Medical practice management software (MPMS) market size to grow at a CAGR of 12.44% from 2022 to 2027, The increased popularity of e-prescriptions to be a major market trend - Technavio

NEW YORK, April 19, 2023 /PRNewswire/ -- Technavio has been monitoring the medical practice management software (MPMS) market, and it is expected to grow by USD 4,936.13 million from 2022 to 2027. As per the latest report, the market will progress at a CAGR of 12.44% during the forecast period. This report aid business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence market growth, and the overall market environment. The increased popularity of e-prescriptions is an emerging trend in the market growth. E-prescription functionality is provided by market vendors of MPMS solutions and mobile applications. You can use the mobile application to access your electronic prescriptions, find nearby pharmacies, and purchase prescription drugs. Additionally, electronic prescribing programs are increasingly being used to store patient medication histories in MPMS systems. Thus, the increased popularity of e-prescription is one of the major trends that are expected to drive the growth of the global medical practice management software market during the forecast period. Click & get the up-to-date Sample Report within minutes!

Medical practice management software (MPMS) market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our medical practice management software (MPMS) market report covers the following areas:

• Medical practice management software (MPMS) market size
• Medical practice management software (MPMS) market trends
• Medical practice management software (MPMS) market industry analysis
• Medical practice management software (MPMS) market five forces analysis
• Medical practice management software (MPMS) market competitive landscape

Medical practice management software (MPMS) market 2023-2027: Market Dynamics

Major Drivers

• The increased efficiency and productivity of MPMS are notably driving market growth.
• MPMS aids in the optimization of chair time as well as the reduction of patient wait times and administrative expenses.
• Increasing a healthcare center's quality and productivity, MPMS enhances organizational processes.
• Patient demographic data, spend analysis, overhead costs, inventory management, insurance claims, patient analysis, regulatory and compliance data, license information, and emergency management are all managed with the aid of MPMS. 
• The software also generates reports of clinical and administrative performance that can be used for medical practice improvement plans.
• Hence, such factors are expected to propel the growth of the global medical practice management software (MPMS) market during the forecast period.

Key Challenges

• Data security and privacy concerns are major challenges impeding market growth.
• Due to its affordability and accessibility, cloud-based MPMS is preferred over on-premises systems by many hospitals.
• A cost-efficient and practical method of storing and accessing data is provided by cloud-based MPMS.
• However, as it could expose patient data and information about insurance to the public, the adoption of cloud-based MPMS in medical practice is risky.
• Data misuse or manipulation is a possibility due to the high risk of information leakage.
• Legal and security issues involving unauthorized insurance claims, problems with regulatory and statutory compliance, and problems with auditing and logging may result from this.
• Therefore, such factors may hinder the medical practice management software market growth during the forecast period.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial 

Medical practice management software (MPMS) market 2023-2027: Segmentation
Medical practice management software (MPMS) market is segmented as below:

• Deployment Outlook (USD Million, 2017 - 2027) 
• Cloud-based
• On-premises

• End-user Outlook (USD Million, 2017 - 2027) 
• Hospitals
• Diagnostic laboratories
• Physicians
• Pharmacists

The market share growth by the cloud-based segment will be significant for the market growth during the forecast period. Cloud-based solutions are economical and don't require additional hardware or software. The main market drivers are cost and flexibility in how these solutions can be implemented. The solution has a subscription-based model. The subscription-based business model of cloud-based MPMS solutions requires the user to pay according to its usage. Medical researchers from Boston Children's Hospital have found that the cloud-based MPMS systems provided faster access to medical records as compared with client-server-based MPMS systems. Such factors will drive the growth of the cloud-based segment in the global MPMS market during the forecast period.

To learn more key insights about the impact of different segments on the market growth, Request a Sample Report!

Medical practice management software (MPMS) market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Adroit Infosystems Inc., AdvancedMD Inc., ALLSCRIPTS HEALTHCARE SOLUTION INC., Athenahealth Inc., BestoSys Solutions Pvt Ltd., CareCloud Inc., CollaborateMD Inc., eClinical Works LLC, Epic Systems Corp., General Electric Co., Greenway Health LLC, Henry Schein Inc., McKesson Corp., Nextech Systems LLC, NextGen Healthcare Inc., Oracle Corp., Practo Technologies Pvt. Ltd., Sage Group Plc, TotalMD, and Virence Health are some of the major market participants. Although the Increased efficiency and productivity of MPMS will offer immense growth opportunities, Data security and privacy concerns will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Vendor Offerings

• CollaborateMD Inc. - The company provides cloud-based medical billing and practice management software services for independent medical practices and hospitals. The key offerings of the company include medical practice management software which is used to prepare billing statements and generate electronic claims based on patient encounters.
• AdvancedMD Inc.: The company offers medical practice management software which is used to automate medical billing and helps in the verification of insurance coverage and eligibility process.
• Athenahealth Inc.: The company offers medical practice management software which is used in scheduling patient appointments and to help in doing financial reporting.
• CareCloud Inc.: The company offers medical practice management software that is used in tracking, managing, and optimizing financial and administrative processes.

