice management systems market in 2017.
Based on product, the practice management systems market is categorized into integrated and standalone systems. Integrated practice management systems accounted for the larger share, with 65.3% contribution in 2017 in the global market.
The end user in the practice management systems market include hospitals, healthcare payers, physician offices, pharmacies and others. Hospitals constituted the largest end user base for practice management solutions, with 35.6% contribution in 2017, globally.
During the forecast period, the practice management systems industry is predicted to witness the fastest growth in demand in Asia-Pacific (APAC), at CAGR of 10.5%, owing to the favorable government reforms and organizations that provide support for the development of patient engagement solutions, EHR, and e-prescription platforms. Moreover, increasing commercialization of patient engagement solutions developed by the global market players is boosting the market demand.
Browse report overview with detailed TOC on "Practice Management Systems Market by Product (Integrated, Standalone), by Component (Software, Services), by Delivery Mode (Web-Based, Cloud-Based, On Premise-Based), by End User (Hospitals, Healthcare Payers, Physician Offices, Pharmacies), by Geography (U.S., Canada, Germany, U.K., Japan, China, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/practice-management-systems-market
Electronic Health Record (EHR)/Electronic Medical Record (EMR) adoption has been made mandatory for every patient in India. The rules for Clinical Establishments (Registration and Regulation) Act 2010, which were notified in May 2012, made maintenance and provision of EMR/EHR mandatory for every patient for registration and continuation of every clinical establishment. Furthermore, upward shift in medical expenditure and ample insurance coverage also contribute to the growth of the regional market.
Globally, key players in the practice management systems industry are developing products for revenue cycle management and EHR. For instance, in April 2018, eClinicalWorks announced that Physicians’ Clinic of Iowa (PCI), one of Iowa’s private specialty medical groups, intends to switch to the eClinicalWorks cloud-centric EHR solution for its 84 providers. The EHR solution can improve PCI’s ability to fulfil its growth plans while providing excellent patient care.
In April 2018, eClinicalWorks announced that Waverly Health Center expanded its relationship with the company by transiting from the Paragon Inpatient EHR system to the eClinicalWorks cloud-centric acute care EHR and revenue cycle management platform for its 25-bed Critical Access Hospital. The acute care platform was expected to reduce overall implementation costs while creating unified patient records in inpatient and outpatient communities that ensure the seamless exchange of information.
Some of the other key players operating in the practice management systems market are General Electric Company, Cerner Corporation, Epic Systems Corporation, athenahealth Inc., Quality Systems Inc., Greenway Health LLC, Henry Schein Inc. Allscripts Healthcare Solutions Inc., and McKesson Corporation.
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