According to the latest publication from Meticulous Research®, the global medical practice management software market is expected to reach $6,220.9 million by 2021 with a CAGR of 7.1% over the period of 2016 to 2021.
The rapidly changing healthcare system is placing all physicians and group practices under tremendous pressure to maintain the overall patient data, enhance the value of health services, raise reimbursements, improve the overall efficiency of daily operations, and meet the compliance requirements. Medical practice management software is designed to streamline clinical workflows, automate billing, assist with claims management, lower administrative costs, and increase the overall efficiency of day-to-day operations of physicians, diagnostic labs, pharmacies, and other end users. Thus, it is now an integral part of various types of medical practices.
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The global medical practice management software market is mainly segmented by product, mode of delivery, end-user, and geography. The product market is primarily segmented into integrated and standalone software. The market is further segmented by mode of delivery into web-based, on-premise, and cloud based software. The comprehensive end-user analysis is provided in the report by segmenting this market into physicians, diagnostic labs, pharmacies, and other end-users. The physicians practice management software market is further analyzed by practice size into solo practices, small practices (2-10 physicians), medium practices (11-50 physicians), and large sized practices (51 or more physicians). Market size estimates and forecasts for the period 2016 to 2021 have been provided for each segment and its sub-segment, in terms of USD million, calculating growth rates from 2016 to 2021, considering 2015 as the base year for calculations. The global medical practice management software market is segmented by geography into four major continents namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). These regions are further analyzed at a country level to provide the market size and forecast in various countries across the globe.
Factors such as growing need to adhere to regulatory guidelines, government initiatives for eHealth, growing adoption of integrated practice management solutions, increasing focus on imp[roving quality of care and clinical outcome, and rising need to curtail healthcare costs are propelling the growth of the global medical practice management software market. However, factors such as lack of in house IT domain knowledge, high cost of deployment, data security and interoperability issues, and reluctance among end users to adopt new methods are restricting the market growth.
The U.S. accounted for the largest share in the global medical practice management software market in 2015. The large share of this region can be attributed to the stringent legislative and accreditation requirement regarding healthcare, high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and presence of large number of medical practice management software companies in this country. The U.S. medical practice management market still provides lucrative growth opportunity owing to the presence of several medical practices and health systems, changing regulations, rising geriatric population, and increasing need to curtail healthcare cost in the country. On the other hand, Asia Pacific region also provides significant opportunities for the growth of this market as a result of many technological and healthcare reforms in the region with improved economic conditions and positive approach of the government towards the healthcare sector.
The global medical practice management software market is fragmented with the presence of many small and global players operating in this market. The key players in the global medical practice management software market are Allscripts Healthcare Solutions, Inc. (U.S.), Athenahealth, Inc. (U.S.), Cerner Corporation (U.S.), Epic (U.S.), GE Healthcare (U.K.), Greenway Medical (U.S.), MEDITECH (U.S.), McKesson Corporation (U.S.), and NextGen Healthcare (U.S).
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