Medical practice management software (MPMS) market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist medical practice management software (MPMS) market growth during the forecast period
• Estimation of the medical practice management software (MPMS) market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the medical practice management software (MPMS) market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of medical practice management software (MPMS) market vendors

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Table Of Contents :

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global medical practice management software (MPMS) market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global medical practice management software (MPMS) market 2017 - 2021 ($ million)

• 4.2 Deployment Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Deployment Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Deployment

• 6.1 Market segments
• Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)

• 6.2 Comparison by Deployment 
• Exhibit 32: Chart on Comparison by Deployment
• Exhibit 33: Data Table on Comparison by Deployment

• 6.3 Cloud-based - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Cloud-based - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Cloud-based - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Cloud-based - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Cloud-based - Year-over-year growth 2022-2027 (%)

• 6.4 On-premises - Market size and forecast 2022-2027 
• Exhibit 38: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on On-premises - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Deployment 
• Exhibit 42: Market opportunity by Deployment ($ million)
• Exhibit 43: Data Table on Market opportunity by Deployment ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 44: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 45: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 46: Chart on Comparison by End-user
• Exhibit 47: Data Table on Comparison by End-user

• 7.3 Hospitals - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Hospitals - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Hospitals - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Hospitals - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Hospitals - Year-over-year growth 2022-2027 (%)

• 7.4 Diagnostic laboratories - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Diagnostic laboratories - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Diagnostic laboratories - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Diagnostic laboratories - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Diagnostic laboratories - Year-over-year growth 2022-2027 (%)

• 7.5 Physicians - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Physicians - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Physicians - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Physicians - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Physicians - Year-over-year growth 2022-2027 (%)

• 7.6 Pharmacists - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Pharmacists - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Pharmacists - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Pharmacists - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Pharmacists - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by End-user 
• Exhibit 64: Market opportunity by End-user ($ million)
• Exhibit 65: Data Table on Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027 
• Exhibit 103: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027 
• Exhibit 107: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 AdvancedMD Inc.
• Exhibit 119: AdvancedMD Inc. - Overview
• Exhibit 120: AdvancedMD Inc. - Product / Service
• Exhibit 121: AdvancedMD Inc. - Key offerings

• 12.4 ALLSCRIPTS HEALTHCARE SOLUTION INC. 
• Exhibit 122: ALLSCRIPTS HEALTHCARE SOLUTION INC. - Overview
• Exhibit 123: ALLSCRIPTS HEALTHCARE SOLUTION INC. - Business segments
• Exhibit 124: ALLSCRIPTS HEALTHCARE SOLUTION INC. - Key offerings
• Exhibit 125: ALLSCRIPTS HEALTHCARE SOLUTION INC. - Segment focus

• 12.5 Athenahealth Inc.
• Exhibit 126: Athenahealth Inc. - Overview
• Exhibit 127: Athenahealth Inc. - Product / Service
• Exhibit 128: Athenahealth Inc. - Key offerings

• 12.6 CareCloud Inc.
• Exhibit 129: CareCloud Inc. - Overview
• Exhibit 130: CareCloud Inc. - Business segments
• Exhibit 131: CareCloud Inc. - Key news
• Exhibit 132: CareCloud Inc. - Key offerings
• Exhibit 133: CareCloud Inc. - Segment focus

• 12.7 CollaborateMD Inc.
• Exhibit 134: CollaborateMD Inc. - Overview
• Exhibit 135: CollaborateMD Inc. - Product / Service
• Exhibit 136: CollaborateMD Inc. - Key offerings

• 12.8 eClinical Works LLC
• Exhibit 137: eClinical Works LLC - Overview
• Exhibit 138: eClinical Works LLC - Product / Service
• Exhibit 139: eClinical Works LLC - Key news
• Exhibit 140: eClinical Works LLC - Key offerings

• 12.9 Epic Systems Corp.
• Exhibit 141: Epic Systems Corp. - Overview
• Exhibit 142: Epic Systems Corp. - Product / Service
• Exhibit 143: Epic Systems Corp. - Key offerings

• 12.10 Greenway Health LLC
• Exhibit 144: Greenway Health LLC - Overview
• Exhibit 145: Greenway Health LLC - Product / Service
• Exhibit 146: Greenway Health LLC - Key offerings

• 12.11 Henry Schein Inc.
• Exhibit 147: Henry Schein Inc. - Overview
• Exhibit 148: Henry Schein Inc. - Business segments
• Exhibit 149: Henry Schein Inc. - Key news
• Exhibit 150: Henry Schein Inc. - Key offerings
• Exhibit 151: Henry Schein Inc. - Segment focus

• 12.12 McKesson Corp.
• Exhibit 152: McKesson Corp. - Overview
• Exhibit 153: McKesson Corp. - Business segments
• Exhibit 154: McKesson Corp. - Key offerings
• Exhibit 155: McKesson Corp. - Segment focus

• 12.13 Nextech Systems LLC
• Exhibit 156: Nextech Systems LLC - Overview
• Exhibit 157: Nextech Systems LLC - Product / Service
• Exhibit 158: Nextech Systems LLC - Key offerings

• 12.14 NextGen Healthcare Inc. 
• Exhibit 159: NextGen Healthcare Inc. - Overview
• Exhibit 160: NextGen Healthcare Inc. - Product / Service
• Exhibit 161: NextGen Healthcare Inc. - Key offerings

• 12.15 Oracle Corp.
• Exhibit 162: Oracle Corp. - Overview
• Exhibit 163: Oracle Corp. - Business segments
• Exhibit 164: Oracle Corp. - Key news
• Exhibit 165: Oracle Corp. - Key offerings
• Exhibit 166: Oracle Corp. - Segment focus

• 12.16 Sage Group Plc
• Exhibit 167: Sage Group Plc - Overview
• Exhibit 168: Sage Group Plc - Business segments
• Exhibit 169: Sage Group Plc - Key offerings
• Exhibit 170: Sage Group Plc - Segment focus

• 12.17 Virence Health
• Exhibit 171: Virence Health - Overview
• Exhibit 172: Virence Health - Product / Service
• Exhibit 173: Virence Health - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 174: Inclusions checklist
• Exhibit 175: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 176: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 177: Research methodology
• Exhibit 178: Validation techniques employed for market sizing
• Exhibit 179: Information sources

• 13.5 List of abbreviations 
• Exhibit 180: List of abbreviations

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