Practice Management System Market is Projected to Reach US$ 6,740.84 million by 2027

Practice management solutions enables co-ordination in organizational tasks and process through improved workflows. Practice management systems allows healthcare professionals to focus on offering quality care by lowing the administrative burden. Moreover, the solution automates day-to-day patient activities, leading to increased efficiency, productivity, and profitability. Integrated practice management solutions allow physician to share and connect to electronic health records enabling generation of full analyzed patient report. Practice management systems are considerably expected play its role in managing exponentially increasing patient population and shortage of primary healthcare resources. The growth of the Practice Management System in healthcare market is attributed to the rising prevalence of chronic diseases, growing adoption of big data & health IT tools, number of strategic initiatives taken by governments, and growing number of hospitals. However, the growth of the market is expected to be restrained by lack of awareness about software in emerging nations and concerns regarding data privacy.

The Practice Management System in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.

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Leading Practice Management System Market market Players:

Allscripts Healthcare Solutions, Inc.
Athena Health
Cerner Corporation
Epic
eClinicalWorks
GE Healthcare
McKesson Corporation
Medical Information Technology, Inc.
Nextgen Healthcare Information System, LLC
Henry Schein, Inc.

The practice management systems market by product is segmented into integrated and standalone. In 2019, the standalone segment held the largest market share of 67.8%% of the practice management systems market. This segment is also expected to dominate the market in 2027 owing to the increasing adoption of standalone systems during the forecast period. Moreover, the integrated segment is anticipated to witness the highest growth rate of 10.6% during the forecast period. Certain factors such as developing healthcare infrastructure and growing demand for automation in healthcare administration are expected to drive the segment growth.

The research provides answers to the following key questions:

What is the estimated growth rate of the market for the forecast period 2021-2028? What will be the market size during the estimated period?

What are the key driving forces responsible for shaping the fate of the Practice Management System Market during the forecast period?

Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Practice Management System Market?

What are the prominent market trends influencing the development of the Practice Management System Market across different regions?

What are the major threats and challenges likely to act as a barrier in the growth of the Practice Management System Market?

What are the major opportunities the market leaders can rely on to gain success and profitability?

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Practice Management System Market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Practice Management System Market segments and regions.

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