Medical practice management software or PMS deals with day-to-day operations related to medical operations. They capture patient demographics and perform other chores like schedule appointments, generating reports, listing insurance payers, etc. Different factors like the burden of escalating healthcare costs, rising governmental initiatives and advancing technology are expected to drive the global practice management system market at a healthy growth rate. Adoption of this software from different medical organizations and physicians are expected to drive the demand in the global market. Growing investments in the industry are also expected to create more business opportunities.
Segmentation in PMS Market
The global practice management system market is segmented on the basis of the types of products, which include standalone and integrated solutions. On the basis of the types of components, the global market is divided into software and services. The basic delivery modes of these products include web-based, cloud-based and on-premise services. End-users in the market include pharmacists, physicians, diagnostic laboratories and others. Geographically, the market is segmented into North America, Asia, Europe, and the rest of the world.
Drivers and Trends
According to the experts, the global practice management system market is driven by the growing healthcare costs, demand for integrated healthcare systems, growth in the instances of medication errors, rising incentives by federal governments, and high return on investment in the market. Apart from that, growing inclination towards patient centric care approach of the businesses is expected to create strong business opportunities for the key players in the market. Emergence of cloud-hosted models along with rising demand and adoption from the developing markets are also expected to create strong business prospects for this industry.
According to the analysis of all the key segments in the industry, the researchers can easily draw conclusions about the major drivers, restraints, and growth opportunities for the market. The key restraints for the industry include dearth of trained professionals, high cost and time for integration, interoperability and data privacy creating security issues. Despite these hindrances, the global practice management system market is expected to grow at a healthy CAGR of over 8%. At this projected rate, the market is estimated to reach $247.1 million by 2018.
During the forecasting period, the cloud-hosted services segment is expected to grow at a healthy CAGR of over 12%, during the same forecasting window. North America is expected to dominate the practice management system market, which is expected to be followed by Europe and Asia Pacific.