Cloud-based dental practice management software market to generate massive gains over 2016-2023

Dental practice management software industry is amongst one of the fastest proceeding sectors in the overall healthcare IT ecosystem. Dental practice management software is getting a renewed traction driven by the optimized, convenient, and efficient operation management enabled by these systems. With the right mix of technology and software, dental practice management software industry has not only improved in terms of providing advanced care, but also in effectively managing finances, marketing, patient relationships, and other operational aspects of dental practice.

This to be billion-dollar industry is witnessing various technological advances leading to profound innovations in the field of dentistry. Few of these major advancements are witnessed in EHR practice management and modules such as check-in and online patient portals. Incorporating such software in dental practice is enabling time saving and revenue-boosting operations, which has in turn fueled the dental practice management software market share. One such instance witnessing a massive deployment of these systems is the demand to maximize the chair time utilization. Chair time here refers to the amount of time a patient spends in the chair of a dentist. Incorporation of dental practice management software in this instance will eliminate challenges that affects the profitability of dental practitioners such as short notice cancellations, un-booked appointments, failure-to-attends, etc. Here the optimal use of management software by the dentists may results in higher revenue generation and improved gains. In fact, a well-organized use of chair time can raise the profits by more than 20% and the revenue by more than 5%. Fueled by the massive deployment of these tools to boost the operational efficiency of the dental practice, DPMS industry is poised to chart a lucrative roadmap over the years ahead.

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A report compiled by Global Market Insights, Inc., states that the global dental practice management software market is undergoing tremendous changes with the advent of digital health technologies, developments pertaining to healthcare IT, and mandates established by the government. Growing at a CAGR of 11.2% dental practice management software industry is likely to reach a revenue of USD 2.2 billion by 2023. Favorable political scenario and reimbursement policies such as Medicaid & Medicare coupled with the presence of various associations such as ADA & EDA are positively strengthening the growth of dental practice management software industry.

Currently, North America dental practice management software market represents the largest regional geography in the world. The region is witnessing rapid healthcare IT infrastructure developments and utility of tablet and mobile related solutions. U.S. is set to witness a soaring adoption of dental practice management software with the expanding healthcare IT sector. U.S. dental practice management software industry is projected to surpass a market valuation of USD 800 million by 2023, registering its name as the leading country contributing to North America business space. Health Information Technology for Economic and Clinical Health Act, which has allocated USD 25 billion to encourage the adoption of advanced technology and software in healthcare is also favoring the regional trends.

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The cloud technology has remarkably revolutionized the healthcare IT fraternity. The foremost attribute of the cloud is that it effectively frees up the flow of data by making it accessible from multiple locations, thereby combating the locational constraints. Subject to this fact, cloud-based dental practice management solutions are set to be a real game-changer in the industry. The technology has enabled optimal management by providing access to account information, patients record, statistics, and dental plans irrespective of the location of the clinician or the patient. Cloud based dental practice management software market is anticipated to record the highest annual growth rate of 14.3% over 2016-2023 and generate revenue over USD 700 million by 2023. On-premise and web-based are the other types of deployment mode within dental practice management software market. In 2015, web-based software led dental practice management software industry share, followed by on-premise and then cloud-based solutions. However, over the coming years, cloud-based delivery mode is set to race ahead of on-premise based deployment mode in terms of revenue by 2023.

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Asia Pacific dental practice management software industry is anticipated to register a CAGR of 13.2%. over 2016-2023, driven by China and Japan which procured over 50% of the overall APAC share in 2015. Several regions including South Korea, Australia, Singapore, and Japan are at the forefront with regards to adopting advanced technologies and healthcare IT solutions. With growing deployment of quality healthcare IT infrastructure in the emerging economies, APAC dental practice management software is further anticipated to witness high growth potential over the coming years.

With growing number of regional and global players, global dental practice management software industry is ought to witness a fiercely competitive landscape in the years ahead. Some of the major dental practice management software market players include ClearDent, Curve Dental, Henry Schein, Inc., Carestream Dental Llc, Quality Systems, Inc., and Patterson Companies, Inc.

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