Practice Management Systems Market is expected to reach US$ 33,065.11 million by 2030

PRESS RELEASE BY The Insight Partners 28 Dec 2023

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On-Premises Practice Management Systems Segment, Based on Delivery Mode, to Lead Practice Management Systems Market During 2022–2030

According to our new research study on “Practice Management Systems Market Forecast to 2030 – Global Analysis – by Product, Component, Delivery Mode, Application, End User, and Geography,” the practice management systems market size was valued at US$  16,795.49  million in 2022 and is projected to reach US$  33,065.11  million by 2030; the market is expected to register a CAGR of 8.84% from 2022 to 2030. Key factors driving the practice management systems market growth are increasing preference for improved patient care standards and rising pressure on healthcare institutions to provide high-quality services at reduced costs. However, issues with privacy and data security hinder the practice management systems market growth.

Based on delivery mode, the practice management systems market is segmented into web-based practice management systems, cloud-based practice management systems, and on-premises practice management systems. In 2022, the on-premises practice management systems segment held a significant share of the market. On-premises solutions provide patient data security, easy retrieval, and easy access. Hospitals or other healthcare entities use on-premises practice management systems to record and store patient data while implementing a point-of-care system. An on-premises delivery solution can be installed and operated on computers within the facilities' premises. An on-premises delivery mode offers a cost-efficient (in the long term) and portable solution for all types of healthcare practices. The inclination toward these solutions is mostly due to the complete access to the information within the premises. On-premises systems are a reliable option for large healthcare systems and organizations as they can store large amounts of data, pay high upfront costs, and maintain servers. Additionally, the expanding networks of corporate hospital chains generate a high demand for on-premises practice management systems.

Practice Management Systems Market, by Region, 2022(%)

Practice Management Systems Market, by Region, 2022(%)

Practice Management Systems Market Trends Report | Size, Share & Growth Outlook 2030

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Practice Management Systems Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product (Integrated Practice Management Systems and Standalone Practice Management Systems), Component (Software and Services), Delivery Mode (Web-Based Practice Management Systems, Cloud-Based Practice Management Systems, and On-Premises Practice Management Systems), Application (Patient Record Tracking, Administrative Tasks, Processing Insurance Claims, Coding & Billing, and Others), End User (Hospitals and Clinics, Physicians Office and Labs, Insurance Companies, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Source: The Insight Partners Analysis

However, cloud-based practice management systems are anticipated to record the highest CAGR during 2022–2030. The cloud-based systems offer automated logic for the integration of financial, clinical, and administrative processes on a single platform. With the use of cloud-based software solutions, data can be stored on external servers, making it accessible via the web, as it needs only a computer and an internet connection to access the data. Healthcare providers can automate routine medical tasks with the use of cloud-based delivery in medical practice management. Deployment of cloud-based systems is less expensive than the deployment of on-premises systems, and the software eliminates the need for in-house maintenance, which is a prime factor for fueling their demand. Cloud-based medical practice management is cost and time-effective and advances patient satisfaction, as it is accessible to medical professionals.

Small- to medium-sized healthcare organizations can benefit greatly from cloud-based medical practice administration since there are no large hardware costs, and software expenses are consistent with a low subscription rate. The cloud-based model is versatile in terms of scalability. It streamlines and consolidates storage resources to reduce costs and enhance workflow by reducing departmental silos of clinical information. The practice management systems market for the cloud-based practice management systems segment is witnessing significant growth owing to advantages such as easy information exchange, superior compatibility, and faster processing. In addition, factors such as a growing number of practice management system installations, rising emphasis on patient treatment documentation, growing focus on reducing healthcare costs, upsurging demand for faster processing, and increasing need for patient analytics propel the demand for cloud-based practice management systems.

Based on region, the practice management systems market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific is anticipated to register the highest CAGR in the market during 2022–2030. The demand for practice management software in APAC region is growing due to the rising aging population, increasing prevalence of chronic diseases that produce a larger patient pool, and upsurging demand for high-quality healthcare solutions in emerging markets at reduced prices. China, India, and Japan are three major contributors to the growth of the practice management systems market in the region. The market growth in China is attributed to modernization in healthcare infrastructure and a growing focus on improving healthcare services and efficiency. China integrates technology to streamline healthcare processes and enhance overall efficiency. The country’s aging population and escalating healthcare demands emphasize the necessity for sophisticated, automated systems to manage patient treatment records, appointments, and billing effectively. Additionally, increased awareness among healthcare professionals, coupled with targeted education and training programs, results in focused efforts to revolutionize the country’s healthcare infrastructure and services.

The growth of the practice management systems market in India is driven by rapid digital transformation across various industries, including healthcare. Adopting technology is crucial to improve healthcare delivery efficiency, and practice management systems play a vital role in this process. Moreover, the burgeoning population of the country and increasing focus on healthcare accessibility have created a need for sophisticated management tools in the country.

WRS Health, PracticeEHR, Henry Schein Medical Systems Inc., Epic Systems Corporation, AdvantEdge Healthcare Solutions, DrChrono Inc., AdvancedMD Inc., Athenahealth, McKesson Corporation, PracticeSuite Inc., and Meditab Software Inc. are among the leading companies operating in the practice management systems market.  

Based on product, the practice management systems market is segmented into integrated practice management systems and standalone practice management systems. By components, the practice management systems market is bifurcated into software and services. The practice management systems market, by delivery mode, is segmented into web-based practice management systems, cloud-based practice management systems, and on-premises practice management systems. The practice management systems market, by application, is segmented into patient record tracking, administrative tasks, processing insurance claims, coding and billing, and others. Based on end users, the practice management systems market is segmented into hospitals and clinics, physicians offices and labs, insurance companies, and others. The practice management systems market, by geography, is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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