Practice Management Systems Market | Industry Size, Leaders, Segment Analysis and Future Scope

the global practice management systems market valued at $9.3 billion in 2017, and it is expected to attain a CAGR of 9.7% during the forecast period.

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.

The development of new business models has brought a shift in the working of healthcare institutions. For instance, the American Hospital Association (AHA) published a data in 2018 that said that out of the more than 5,500 hospitals in the U.S., about 2,500 were non-profit organizations. The increasing number of small and mid-size hospitals across the U.S. is expected to drive the demand for practice management systems. The practice management systems market is anticipated to grow owing to the digitalization and centralization of back-end processes in healthcare settings.

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As of 2017, North America is the leading region in the practice management systems market. The presence of key players that are involved in digitization of documents and health information exchange has influenced the North American market. A survey by the Canadian Medical Association (CMA) reported that in 2017, over 85.0% Canadian primary care physicians used electronic medical records. Therefore, with the demand for a faster and centralized healthcare process, the market for these systems will advance in the continent in the coming years.

Hence, it is clear that digitization in healthcare would be among the primary drivers for the market.

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