Global Medical Practice Management Software Market, By Product Type (Integrated, Standalone), Delivery Mode (On-Premises/Desktop-Only, Web-Based, Cloud-Based), End User (Physician, Pharmacist, Diagnostic Labs, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Medical practice management software includes systems for entering and tracking patients, scheduling and tracking patient appointments, sending insurance claims and patient statements as part of the collection process, processing insurance, patient, and third-party payments, and generating reports for the practice's administrative and clinical staff. Using a PMS typically entails maintaining vast sets of data up to date, such as lists of diagnoses and treatments, insurance company lists, referring physicians and providers.
Data Bridge Market Research analyses that the medical practice management software market which was USD 6.80 billion in 2021, would rocket up to USD 13.85 billion by 2029, and is expected to undergo a CAGR of 9.30% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Product Type (Integrated, Standalone), Delivery Mode (On-Premises/Desktop-Only, Web-Based, Cloud-Based), End User (Physician, Pharmacist, Diagnostic Labs, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
AthenaHealth (U.S), Aprima Medical Software (U.S), CareCloud Inc. (U.S), eClinicalWorks (U.S), TotalMD (U.S), Epic Systems Corporation (U.S), NXGN Management, LLC. (U.S), ECLIPSE Foundation (Canada), NexTech Systems LLC (U.S), Cerner Corporation (U.S), AdvancedMD Inc. (U.S), CollaborateMD Inc. (U.S), Henry Schein Inc. (U.S), Allscripts Healthcare LLC (U.S), Greenway Health LLC (U.S)
Medical practise management software (PMS) is a type of healthcare software that manages a medical practice's day-to-day activities, including veterinarians. Users can usually enter patient demographics, schedule appointments, keep track of insurance payors, execute billing duties, and generate reports using such software. Most PMS systems in the United States are built for small to medium-sized medical practises.
Medical Practice Management Software Market Dynamics
- Rising need for better healthcare facilities
The prevalence of advanced software, the rising need for better healthcare facilities and an integrated healthcare system, and the prevalence of funds from healthcare IT players for technological advancement are all expected to boost the growth of the medical practice management software market in the forecast period of 2022-2029. On the other hand, the growing adoption of IT-enabled healthcare solutions and a growing preference for patient-centered care would provide several chances for the medical practice management software market to expand throughout the forecast period.
- Improved and more accurate invoicing procedures
Medical practise management systems are becoming more popular as they improve the ability to meet important regulatory requirements and ensure that the physician completes key regulatory data elements simply by receiving a notification alert, as well as reducing the time and resources required for manual data entry. These systems also offer improved and more accurate invoicing procedures and insurance details, as well as alerts for receiving advance beneficiary notice, which helps to reduce claim denials. As a result, using medical practise management software saves time and resources in the long term, propelling the market forward.
- Cloud-based delivery aids healthcare providers in automating day-to-day medical tasks
Cloud-based software systems assist in the storage of data on external servers, making it available via the internet, as all that is required is a computer with an internet connection. In medical practice management, cloud-based delivery aids healthcare providers in automating day-to-day medical tasks. Cloud-based systems are less expensive to deploy than on-premises systems, and this software eliminates the need for in-house maintenance, which is likely to be the primary driver driving their rising popularity.
There are no big infrastructure expenses and the software expense is commensurate with a low subscription rate, cloud-based medical practise management is especially beneficial for small to medium-sized clinics. The software's scalability is greatly enhanced by its cloud-based distribution strategy (pay-as-you-go storage utilization). It eliminates departmental silos of clinical information, simplifying and consolidating storage resources to minimise costs and improve workflow. The organization's storage and server power are hosted off-site. The cloud vendor provides all off-premise system support resources. To support the quality of patient care, the cloud infrastructure also provides true disaster recovery and business continuity solutions. As a result, cloud-based services are predicted to continue to be in high demand.
In the forecast period, market limitations for medical practise management software growth include a lack of qualified professionals, a large time commitment, interoperability concerns, and expensive maintenance costs. The lack of on-site IT support services and data confidentiality will be the major challenges to the market's growth.
This medical practice management software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical practice management software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Medical Practice Management Software Market
The COVID-19 outbreak is predicted to have a big influence on the practice management system market, since there is a large increase of COVID-19 infected patients, and these solutions are expected to aid in the smooth flow of patients during the treatment process. As a result, the majority of the major firms are working on new solutions to help manage healthcare systems during the pandemic.
- In August 2020, WRS Health has released the Urology cloud, an electronic health record that allows Urologists to manage their practises and maximise their workflows efficiently and financially.
- In November 2020, as part of the MextGen Ophthalmic Suite, NextGen Healthcare launched a dedicated optometric workflow in its fully integrated eye care platform to improve the overall quality of clinical eye care for patients while also optimising financial results for providers by combining practise and optical management for efficient charge capture.
Global Medical Practice Management Software Market Scope
The medical practice management software market is segmented on the basis of product type, component, mode of delivery and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Stand-alone Practice Management Software
- Integrated Practice Management Software
Mode of Delivery
- Diagnostic Laboratories
- Other End Users
Medical Practice Management Software Market Regional Analysis/Insights
The medical practice management software market is analysed and market size insights and trends are provided by country, product type, component, mode of delivery and end-user as referenced above.
The countries covered in the medical practice management software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the medical practice management software market due to the adoption of advanced software along with rising number of government initiatives.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the increasing awareness among the physicians and the growing number of technological advancements in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Medical Practice Management Software Market Share Analysis
The medical practice management software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical practice management software market.
Some of the major players operating in the medical practice management software market are:
- AthenaHealth (U.S)
- Aprima Medical Software (U.S)
- CareCloud Inc. (U.S)
- eClinicalWorks (U.S)
- TotalMD (U.S)
- Epic Systems Corporation (U.S)
- NXGN Management, LLC. (U.S)
- ECLIPSE Foundation (Canada)
- NexTech Systems LLC (U.S)
- Cerner Corporation (U.S)
- AdvancedMD Inc. (U.S)
- CollaborateMD Inc. (U.S)
- Henry Schein Inc. (U.S)
- Allscripts Healthcare LLC (U.S)
- Greenway Health LLC (U.S)