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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).
Key questions answered in the report-
- Which are the high growth market segments in terms of products, end-users, mode of delivery, regions, and countries?
- What is the historical market for medical practice management software across the globe?
- What are the market forecasts and estimates from the period 2016-2021?
- What are the major drivers, restrains, threats, and opportunities in the global medical practice management software market?
- What are the burning issues of the global medical practice management software market?
- Who are the major players in the global medical practice management software market and what share of the market do they hold?
- Who are the major players in various regions (North America, APAC, Europe, Latin America, and Middle East & Africa) and what share of the market do they hold?
- What are the competitive landscapes and who are the market leaders by sub-region in the global medical practice management software market?
- What are the recent developments in the global medical practice management software market?
- What are the different strategies adopted by the major players in the global medical practice management software market?
- What are the geographical trends and high growth regions/ countries?
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Meticulous Research® produces global reports and custom studies for North America, Europe, Latin America, Asia¬-Pacific, and Middle East and Africa regions. These reports are used by our clients for marketing and strategic planning in various sectors.
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