NEW YORK, Jan. 4, 2017 /PRNewswire/ -- The global dental practice management software market is expected to reach a value of USD 1.59 billion by 2024, according to a new report by Grand View Research, Inc. The growth of the market is attributed to the increasing geriatric population along with expected increase in oral healthcare expenditure.
Demand for practice management services is anticipated to grow continuously due to rise in aging people and increase in oral healthcare expenditure. For instance, according to the U.S. Census Bureau's International Data Base, the population of 45 year and older individuals is expected to grow by about 12% between 2015 and 2025. However, the total U.S. population will grow by about 8% in 2015 to 2025. Furthermore, expected increase in oral health insurance coverage and government initiatives could drive the industry during the forecast period.
Usage of various modules increases the productivity and efficiency of dentists. Furthermore, technological advancements in the field and growing investments by companies in emerging geographical areas are expected to propel the industry. Integrated software with the features of appointment scheduling, reminder service, perio charting, tooth charting, payment, electronic health records, and more increases the demand of these products as they helps treamline dental practice.
Further Key Findings From the Study Suggest:
Cloud-based dental practice management software segment is projected to grow at the fastest rate during the forecast period. This is due to its flexibility, disaster recovery system, automatic software updates, increased collaboration, ability to work on any internet connected device, security, environment friendly, and ability to establish competition.
Web-based segment dominated in 2015 as it provided some of the same features as the cloud-based software segment, that to at lower costs as compared to other software. In addition, it takes the first-mover advantage in the market. However, over a period cloud-based segment may surpass the web-based and on-premises segments due to its additional advantages.
In 2015, regionally North America dominated the market due to government initiatives, presence of key players, growing geriatric population, and high oral healthcare expenditure are the major factors that contributed toward its dominance.
Asia Pacific is the fastest growing region owing to increasing investment of industry players and rising awareness about oral healthcare among the people.
Some of the market players are Henry Schein, Inc.; Patterson Companies, Inc.; Carestream Dental; and Curve Dental, Inc., DentiMax, LLC; Practice Web, Inc.; NextGenHealthcare Information Systems, LLC; ACE Dental Software and others.
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