(PharmaNewsWire.Com, August 05, 2020 ) 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.
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 thorough analysis of market dynamics identified the ICD-10 and 5010 HIPAA transition as the burning issue in the practice management system market. On the other hand, development and launch of mobile apps were identified as a winning imperative.
The practice management system market is segmented on the basis of products (integrated and standalone), delivery mode (on-premises, web-based, and cloud-based), components (services and software), end users (physicians, pharmacists, diagnostic labs and others), and geography.
Based on products, the PM system 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.
On the basis of delivery mode, 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 in 2013.
The global market is expected to grow at a high single- digit CAGR to reach $247.1 million by 2018. The major factors fueling the growth of this market are high return on investment, growing incidences of medication errors, and firm government support in the form of incentives. However, the lack of data privacy, high maintenance expenses, and interoperability issues are restricting the growth of the practice management system market. The growing inclination towards patient-centric care approach, cloud-based models and emerging markets like Asia (China and India), Middle-East, and Pacific countries (Australia and New Zealand) present significant growth opportunities for the future.
The key players in the 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 Information System LLC (U.S).
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