Clinical Practice Management Software Market Size To Touch a New Highs by Impressive Valuation Towards 2023 - Cognizant, Siemens Ltd., Xerox Corporation, GE Electronic, and Epic Systems Corporation, etc

Clinical practice management software (PMS) is a software designed for healthcare operations management that offers a wide range of application functions including patient registration, appointment scheduling, medical billing, and others. Burgeoning healthcare sector worldwide, along with the proliferation of care facilities define the growing market landscape of PMS. Over the last decade, the healthcare industry is growing by leaps and bound due to the ever-increasing population prompting a tremendous need for effective treatment and care.

Recognizing the potential this market holds to grow further, Market Research Future (MRFR) in its recently published study report asserts that the global clinical practice management software market is expected to evaluate at exponential value by 2023, registering an impressive CAGR of 15.2 % during the forecast period (2017 – 2023).

Extensive demand for this software by hospitals alongside a large number of healthcare IT companies providing client-specific software solutions fosters the market growth across the globe. Simultaneously, availability of user-friendly software solutions that are enhancing the performance of healthcare professionals, improving operations of caregiving facilities contributes to the growth of PMS market.

On the other hand, slightly higher cost of this software acts as a headwind, impeding the market growth. However, the efficiency and efficacy of this software that enhances overall operation management in hospitals and clinical setting, helping them to manage the continuous flow of patients, is expected to support the market growth over the forecast period.

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Latest Industry Trends and News

The software, data and technology based Investment Company, Vista Equity Partners has reportedly agreed to invest in a healthcare workforce management solutions providing company “Allocate Software” also called 'Allocate'. This new financial backing is likely to help allocate better implement its growth strategies for the future.

The American multinational conglomerate, General Electric is reportedly planning to sell its healthcare information technology business, which include workforce management software, ambulatory care, and financial management assets to Veritas Capital, a New York-based private-equity firm. The move is likely to activate a $1.05 billion transaction movement between the two companies.

Segments for Global Clinical Practice Management Software Market

MRFR’s report offers a comprehensive segmental analysis of the market based on mode of delivery and end user. On the basis of mode of delivery, the market has been segmented into cloud based and on-premise. By end-user, the market has been segmented into clinics, hospitals, pharmacies, laboratories and others.

Regional Analysis for Global Clinical Practice Management Software Market

The PMS market in the North American region accounts for the largest market, globally. Some factors such as increasing digital advancements in medical technology, extensive uptake of PMS in hospitals, along with the presence of healthcare IT companies that are quadrupling by numbers are propelling the market growth in the region. Also, demand for user-friendly software along with the importance of electronic medical records contributes to the market growth.

The European region is another lucrative market for clinical practice management software standing at the second position. The market is heading with the augmenting demand for PMS across clinical settings. Undoubtedly, the resurging economy in the region is a dominant factor substantiating the market growth, increasing healthcare facilities. Also, the increased funding in the rising numbers of specialty services offered by various health care providers provides impetus to the market growth in the region.

The PMS market in the Asia Pacific region is rapidly emerging as a promising market. Burgeoning healthcare sector along with the spreading awareness about the use of IT in patient management, appointment scheduling, and medical billing defines the market landscape in the region. Furthermore, rapidly improving economic conditions along with the market penetration of healthcare technology in the region provide impetus to the market growth. The PMS market in the APAC with some of its untapped regions offers high growth opportunities.

Key Players for Global Clinical Practice Management Software Market

Allscripts (U.S), Cerner Corporation (U.S), Optum Inc. (U.S), Dell (U.S), McKesson Corporation (U.S), Koninklijke Philips N.V. (U.S), Cognizant (U.S), Siemens Ltd.(Germany), Xerox Corporation (U.S), GE Electronic (U.S), and Epic Systems Corporation (U.S). are some of the top companies operating in the Global market for CPMS.

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