Growth drivers such as improving healthcare infrastructure, digitalization of healthcare systems, mounting pressure to reduce healthcare costs, and increasing sales of value-added services will fuel the practice management systems market at a CAGR of 9.7% during the forecast period (2018–2023). According to P&S Intelligence, the market generated a revenue of $9.3 billion in 2017 and it has the potential to reach $16.0 billion by 2023. Moreover, constant technological developments will also facilitate the market growth in the foreseeable future.
Categories under the deliver mode segment of the practice management systems market include web-based, on premise-based, and cloud-based. Among these, the web-based category accounted for the largest market share in 2017, due to the reduced cost and ability to offer access to high-volume of data of web-based solutions. Whereas, the cloud-based category is expected to register the highest growth during the forecast period, as the cloud-based systems have attained compliance with the Health Insurance Portability and Accountability Act (HIPAA) via data centers with robust encryption tools and bank-level security.
The leading players of the practice management systems market are focusing on the development of new products for EHR and revenue cycle management. For example, eClinicalWorks, in April 2018, announced that Physicians’ Clinic of Iowa (PCI) intends to shift to eClinicalWorks, a cloud-centric EHR solution, for its providers. This solution can enhance the ability of PCI to fulfill its growth plans during the provision of exceptional patient care. Other players adopting this measure include Epic Systems Corporation, McKesson Corporation, Quality Systems Inc., and Greenway Health LLC.
Thus, the increase in number of hospitals and dynamic changes in business models of healthcare facilities will fuel the market growth in the foreseeable future.
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This study covers
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings
