Surging Number of Hospitals Driving Practice Management Systems Market

Growth drivers such as improving healthcare infrastructure, digitalization of healthcare systems, mounting pressure to reduce healthcare costs, and increasing sales of value-added services will fuel the practice management systems market at a CAGR of 9.7% during the forecast period (2018–2023). According to P&S Intelligence, the market generated a revenue of $9.3 billion in 2017 and it has the potential to reach $16.0 billion by 2023. Moreover, constant technological developments will also facilitate the market growth in the foreseeable future.

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Mounting healthcare cost has become a major concern for numerous countries. Developed as well as developing economies are facing several obstacles while implementing quality and cost-effective healthcare for patients. Despite the prevalence of numerous health insurance plans and huge healthcare-related funding, there has been a constant surge in healthcare cost, which is affecting the growth of healthcare providers. Therefore, with the help of practice management systems, healthcare facilities can now provide accurate treatment at effective price, thereby, decreasing the overall treatment cost.

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Geographically, the Asia-Pacific (APAC) practice management systems market will display the fastest growth during the forecast period, on account of favorable government reforms and presence of organizations that offer support for the development of e-prescription platforms, patient engagement solutions, and electronic health record (EHR) or electronic medical record (EMR) systems. For instance, adoption of EHR/EMR systems has been made mandatory, under the Clinical Establishments (Registration and Regulation) Act 2010, for every patient in India. Moreover, the growing healthcare spending and rising insurance coverage will also support the growth of the regional market.

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