(Health-NewsWire.Net, January 13, 2020 ) According to the new market research report “Practice Management System Market by Components (Software, Services), Delivery Mode (On-Premises/Desktop-Only, Cloud-Based, Web-Based), Products (Integrated, Standalone), & by End-Users (Pharmacist, Physician, Diagnostic Labs) - Global Trends & Forecast to 2018”, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
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The global practice management system market is poised to grow at a high single-digit CAGR from 2013-2018 to reach $247.1 million by 2018.
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.
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Practice Management System Market
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The practice management system market is segmented based on 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.
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