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Rising Demand For E-Prescriptions Drives Growth In The Practice Management System Market: Key Factor Driving The Growth In The Practice Management System Market
Practice Management System
What Is the Expected Practice Management System Market Size During the Forecast Period?
Recent years have seen a swift expansion in the market size of the practice management system. The value is set to rise from $13.41 billion in 2024 to $14.82 billion in 2025, marking a compound annual growth rate (CAGR) of 10.6%. This development over the historic period is connected to the shift towards electronic health records (EHRs), increased need for regulatory compliance, concentration on revenue cycle management, transition towards value-based care, and the incorporation of telehealth services.
The market size of the practice management system is predicted to witness a robust increase in the upcoming years. It is expected to expand to $20.66 billion by 2029, at a compound annual growth rate (CAGR) of 8.7%. Factors such as advances in artificial intelligence (AI) and automation, interoperability and health information exchange (hie), patient-centered care models, population health management strategies, and global health crisis response contribute to the growth projection. Important trends to watch in this period include the growing focus on cybersecurity, healthcare consumerization, progress in health information technologies, patient engagement tools, and telehealth integration.
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What Are the High-Growth Segments in the Practice Management System Market?
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
Subsegments:
1) By Standalone: Billing And Invoicing Software, Scheduling And Appointment Management Software, Patient Registration And Record Management Software, Revenue Cycle Management (RCM) Solutions, Reporting And Analytics Software
2) By Integrated: Electronic Health Records (EHR) Integration, Laboratory Management System Integration, Patient Portal And Communication Integration, Accounting And Financial Management Integration, Hospital Information System (HIS) Integration, Telemedicine And Virtual Care Integration
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What Key Drivers Are Expected to Influence Future Practice Management System Market Growth?
The continuously rising usage of electronic prescriptions is anticipated to fuel the expansion of the practice management system market. Digital prescriptions, which replace conventional paper ones, are sent to pharmacies or entities dispensing medicines directly by healthcare providers, primarily through specific software or systems. Practice management systems come to aid in auto-populating patient data, prescribing controlled medicines securely, and issuing alerts or warnings. For example, a notable annual growth of 10.4% in electronic prescriptions was reported by the Surescripts National Progress Report, a US information technology company, which noted the figure reached 2.34 billion in 2022 in July 2023. Consequently, the growing favorability towards electronic prescriptions is contributing to the expansion of the practice management system market. The continually escalating healthcare spending is projected to fuel the expansion of the practice management system market. The term "healthcare" denotes a structured system of medical facilities, services, professionals, and resources aimed at promoting, sustaining, and reviving the physical and mental health of individuals and populations. Practice management systems find their utilization in managing healthcare expenditures by enhancing the efficiency of revenue collection, optimizing the allocation of resources, and cutting down administrative costs. For instance, the Office for Budget Responsibility (OBR) and the Treasury's economic forecasts suggest that the UK's projected health spending will rise to £192 billion ($244.43 billion) in 2024/25 from £182 billion ($231.70 billion) in 2022/23. Therefore, the increment in healthcare expenses is fuelling the expansion of the practice management system market.
Which Companies Hold the Largest Share Across Different Practice Management System Market Segments?
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
What Trends Are Driving Growth in The Practice Management System Market?
Leading corporations in the practice management system market are prioritizing the integration of cutting-edge technologies like Karbon AI to magnify their market profitability. Essentially, Karbon AI is an AI tool engineered by using GPT, which is fused into the highly regarded accounting practice management software, hence amplifying the operational efficiency of accountants. For instance, in May 2023, Karbon Inc., a US-based top-tier provider of cooperative practice management systems for accounting businesses, initiated 'Karbon AI'. This tool, based on GPT-powered artificial intelligence, is designed to boost the efficiency of accounting organizations. The features of Karbon AI encompass summarizing extensive emails, evaluating the email inbox, and drafting emails.
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What Are the Emerging Geographies for The Practice Management System Market Growth?
North America was the largest region in the practice management system market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Practice Management System Market?
2. What is the CAGR expected in the Practice Management System Market?
3. What Are the Key Innovations Transforming the Practice Management System Industry?
4. Which Region Is Leading the Practice Management System Market?
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