LONDON, Jan. 25, 2017 /PRNewswire/ -- The global practice management systems market is expected to reach USD 17.6 billion by 2024, according to the new report by Grand View Research, Inc. Development of value added services, i.e., integration of practice management system with other healthcare IT solutions (EHR, CPOE, Laboratory Information System and others) is anticipated to propel the demand of practice management over the forecast period.
Moreover, changing dynamics of the hospital industry is expected to involve centralization and digitalization of the back end processes, thereby demanding the implementation of practice management system, which in turn in anticipated to positively impact the market growth.
The presence of a large population over 60 years globally, which has lower immunity levels and is prone to PAH and associated diseases, which is a high impact-rendering driver for the growth of the market over the forecast period.
Government initiatives to upgrade healthcare facility infrastructure, such as the ObamaCare Act in the U.S., which mandated the presence of such systems for practices to be carried out across the nation, is a vital growth factor of the market.
The key suppliers of the practice management systems include companies such as Henry Schein MicroMD; Allscripts Healthcare Solutions, Inc.; AdvantEdge Healthcare Solutions; athenahealth, Inc.; MediTouch; GE Healthcare; Practice Fusion; Greenway Medical; McKesson Corporation; Accumedic Computer Systems; and NextGen Healthcare Information System LLC.
Further key findings from the report suggest:
Integrated software is gaining popularity due to the trend of centralization within the healthcare industry and the rising complexities associated with patient care and payments.
Integrated solutions comprise of a mix of EHR, e-Prescription, patient engagement, and other software along with the billing systems, whereas, standalone systems are primarily focusing on the billing & administrative function (particularly scheduling) of the organization.
Software held larger market share for the year 2015. However, services are expected to witness lucrative growth, owing to rising demand of training and assistance in installing the software and upgrade the system in-line with the escalating growth of IT technology.
Cloud-based delivery mode is expected to grow rapidly, thereby providing higher flexibility and cost-efficiency to end users. On-premises is a traditional method used for practice management. However, web-based software captured a significant share of the practice management market in 2015.
High economic development, presence of advanced research centers, hospitals, medical device manufacturers, and universities are the key factors boosting new product development and commercialization in North American region.
Few of the key players in this industry are Henry Schein MicroMD; Allscripts Healthcare Solutions, Inc.; AdvantEdge Healthcare Solutions; athenahealth, Inc.; MediTouch; GE Healthcare; Practice Fusion; Greenway Medical; McKesson Corporation; Accumedic Computer Systems; and NextGen Healthcare Information System LLC.
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