The latest market report published by Acute Market Reports, Inc. “Global Medical Practice Management Software Market by Product (Standalone, Integrated), by Delivery Mode (On Premise, Web Based, Cloud Based) – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global market for medical practice management software was valued at US$ 230.8 million in 2017 and is expected to reach US$ 560.8 million by 2026, increasing to CAGR by 10.6 per cent from 2018 to 2026.
According to the latest research cited by the World Health Organization (WHO), by 2020 chronic diseases will account for 75% of worldwide deaths. Chronic disease can be prevented by early consultation and medical intervention of healthcare providers worldwide. In the last decade, IT-enabled solutions and services have undergone a technical revolution that has provided excellent healthcare services. Medical practice management software integrates physicians, pharmacists, nurses and patients on a single platform to counteract the exorbitant economic burden of delayed healthcare services.
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Currently, stand-alone software represents the largest market share in the market for medical practice software management in the product segment. The ability to perform offline activities, simplicity and ease of operation are few of the positive features that attract the attention of healthcare providers around the globe. Integrated software will be dominant in the near future due to the mandate of the global health authorities to integrate electronic health records (ERDs) of patients with multiple medical centers. It drastically reduces the economic burden of healthcare.
Web-based solutions are currently leading the delivery segment of the market for medical practice software management. The inherent features of web-based solutions are user-friendly interfaces, dashboards, reports and interactive screens that are available to support the smooth running of daily operations. Cloud-based solutions are becoming increasingly popular due to their beneficial features such as large storage capacity, flexibility in providing multi-user access in real-time mode and low maintenance costs.
In the present scenario North America is reigning the regional segment for medical practice management software market. Domicile of key players such as Allscripts Healthcare Solutions, Inc., EPIC Systems and eClinicalWorks and availability of trained healthcare professionals drive the medical practice management software market in North America. Mandatory requirement of maintaining electronic health records of the patients and flourishing medical industry propel the market growth in Europe. Asia Pacific serve as a lucrative market on account of rampant growth of IT enabled services sector and increasing number of medical centers in the urban areas. Middle East & Africa and LATAM are showing steady progress due to government initiatives in revamping healthcare infrastructure and market expansion by key players.
Software based companies providing healthcare services are Allscripts Healthcare Solutions, Inc., AthenaHealth, Cerner Corporation, EPIC Systems, eClinicalWorks, GE Healthcare, Greenway Health LLC, McKesson Corporation, Meditech and Vitera Healthcare Solutions.
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Key Market Movements:
- Increasing demand to maintain electronic health records of patients worldwide
- Availability of diverse range of web applications which are employed to perform day to day operation in medical practice management
- Cloud based applications are useful in integrating different users at the same time and has low maintenance cost
By Product (2016–2026; US$ Mn)
By Delivery Mode (2016–2026; US$ Mn)
- On Premise
- Web Based
- Cloud Based
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America