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Practice Management System Market 2024: Growth, Trends, Forecast And Analysis
Practice Management System Market
Practice Management System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $19.06 billion In 2028 At A CAGR Of 9.2% :
The practice management system market size has grown rapidly in recent years. It will grow from $12.11 billion in 2023 to $13.41 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to transition to electronic health records (ehrs), increasing regulatory compliance requirements, focus on revenue cycle management, shift to value-based care, integration of telehealth services.
The practice management system market size is expected to see strong growth in the next few years. It will grow to $19.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai) and automation, interoperability and health information exchange (hie), patient-centric care models, population health management strategies, global health crisis response. Major trends in the forecast period include focus on cybersecurity, consumerization of healthcare, advancements in health information technologies:, patient engagement tools, telehealth integration.
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Practice Management System Market Major Segments
The practice management system market covered in this report is segmented -
1) By Product Type: Standalone, Integrated
2) By Component: Software, Service
3) By Mode of Delivery: On-premise, Cloud-based
4) By End User: Pharmacies, Diagnostic Laboratories, Hospitals, Other End Users
Key Driver - Rising Demand For E-Prescriptions Drives Growth In The Practice Management System Market
The increasing popularity of e-prescriptions is expected to propel the growth of the practice management system market going forward. E-prescriptions refer to digital versions of traditional paper prescriptions that healthcare providers send directly to pharmacies or dispensing entities electronically, typically using specialized software or systems. The practice management system is used in e-prescriptions for auto-filling patient information, safely prescribing controlled medications, and providing alerts and warnings. For instance, in July 2023, according to Surescripts National Progress Report, a US-based information technology company, a significant 10.4% annual growth was seen in e-prescriptions, which reached 2.34 billion in 2022. Therefore, the increasing popularity of e-prescriptions is driving the growth of the practice management system market going forward.
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Prominent Trend - Karbon AI Revolutionizes The Practice Management System Market
Major companies operating in the practice management system market are focusing on the adoption of new technologies such as Karbon AI to increase their profitability in the market. Karbon AI is a GPT-powered AI tool integrated into the industry-leading accounting practice management software that enhances the working efficiency of accountants. For instance, in May 2023, Karbon Inc., a US-based leading provider of collaborative practice management platforms for accounting firms launched Karbon AI which is a GPT-based artificial intelligence tool that enhances the productivity of accounting firms. Karbon AI includes features such as summarizing long emails, assessing the email inbox, and composing email drafts.
Practice Management System Market Players
Major companies operating in the practice management system market report are McKesson Corporation, General Electric Company, Henry Schein Inc., EPIC Systems Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., CompuGroup Medical SE & Co. KGaA., eClinicalWorks LLC, NextGen Healthcare Information Systems LLC, Medical Information Technology Inc., Practo Technologies Pvt. Ltd., AdvantEdge Healthcare Solutions Inc., CareCloud Corporation, Greenway Health LLC, Modernizing Medicine Inc. , Kareo Inc., Advanced-Data Systems Corporation, PracticeSuite Inc. , AdvancedMD Inc., Practice Fusion Inc., Luma Health, WRS Health, OfficeAlly Inc., DrChrono Inc., TherapyNotes LLC, SimplePractice LLC, CollaborateMD Inc., Accumedic Computer Systems Inc., Qminder OU
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Largest And Fastest Growing Region In The Market
North America was the largest region in the practice management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the practice management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Practice Management System Market Report Structure
3. Practice Management System Market Trends And Strategies
4. Practice Management System Market - Macro Economic Scenario
5. Practice Management System Market Size And Growth
…..
27. Practice Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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