Clinical Practice Management Software Market to Witness Robust Expansion throughout the Forecast to 2027

The global clinical practice management software market is predicted to grow at a 15.2% CAGR between 2017-2023, reveals the latest Market Research Future (MRFR) report. Clinical practice management software, simply put, is a form of healthcare software which deals with daily operations of medical practices. It frequently allows users to capture patient demographics, generating reports, performing billing tasks, maintaining lists of insurance payors, and scheduling appointments.

Various factors are propelling the clinical practice management software market growth. These factors, as stated by the latest Market Research Future (MRFR) report, include increasing interest in cloud-based PM models and patient-centric care approach, increase in better healthcare and patient awareness, firm government support, growing need for integrating healthcare systems, and improving operations of caregiving facilities.

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Additional factors pushing market growth include the availability of software solutions that are user-friendly, growing demand by hospitals, most healthcare IT companies offering client-specific software solutions, increasing government initiatives, increasing healthcare awareness, and demand for better healthcare facilities.

On the flip side, high service and maintenance expenses, huge time consumption especially for integration, interoperability issues, lack of skilled professionals, shortage of on-site IT support services, and lack of data confidentiality are factors that may impede the clinical practice management software market growth over the forecast period.

Key Players

Major players profiled in the clinical practice management software market report include GE Electronic (US), Allscripts (US), Epic Systems Corporation (US), Xerox Corporation (US), Siemens Ltd.(Germany), Koninklijke Philips N.V. (US), Dell (US), Cognizant (US), McKesson Corporation (US), Optum Inc. (US), and Cerner Corporation (US).

Market Segmentation

The MRFR report provides an all-inclusive segmental analysis of the clinical practice management software market on the basis of end user and mode of delivery.

• Based on the mode of delivery, the clinical practice management software market is segmented into on-premises and cloud-based. Of these, the cloud-based segment will lead the market over the forecast period owing to the different benefits that it offers- compatibility with all devices, higher security, higher returns on investment, and less initial investment.

• Based on end user, the clinical practice management software market is segmented into pharmacy, laboratories, clinics, hospitals, and others. Of these, the hospitals' segment will dominate the market over the forecast period owing to the growing demand for such software by hospitals.

Regional Analysis

By region, the clinical practice management software market report covers the latest trends and growth opportunities across North America, Latin America, the Asia Pacific, the Middle East and Africa, and Europe.

The North America will command the largest share in the market over the forecast period chiefly on account of the growing significance of electronic medical records, burgeoning demand for user-friendly software, presence of several healthcare IT companies, extensive uptake of practice management software in hospitals, and growing digital advancements in medical technology.

The clinical practice management software market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors aiding the growth of the clinical practice management software market in the region include the growing demand for practice management software across clinical settings, the region’s resurging economy, increasing healthcare facilities, and increased funding in the number of specialty services provided by different health care providers.

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The clinical practice management software market in the APAC region is predicted to have a promising growth over the forecast period chiefly on account of the growing healthcare sector, growing awareness about the use of information technology in medical billing, appointment scheduling and patient management, market penetration of healthcare technologies and improving economic conditions.

The clinical practice management software market in Latin America and the MEA is predicted to have a steady growth over the forecast period.

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