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Global Medical Practice Management Software (MPMS) Market Size and Forecast to Grow at a CAGR of 8%% By 2021
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This industry research report identifies Allscripts, Cerne, CPSI, Epic Systems, General Electric Company, and McKesson as the key vendors in the global medical practice management software (MPMS) market. This industry research report also presents a competitive analysis of the market by deployment model (on-premises and cloud-based), by end-user (hospitals, diagnostic laboratories, physicians, and pharmacists), and by geography (the Americas, APAC, and EMEA).
Overview of the global medical practice management software (MPMS) market
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Market research analysts at Technavio predict that the global medical practice management software (MPMS) market will grow steadily at a CAGR of over 8% by 2021. This market research analysis identifies the ability to achieve increased efficiency and productivity of MPMS as one of the primary growth factors for this market. MPMS helps healthcare centers in managing information and generating reports of clinical and administrative performance which can be used for medical practice improvement plans. This subsequently enhances the organizations efficiency by improving the quality and increasing productivity. Furthermore, the software also monitors business processes and identifies financial irregularities that can be reported to the management for appropriate actions.
Reporting has become an essential part of medical practice management since it helps gain meaningful insights. Physicians heavily depend on the reporting capabilities of their software systems to give them real numbers and data that can help them gauge the efficiency of their practices. This will increase the demand for MPMS since the software can go beyond the capabilities of providing basic information including basic finances, important hidden data, potential sources of revenue, and custom reports. With the increasing focus on detailed and customized reporting, such benefits will significantly fuel the growth of the MPMS market.
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Competitive landscape and key vendors
The MPMS market is competitive and is characterized by the presence of a few multinational vendors and many niche players. With the increase in demand for MPMS in the healthcare sector, the level of competition among the players in this marketspace is expected to intensify in the coming years. To increase their foothold in this global market, the vendors are making huge investments to develop customized solutions that can be used to integrate into different systems. To sustain the competition and improve their market positions, the vendors are also concentrating on offering cloud-based MPMS solutions.
The leading vendors in the market are -
Allscripts
Cerner
CPSI
Epic Systems
General Electric Company
McKesson
The other prominent vendors in the market include AdvancedMD, Athenahealth, CureMD, Greenway Health, MacPractice, MediGain, Meditab, NextGen Healthcare, NueMD, and Practice Fusion.
Segmentation by end-user and analysis of the MPMS market
Hospitals
Diagnostic laboratories
Physicians
Pharmacists
During 2016, the hospitals segment accounted for the major shares and dominated this market. Hospitals are increasingly adopting MPMS to overcome challenges in the administrative processes and collaboration among staff across multiple sites. Factors such as the increasing focus towards streamlining the administrative processes such as appointment management, patient scheduling, clinical charting, patient reminders, and billing and accounting will contribute to the growth of this market segment in the coming years.
Geographical segmentation and analysis of the MPMS market
Americas
APAC
EMEA
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market by 2021. Implementing MPMS solutions helps in eliminating paperwork and also provides seamless access to data through cloud technology. The implementation of IT services in the healthcare sector that is inducing government and private healthcare institutions in this region to increase their healthcare expenditures will be a major factor fueling the markets growth prospects in the Americas during the next few years.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global MPMS market?
What are the key market trends impacting the growth of the global MPMS market?
What are the challenges to market growth?
Who are the key vendors in the global MPMS market?
What are the market opportunities and threats faced by the vendors in the global MPMS market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global MPMS market?
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