Industry Outlook

The medical practice management software market is anticipated to reach US$ 560.8 Mn by 2026 performing at a CAGR of 10.6 % during the forecast period from 2018 to 2026. Medical practice management software are used by various healthcare organization to smoothly perform their day to day operations. The tasks which are accomplished by employing medical practice management software are from booking patient’s appointment to maintaining electronic health records (EHR) of the patient. Medical professionals throughout the globe have shown positive response and better productivity after using the medical practice management software.

"Capability to run offline and ensuring confidentiality of patient’s medical data makes standalone solutions popular worldwide"

Standalone solutions are dominating the product segment for medical practice management software market. The major parameters responsible for the popularity of standalone software solutions are its capability to run offline and ensures confidentiality of patient’s medical database. It is very simple to operate and access to stored data is very easy and convenient requiring less maintenance charges. Integrated software solutions will be experiencing outstanding growth in the near future on account of government mandate for integrating electronic heath records (EHR) with practice management software. Since it can be accessed by multiple users availability of expert opinion for critical medical conditions are provided on real time mode. Medical centers in rural areas can provide and receive feedback pertaining to patients’ medical database drastically reducing cost associated with healthcare expenditure.

"Inherent features such as dashboards, reports, interactive screens and availability of different applications propel the web based delivery mode market"

In the present scenario web based are leading the delivery mode segment for medical practice management software market. The key factors responsible for the positive growth of web based software services are the technological revolution over the last decade. Inherent features such as user friendly interface and availability of different applications pertaining to medical practice management. Presence of dashboard, reports and interactive screens in web based solutions is helpful to the trained healthcare professionals in streamlining the patient related medical data. The limitations associated with web based solutions are the frequent security breach. Cloud based software solutions is set to garner magnificent growth during the overcast period owing to its major attributes such as large storage space, low operational expenditure incurred, enhanced user flexibility in revisiting stored medical data and highly secured.

"Availability of trained healthcare professionals to drive the medical practice management software market growth in North America"

North America is currently leading the geographical segment for medical practice management software market. The features attributed towards the impressive growth of North America are establishment of outstanding healthcare infrastructure and availability of highly trained healthcare professionals. Domicile of key players such as Allscripts Healthcare Solutions, Inc., EPIC Systems and eClinicalWorks give a strong impetus in nurturing the medical practice management software market in North America. Enhanced government funding and stringent regulatory norms sanctioned by European Medical Agency (EMA) related to preserving patients treatment database for future referencing propels the medical practice management software market growth in Europe. Asia Pacific, Middle East & Africa and Latin America 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.

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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Practice Management Software market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Medical Practice Management Software market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Medical Practice Management Software market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Medical Practice Management Software market?
• Which is the largest regional market for Medical Practice Management Software market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Medical Practice Management Software market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Practice Management Software market worldwide?