Practice Management System (PMS) Market – Insights And Opportunity

Organizations use practice management system (PMS) to manage their daily operations. PMS can effectively manage health data, patient scheduling, billing process, and referral policies in the healthcare sector. PMS is often synchronized with electronic medical record (EMR) or electronic health records (EMR) software to enhance hospital management. Increasing investments in the healthcare IT sector is expected to offer lucrative growth opportunities for players in the global practice management system (PMS) market. The use of PMS is increasing in several emerging economies in order to simplify operations and enhance healthcare facilities.

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Global Practice Management System (PMS) Market Taxonomy:

The global practice management system (PMS) market is segmented into:
• By Software Type:
◦ Desktop-only software - intended for single or few computer sharing access
◦ Client-server software - allow multiple users to share and access data, and
◦ Internet-based software - do need separate server for operation
• By Delivery Platform:
◦ Web-based
◦ Cloud
◦ On-premise
• By Product Type:
◦ Integrated
◦ Standalone
• By Component:
◦ Hardware
◦ Software
• By End User:
◦ Physicians
◦ Pharmacists
◦ Diagnostic Laboratories
• By Region:
◦ North America
◦ Latin America
◦ Europe
◦ Asia Pacific
◦ Middle East
◦ Africa

Global Practice Management System (PMS) Market: Drivers

Increasing hospitalization due to high incidence of chronic and infectious diseases is expected to boost growth of the global practice management system (PMS) market. For instance, the World Health Organization (WHO) estimates that there would be around 24 million cancer cases globally by 2035.

Geriatric population is prone to cardiovascular diseases. Therefore, increasing geriatric population is also expected to boost growth of the global practice management system (PMS) market. For instance, according to WHO, worldwide geriatric population is expected to reach 2 billion by 2050. Moreover, according to CDC, 20% of the U.S. population would comprise of geriatric people by 2030. The report also states that cardiovascular diseases are the leading cause of death in geriatric population in the U.S.

Increasing prevalence of obesity is also expected to boost growth of the market. Obesity is a major factor that may lead to chronic disorders such as diabetes and cardiovascular diseases. According to the Centers for Disease Control and Prevention (CDC) (2016), over one-third of the adult population is obese in the U.S. Moreover, increasing incidence of infectious diseases and drug-resistance along with increasing hospitalization has prompted physicians to maintain medication history of patients, which is expected to increase demand for PMS.

Global Practice Management System (PMS) Market: Restraints

A major factor hindering growth of the global practice management system (PMS) market is high Installation cost of PMS. This factor is expected to especially impact growth of emerging market.

Global Practice Management System (PMS) Market: Regional Analysis

North America is expected to hold dominant position in the global practice management system (PMS) market over the forecast period. This is attributed to presence of dense network of hospitals and existing complex healthcare service management and insurance systems in the U.S. Moreover, presence of Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs) boosts patient visits to multiple physicians, which poses challenges to maintain treatment history. Such scenario leads to high demand for PMS in North America.

The market is witnessing significant growth in major European economies such as the U.K., France, Germany, Italy, and Spain. However, the PMS market is yet in its introductory phase in Asia Pacific, Latin America, Africa, and Middle East. This can be attributed to lower diagnosis and treatment rate compared to developed regions and financial challenges associated with deployment of expensive software systems.

Global Practice Management System (PMS) Market: Competitive Landscape

Major players operating in the global practice management system (PMS) market include, Henry Schein MicroMD, Athenahealth, Inc., GE Healthcare, NextGen Healthcare Information System LLC, Allscripts Healthcare Solutions, Inc., Greenway Medical AdvantEgde Healthcare Solutions, Practice Fusion, McKesson Corporation, MediTouch, and Accumedic Computer Systems.

Key Developments

1. Major players in the market are focused on product launch to expand their product portfolio. For instance, in March 2018, Allscripts, a healthcare solutions provider, launched Avenel, the first machine learning electronic health record (EHR). Avenel is built on Microsoft Azure cloud and is expected to offer new approach and mobility to users.
2. Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2019, Henry Schein acquired Elite Computer Italia— a dental practice management software company based in Italy.
3. Key players in the market are also focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in March 2019, McKesson Corporation collaborated with Navigating Cancer, in order to offer an enhanced Patient Relationship Management (PRM) platform for community-based oncologists.

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