Practice Management Systems Market to Garner $ 6,740.84 Mn, Globally, by 2027 at 10.2% CAGR: The Insight Partners

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Increasing the prevalence of chronic diseases is driving the market for practice management systems over the forecast period.

NEW YORK, UNITED STATES, November 24, 2021 / — According to The Insight Partners 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.

Strategic Insights:

Report Coverage (Details)
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 to 2027
Forecast Period – 2019- 2027
Base Year – 2019
No. of Pages – 147
No. Tables – 45
Segments covered – By Product, Delivery Mode, Component and Geography
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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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.

Growing Applications of Practice Management System in Healthcare to Drive Practice Management System in Healthcare Market Growth

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 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.

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.

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.

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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.

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

Practice Management Systems Market: Competitive Landscape and Key Developments

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.

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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.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Source: EIN Presswire