(PharmaNewsWire.Com, October 04, 2019 ) Burden of escalating care costs, need for integrated care system, and rising federal incentives are expected to positively influence the market growth, while lack of data confidentiality and exorbitant amount of time consumption for integration will hamper the growth momentum.
The major challenge prevailing in this industry includes shortage of on-site IT support services. The emerging markets of Middle East, Australia, New Zealand, China, and India, cloud-based practice management system, and growing demand for patient-centric care approach present several growth opportunities for market participants operating in this arena.
The future growth prospect for the global practice management system market is optimistic and is estimated to grow at a decent CAGR of 8.6%to reach the market size of $247.1 million by 2018. The integrated PM system is the largest segment of this market. However, the cloud-based segment is the fastest growing segment with 12.1% CAGR from 2013-2018.
Market Dynamics
Drivers
+ Growing Burden to Minimize the Healthcare Cost Will Drive the Pm System Market
+ Increasing Need to Integrate Healthcare System Will Propel Adoption of Pm Solutions
+ Rising Incentives By Federal Government to Fuel the Pm System Market
+ Growing Incidences of Medication Errors to Foster the Pm Market
+ High Return on Investment (Roi) Has Increased the Demand For Pm Solutions
The practice management system market is further classified as on-premises, web-based, and cloud-based. The cloud-hosted solutions accounted for the fastest growing segment due to remote accessibility of data and reduced operational costs. By end-user the industry is segmented into physicians, pharmacists, and diagnostic labs. The physician segment accounted for the largest as well as the fastest growing segment of the market.
The PM system market is segmented into products, components, delivery mode, and end-users. The PM system component market is further segmented into services and software. The services segment accounted for the largest share of the PM component market in 2013 and is estimated to witness higher growth in the next five years.
Based on products, the market is divided into integrated and standalone solutions. The integrated PM segment is expected to grow at a decent growth rate owing to government mandates for integration of electronic health records (EHR) with PM system and meaningful use incentive program.
North America is the largest revenue generator for market, followed by Europe. Both the markets are estimated to register single-digit growth rates for the next five years. Asia projects robust growth outlook during the analysis period owing to the urbanization, huge investment opportunities in these immature markets, and the developing healthcare IT infrastructure in these regions. The growth of the market will be mainly driven by countries such as China, India, Australia, New Zealand and countries in the Middle East.
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