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 growth of the practice management systems market is primarily attributed to the factors such as increasing prevalence of chronic diseases, growing burden of patients, and focus on proving quality care in affordable costs. However, factors such as concerns of data privacy and lack of healthcare infrastructure in emerging nations are likely to pose a negative impact on the market growth. On the other hand, growth opportunities in emerging regions are likely to have a positive impact on the growth of the global practice management systems market during the forecast period. With a rise in cases of chronic illnesses such as diabetes, cancer, and inflammatory diseases, the healthcare domain is exponentially increasing patient population across the globe. Moreover, increasing emphasis on automation of administrative tasks in healthcare is projected to offer lucrative opportunity for the growth of the global practice management systems market. Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the healthcare-IT spending in leading economies such as Japan, China and India.
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.
In 2019, standalone systems held a largest market share of 67.75% of the practice management systems market, by product. However, integrated solutions are expected to register higher CAGR by 2027.
Global practice management systems market, based on the product, is segmented into Standalone Systems and Integrated Systems. In 2019, the Standalone Systems held the largest share of the market, by product. Also, integrated systems segment is expected to grow at the fastest rate during the coming years owing to increasing adoption of integrated systems across the globe.
Global practice management systems market, based on the delivery mode, is segmented into web-based, cloud-based, and on-premise delivery mode. In 2019, the web-based segment held the largest share of the market, by delivery mode. Cloud-based segment is also expected to grow at the fastest rate during the coming years owing to increasing adoption of the cloud technology.
Global practice management systems market, based on the component, is segmented into software and services. In 2019, the software segment held the largest share of the market, by component. In addition, the segment is also expected to grow at the fastest rate during the coming years.
Some of the major primary and secondary sources for Practice Management Systems included in the report are Centers for Disease Control and Prevention (CDC), USFDA, Healthcare Information and Management Systems Society, contract research organizations, and among others.