Industry Background:
Since the last few decades, the health records were stored manually which was a comparatively time-consuming error-prone method of medical practice management. The introduction to medical practice management software can assist in minimizing the operational cost of healthcare applications. In addition to this, the growing adoption of IoT enabled medical practice management systems will further create numerous opportunities over the forecasted period. Medical practice management software is also known as PMS is a highly advanced system used for storing, analyzing, managing, and transmitting health related information to assist in overall medical practice management. It also helps in real time verification of patients. However, higher initial investments, as well as complexities in integration with the existing system, might stagnate the demand over the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Allscripts Healthcare Solutions Inc. (United States), Athenahealth, Inc. (Veritas) (United States), Cerner Corporation (United States), Epic (United States), GE Healthcare (United Kingdom), Greenway Medical (United States), MEDITECH (United States), McKesson Corporation (United States), NextGen Healthcare Information System LLC (United States) and MPN Software Systems (United States) |
According to AMA, the market for Medical Practice Management Software is expected to register a CAGR of 7.83% during the forecast period to 2030. This growth is primarily driven by Use of Medical Practice Management Software Minimises the Operational Cost of Healthcare Applications and Upsurging Need for Highly Automated Medical Practice Management Systems.
Globally, a noticeable market trend is evident Technological Advancements in Analytics Technology enabling Consumers to Analyze Revenue Cycle
The Application Software sector in the North Amercia region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Allscripts Healthcare Solutions Inc. (United States), Athenahealth, Inc. (Veritas) (United States), Cerner Corporation (United States), Epic (United States), GE Healthcare (United Kingdom), Greenway Medical (United States), MEDITECH (United States), McKesson Corporation (United States), NextGen Healthcare Information System LLC (United States) and MPN Software Systems (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Key Developments in the Market:
On April 09, 2019, Cerner Corporation has entered into a cooperation agreement with Starboard Value LP. The Cooperation Agreement includes a Board refreshment plan, operational improvement initiatives, commitments for operating margin targets, a new Finance and Strategy Committee of the Board and an expanded capital return program to drive the next phase of profitable growth and value creation.
On May 20, 2019, Gloucestershire Hospitals NHS Foundation Trust has selected Allscripts' Sunrise as its electronic health record (EHR) which will help the Trust to further strengthen its patient-centric digital strategy and solidifies the company’s position in the South West of England. The Trust has 8,000 staff members, 960 beds and provides a wide range of specialist hospital services from its two main sites at Gloucestershire Royal and Cheltenham General Hospitals, as well as maternity services at Stroud Maternity Hospital. Allscripts will collaborate to deliver digital solutions that enable improvements in patient care and enhance clinical outcomes for the Gloucestershire community.
Influencing Trend:
Technological Advancements in Analytics Technology enabling Consumers to Analyze Revenue Cycle and Introduction to Practice Management Systems with Minimal Medication Errors
Market Growth Drivers:
Use of Medical Practice Management Software Minimises the Operational Cost of Healthcare Applications and Upsurging Need for Highly Automated Medical Practice Management Systems
Challenges:
Data Privacy and Security Issues might stagnate the Demand and Lack of Healthcare Technology Infrastructure from Underdeveloped Economies
Restraints:
Higher Initial Investments and Complexities in Integrating with Existing Systems and Lack of Skilled Professionals who can Operate on Medical Practice Management Systems
Opportunities:
Inclination towards Patient Centric Service Provision and Introduction to Technologically Advanced Cloud-Based Models
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Medical Practice Management Software Market
- Analysis about New Entrants in Medical Practice Management Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Medical Practice Management Software Study Sheds Light on
The Medical Practice Management Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Medical Practice Management Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Medical Practice Management Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.