Publication Month: Feb 2020 | Report Code: TIPHC00002219 | No. of Pages: 147 | Category: Healthcare IT | Status: Published
Practice management solutions enables co-ordination in organizational tasks and process through improved workflows. Practice management systems allows healthcare professionals to focus on offering quality care by lowing the administrative burden. Moreover, the solution automates day-to-day patient activities, leading to increased efficiency, productivity, and profitability. Integrated practice management solutions allow physician to share and connect to electronic health records enabling generation of full analyzed patient report. Practice management systems are considerably expected play its role in managing exponentially increasing patient population and shortage of primary healthcare resources. The growth of the Practice Management System in healthcare market is attributed to the rising prevalence of chronic diseases, growing adoption of big data & health IT tools, number of strategic initiatives taken by governments, and growing number of hospitals. However, the growth of the market is expected to be restrained by lack of awareness about software in emerging nations and concerns regarding data privacy.
The Practice Management System in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
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Administrative tasks are among the major challenges faced by healthcare providers, which impact their overall performance. A core objective of healthcare businesses is to determine solutions to decrease the functional and operational costs to deal with the increasing government pressure regarding the elevating prices of drugs and medical devices as well as pertaining to the adoption of a value-based healthcare. Currently, the healthcare sector is under a constant pressure to condense the healthcare delivery costs, which calls for enhancements in evidence-based patient care and health plans, improvements in regulations management strategies, and consolidation of healthcare systems, simultaneously. The increasing number of patent cliff and growing pricing pressure compel healthcare providers to cut down drug prices to encourage the use of generics, instead of branded drugs, and scale back reimbursements. This, in turn, would lead to steady drop in the annual net sales and profit margins of the healthcare providers, creating an instant requirement of a considerable strategic plan for healthcare providers to reduce the operational costs.
The healthcare IT systems help reduce the costs associated with chronic diseases by improving to keep a real-time track of a patient’s health status by the healthcare provider. As per the American Diabetes Association, in 2017, the estimated costs of diagnosed diabetes rose to US$ 327 billion, including US$ 90 billion in reduced productivity and US$ 237 billion in direct medical costs. The price can be efficiently managed by a clinical decision support system that further helps manage diseases and keep track of individual dosage patterns, which can help patients get assistance with disease and medication management, along with helping them overcome the disease.
Chronic diseases such as stroke, heart diseases, diabetes, and obesity are the leading causes of death in the world, and they account for most of the nation’s health care costs. According to the report of the Centers for Disease Control and Prevention (CDC), >9% of the population was suffering from diabetes, in 2018, which is a leading cause of kidney failure, lower-limb amputations in the US. Moreover, the data also suggested that ~1.5 million Americans are identified with diabetes in the US, every year. The similar trend of increasing prevalence of diabetes is widespread in other regions, including Europe, APAC, and the MEA. For instance, in 2017, according to IDF Diabetes Atlas published by the International Diabetes Federation (IDF), Southeast Asia is a home to ~19% of the total diabetes population worldwide. As per the IDF, in 2017, North America reported ~46 million of people with diabetes, which is expected to reach 62 million by 2045.
According to the report of American College of Cardiology Foundation, the coronary heart disease (CHD) was the primary cause of deaths attributable to cardiovascular disease (CVD), in the US, in 2018, which led to ~43% of the total deaths in the country in that years; this factor was followed by stroke (16.8%), high BP (9.4%), heart failure (HF) (9.0%), and other CVDs (17.9%). Moreover, by 2035, ~130 million adults in the US are projected to have some form of CVD. Moreover, the obesity rates have been rapidly increasing in the developed as well as developing economies worldwide. The rise in obesity is mainly attributed to unhealthy and sedentary lifestyles. The prevalence has increased rapidly in Australia,
Canada, Chile, the UK, and South Africa in the recent decade. Also, the obesity levels are anticipated to be high in the US, Mexico, and England, consisting of around 47%, 39%, and 35% of the population, respectively, by the end of 2030. Thus, increasing geriatric population and related chronic diseases are expected to drive the demand for healthcare service, leading to the rise in the adoption of practice management systems, during the forecast years.
In terms of component, the Practice Management System in healthcare market is segmented into standalone, integrated. In 2019, the standalone segment held the largest share of the market, by product.
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In terms of delivery mode, the Practice Management System in healthcare market is segmented into cloud based, web based, on premise. Web-based delivery mode held the largest share of delivery mode segment in the global market
In terms of component, the Practice Management System in healthcare market is segmented into software, and services. In 2019, the software segment held the largest share of the market, by component and is expected to grow at the fastest rate during the forecast period.
|Market Size Value in||US$ 3,143.76 Million in 2018|
|Market Size Value by||US$ 6,740.84 Million by 2027|
|Growth rate||CAGR of 10.2% from 2019-2027|
|No. of Pages||147|
|No. of Tables||73|
|No. of Charts & Figures||20|
|Historical data available||Yes|
|Segments covered||Product ; Delivery Mode ; Component ; and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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The Practice Management System in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
The List of Companies - Practice Management Systems Market