According to a new market research study titled ‘Practice Management Systems Market – Global Analysis and Forecasts by Product, Delivery Mode, and Component, the global practice management systems market is expected to reach US$ 6,740.84 Mn in 2027 from US$ 3,143.76 Mn in 2019. The market is estimated to grow with a CAGR of 10.2% from 2020-2027.
The report highlights the trends prevalent in the global practice management systems market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to rising prevalence of chronic diseases, increasing geriatric population, and rising awareness regarding healthcare. However, growing concerns of data privacy are likely to hamper the growth of the market.
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Global practice management systems market, based on the delivery mode is segmented into web-based delivery mode, cloud-based delivery mode, and on-premise delivery mode. In 2019, the web-based delivery mode segment held a largest market share of 41.7% of the practice management systems market, by delivery mode.
This segment is also expected to dominate the market in 2027 owing to increasing adoption web-based practice management services, especially in developing regions. Moreover, the cloud-based delivery mode is anticipated to witness the significant growth rate of 10.9% during the forecast period, 2020 to 2027.
Some of the prominent players operating in practice management systems market are, Allscripts Healthcare Solutions, Inc., Athena Health, Cerner Corporation, Epic, eClinicalWorks, GE Healthcare, McKesson Corporation, Medical Information Technology, Inc., Nextgen Healthcare Information System, LLC, and Henry Schein, Inc.
The market players are focused towards acquisitions with industry players in order to sustain their position in the market. For instance, in July 2017, GE Healthcare acquired Novia Strategies, a 22 year old US based healthcare consulting company with an aim to expand clinical software products portfolio and customer base.
The report segments the global practice management systems market as follows:
Global Practice management systems Market – By Product
• Standalone
• Integrated
Global Practice management systems Market – By Delivery Mode
• Cloud-based
• Web-based
• On-Premises
Global Practice management systems Market – By Component
• Software
• Services
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