Global growth for the practice management systems market is expected to be highly lucrative over the next seven years. Factors promoting this growth include the reduction of physical documentation, digitization of facilities, faster and smooth functioning of administrative department. Along with these advantages, efforts by companies providing such systems to offer customizations to meet the needs of a large segment of users is a major impact rendering factor for the market. Growth within the IT industry along with government initiative also vitally affects the practice management systems market. Technologies such as cloud computing and android applications introduced recently are expected to fuel the market growth.
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Segmentation of the market is done on the basis of component, product, delivery mode and end-use. The component segment includes software and services, where in the services held higher market share in 2014. On the basis of product, the market is segmented into stand alone solutions and integrated solutions. Integrated solutions offer higher efficiency, lesser errors and cost efficiency that are expected to assist in lucrative growth of the segment over the next seven years.
The delivery mode segment of the market is dominated by cloud-based systems followed by web-based and on-premise systems. Furthermore, rising number of end-users that include diagnostic facilities, pharmacists and medical practitioners present in hospitals and clinics are expected to fuel the growth of the market.
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North America reported the largest share for the practice management systems market in 2014. Obamacare Act introduced in 2013 functions as a huge driver for the market growth within the region. According to the Act, all medical facilities and hospitals across the nation need an integrated practice management so as to be regulatory compliant.
Asia Pacific and MEA (Middle East and Africa) are expected to witness the lucrative growth during the forecast period. Attention of investors over the untapped regions of Asia Pacific makes the region a very attractive segment for the practice management systems market. Furthermore, excellent IT assistance and rising medical regulatory standard propel the growth in countries such as India, China, Korea and others.
The key suppliers of the practice management systems include the companies McKesson Corporation, MediTouch, Henry Schein MicroMD, Insta Health Solutions, Allscripts Healthcare Solutions Inc., AdvantEgde Healthcare Solutions, athenahealth Inc., Acrendo Software, LeonardoMD Inc., Cerner Corporation, Greenway Medical, Accra Med Software Inc., Epic, Acentec Inc., Cyfluent, eClinicalWorks, GE Healthcare, MEDITECH, DSoft Systems, Accumedic Computer Systems and NextGen Healthcare Information System LLC.
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