Practice Management Systems Market — Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Most patients tend to visit multiple physicians for treatment. Hence, maintenance of consistence treatment history becomes difficult. Practice management systems (PMS) helps manage the daily operations of an organization. Physicians and group organizations need to maintain large amounts of data of day-to-day activities. Practice management systems address these needs, maintaining critical patient information such as patient demographics, appointment schedule, insurance payer data, billing, and diagnostic and treatment history. Practice management system software are often synchronized with electronic medical record (EMR) or electronic health records (EMR) software for better hospital management. PMS allows for efficient management of health data, patient scheduling, billing process, and referral policies.

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Increasing investments to upgrade healthcare facilities, especially in developed regions and growth of the healthcare IT industry in emerging economies, is creating a highly conducive environment for growth of the practice management systems market. Increasing adoption of PMS has been witnessed in emerging nations such as Indian, China, South Africa, and Brazil, in order to streamline operations and in turn provide better healthcare facilities in these countries. Data security is however a critical factor in deploying PMS. Non-compliance to HIPAA regulations can invite legal issues and lead to monetary losses to the end users.

Practice Management Systems Market Taxonomy:
The global practice management systems market is segmented as follows:
 Components:
o Hardware
o Software
 Product Type:
o Integrated
o Standalone
 Software type:
o Desktop-only software
o Client-server software
o Internet-based software
 Delivery Platform:
o Web-based
o Cloud
 On-premiseEnd Users:
o Hospitals
o Pharmacies
o Diagnostic Laboratories

Increasing hospital visits creating favorable environment for market growth

 World Health Organization (WHO) estimates that there would be around 24 million cancer cases globally by 2035. In the U.S., over one-third of the adult population is obese, as revealed by statistics released by Centers for Disease Control and Prevention (CDC) (2016). As obesity is a major predisposing factor to various diseases such as diabetes and other cardiovascular diseases, steep rise in patient population is expected in the near future.

 Prevalence of infectious diseases is also on the rise. Moreover, increasing instances of drug-resistance has mandated physicians to maintain medication history of patient.

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 Rapid rise in geriatric population base: According to WHO, over 2 billion individuals worldwide will be aged 60 years and above by 2050. A detailed report published by CDC projects that by 2030, 20% of the U.S. population would comprise of geriatric people. Risk of diseases increases with age and therefore, maintaining the medical records of each patient becomes essential.

Rapid rise in number of patients visiting hospitals mandates efficient keeping of patient history and record maintenance, in turn fueling growth of the practice management systems market. Moreover, physicians and diagnostic laboratories are investing to integrate their system to improve operational efficiency and serve their customers better.

High Installation Cost Hindering Growth in Emerging Economies
The practice management systems market is mainly concentrated in the U.S. mainly due to presence of dense network of hospitals and favorable investment environment. The Department of Health and Human Services (HHS) agreed to pay half the amount to states that are willing to shift to new Comprehensive Child Welfare Information System (CCWIS) for data collection and analysis in March 2017. This would also benefit the PMS providers and the overall practice management systems market growth in the country.

The market is also growing in major European countries such as the U.K., France, Germany, Italy, and Spain. The practice management systems market is yet in its introductory phase in Asia Pacific, Latin America, Africa, and Middle East regions, owing to low diagnosis and treatment rate combined with financial challenges linked with deployment of expensive software systems.

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Key vendors in the global practice management systems market: Allscripts Healthcare Solutions, Inc. Henry Schein MicroMD, Athenahealth, Inc., GE Healthcare, NextGen Healthcare Information System LLC, Practice Fusion, McKesson Corporation, Greenway Medical AdvantEgde Healthcare Solutions, MediTouch, and Accumedic Computer Systems.

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