Practice Management System Market by Product Type (Stand-alone Practice Management Software and Integrated Practice Management Software), Component (Software and Services), Mode of Delivery (On-Premise and Cloud-based), End Users (Pharmacies, Diagnostic Laboratories, Hospitals, and Other End Users), and Geography (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The practice management system market size is estimated to register a substantial CAGR of over 8.3% during the forecast period, 2021–2028. The growth of the market is attributed to the need to increase the efficiency of current medical practices and institutions.

Practice management in healthcare can be defined as the process that deals with the day-to-day operation of medical practice. Medical Practice Management System (PMS) is software that helps medical organization to fix appointments with practitioners, record patient data, perform billing related tasks and generate final reports, and maintain record of insurance payment companies. Nowadays PMS are integrated with Electronic Medical Records (EMR) that deals strictly with patient medical data (medical and treatment history) as an all inclusive data management system.

The Covid-19 pandemic had a positive impact on the practice management system market as there is a rapid increase in the COVID-19 infected patients and these solutions are estimated to help in the smooth workflow during the treatment process. Thereby, majority of the key players are involved in launching new products for the management of healthcare systems during the pandemic. For instance, in March 2020, Innovaccer launched COVID-19 Management System, which enables providers with free telehealth services and analytics to assess risk profiles and triage the influx at medical practices and primary care clinics during the pandemic.

Market Trends, Drivers, Restraints, and Opportunities

• Integration of practice management system with other healthcare IT solutions (CPOE, EHR, Laboratory Information System and others) is estimated to surge the market in coming years.
• Rising convolution associated with patient care and payments and trend of centralization within the healthcare industry is expected to drive the market during the forecast period.
• Changing dynamics of the hospital industry including centralization and digitalization of the back end processes is expected to propel the practice management system market.
• Rising population with lower immunity levels and prone to PAH and associated diseases are anticipated to fuel the market in coming years
• Government initiatives to upgrade healthcare facility infrastructure is likely to boost the demand for practice management system in near future.
• R&D investment and technological advancement in practice management system market are expected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the practice management system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment insights

The integrated practice management software segment is projected to constitute a large market share

Based on product type, the practice management system market is segregated into stand-alone practice management software and integrated practice management software. The integrated practice management software segment is expected to account for a key share of the market during the forecast period owing to the trend of centralization within the healthcare industry and the growing difficulties associated with patient care and payments. Furthermore, integrated solutions comprise of a mix of e-Prescription, EHR, patient engagement, and others along with the billing systems which is likely to drive the market.

The software segment is expected to register a substantial CAGR

Based on component, the practice management system market is divided into software and services. The software segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to its applications and significance in practice management systems; however, services segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand of assistance and training in installing the software and upgrade the system in-line with the magnifying growth of IT technology.

The cloud-based segment is expected to dominate the market

Based on mode of delivery, the practice management system market is segregated into on-premise and cloud-based delivery. The cloud-based segment is anticipated to expand at a rapid pace during the forecast period as it provides higher flexibility and cost-efficiency compared to its competitor.

The Pharmacies segment is projected to constitute a sturdy growth

Based on end users, the practice management system market is segregated into pharmacies, diagnostic laboratories, hospitals, and others. The pharmacies segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand from pharmaceutical shops, increasing population demands and accumulation of data analytics.

North America is expected to dominate the market

In terms of geography, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a robust CAGR during the forecast period.  Presence of better healthcare infrastructure and a rising geriatric population in the region is expected to drive the market growth in near future. Furthermore, presence of advanced research centers, high economic development, medical device manufacturers, hospitals, and universities are the key factors driving the market in the region.