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Global Clinical Practice Management Software Market Size was valued at USD 2.7 Billion in 2022. The Clinical Practice Management Software market Type is projected to grow from USD 3.2 Billion in 2023 to USD 5.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.90% during the forecast period (2023 - 2032). There is a growing demand to reduce healthcare costs, together with the capacity to pay healthcare workers enough money and helpful governmental initiatives, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Two elements driving the rising adoption of these management systems are the need to lower healthcare costs and the ability to pay enough compensation to healthcare professionals. Additionally, it is projected that market expansion will be aided by supportive government initiatives along with an increase in the usage of IT in the healthcare sector. For instance, the federal government proposed the Federal IT Strategic Plan 2020–2025 in October 2020. This plan is focused on enhancing the availability, sharing, and use of electronic health information. By promoting telemedicine, enhancing data accessibility through EHRs, and utilizing practice management software to organize patient appointments, vendors of practice management systems and organizations have acted to avert the epidemic. A practice management system has made running medical and healthcare practices during the Covid-19 pandemic easier because data entry into computerized systems is more convenient than paper-based methods. The market is growing as a result of the rise in demand for procedures and documents that are not overly prone to error.
In addition, it is anticipated that an increasing focus on high-quality care and reasonably priced therapy will stimulate market growth. Additionally, throughout the projected period, market growth is anticipated to be fueled by a rise in R&D spending and a demand for practice management systems. The market for practice management systems has prioritized alliances and partnerships between various firms due to the fierce competition among the leading players.
Additionally, the Congressional Research Service report states that federal investment for research and development in the United States has expanded from USD 3.5 billion in 1955 to USD 137.8 billion in 2020. These factors are accelerating R&D initiatives and are projected to accelerate market expansion. Additionally, the industry is expected to be driven by the aging population. Chronic diseases like diabetes and cardiovascular disorders, which commonly necessitate hospitalization, are more common in the elderly. Therefore, it is projected that as the senior population increases, the patient pool for a number of chronic diseases will as well. The incidence of drug resistance has also enhanced the importance of keeping track of patient histories and medical records. Thus, driving the Clinical Practice Management Software market revenue.
The global Clinical Practice Management Software market segmentation, based on Type, includes standalone and integrated. Straight Typed needles segment dominated the global market in 2022. This is because using them has benefits, and it is predicted to grow at the fastest rate during the forecast period. Patient involvement, computerized prescriptions, electronic health records (EHR), and billing systems are some of the integrated solutions. Organized medical billing and improved practitioner and patient communication are just two benefits of these systems.
The segment's growth is being driven by the healthcare industry's increasing centralization as well as the complexity of patient care and payment. The rise of the standalone system category can also be attributed to doctors' ability to access all areas of practice and business, including prescribing, practice administration, invoicing, and patient communication portals. Additionally, the autonomous systems are mostly focused on scheduling and billing duties.
The global Clinical Practice Management Software market segmentation, based on Deployment, includes web-based, on-premises, and cloud-based. In 2022, the web-based segment will rule the world market. The web-based management system is gaining popularity due to how little it interferes with workflow when updating itself as changes occur. On-premise systems offer patient data protection, accessibility, and retrieval simplicity. The primary element influencing consumers to choose on-premise solutions is complete access to the information on the premises. For major healthcare systems and businesses that can store large volumes of data, make significant upfront investments, and maintain servers, on-premise systems are a far more reliable option. On-premise solutions are predicted to grow during the forecast period as a consequence of increasing demand for data security, sharing, and digitalization investment.
The global Clinical Practice Management Software market segmentation, based on End User, includes doctors & physicians, laboratories, pharmacists, and others. Doctors & physicians segment dominated the global Clinical Practice Management Software market in 2022. The remaining portion of this section consists of ambulatory settings and other factors. The segment has grown as a result of databases and papers being digitized. The increased dependence on technology in these settings has also raised labor productivity. These factors are hastening the growth of the doctors and physicians market. The software promotes the market growth for the back-office services offered to physicians by streamlining operations in healthcare settings, such as accounting, billing, and scheduling. This is anticipated to increase demand for the software in dental clinics over the anticipated time period.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Clinical Practice Management Software Market dominated this market in 2022 (45.40%). High patient awareness, investment in healthcare spending, and computer literacy rates are the causes of this. These areas have developed healthcare IT infrastructure as well, which is fostering industry expansion. Furthermore, market growth is being fueled by advantageous government initiatives like the EHR incentive programs offered by Medicaid and Medicare. Further, In the North American area, the U.S. Clinical Practice Management Software market had the biggest market share, while the Canada Clinical Practice Management Software market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In 2022, the Europe Clinical Practice Management Software market held a sizable market share. The expanding investments made by healthcare IT businesses, the growing healthcare IT infrastructure, and the improved economic conditions have all contributed to the rise in demand. Further, In the European region, the German Clinical Practice Management Software market had the biggest market share, and the U.K. Clinical Practice Management Software market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Clinical Practice Management Software market is anticipated to grow significantly. The market is expected to grow over the next several years because to reasons such the aging population, the prevalence of chronic diseases, which creates a larger patient pool, and the increasing demand for high-quality healthcare services at reasonable prices in these developing nations. Moreover, In the Asia-Pacific region, the Indian Clinical Practice Management Software market had the quickest rate of growth while China's Clinical Practice Management Software market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Clinical Practice Management Software market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Clinical Practice Management Software sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Clinical Practice Management Software industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Clinical Practice Management Software sector. Major players in the Clinical Practice Management Software market, including Optum Inc, Cerner Corporation, McKesson Corporation, Dell, Cognizant, Koninklijke Philips N.V., Xerox Corporation, Siemens Ltd., Epic Systems Corporation, GE Electronic, and Allscripts, are attempting to increase market demand by investing in research and development operations.
PatientClick, Inc.'s electronic health record and practice management platform are designed to improve employee efficiency and patient care. Doctors can save paperwork, increase productivity, and provide better patient care thanks to the company's platform, which offers easy-to-install equipment covering more than 30 medical specialties and year-round 24/7 assistance. In January 2023, PatientClick, Inc. announced the debut of its new AI-powered practice management system.
CloudMD Software & Services Inc. is digitizing the delivery of healthcare by providing patients with access to all points of their care from their phone, tablet, or desktop computer. With proprietary technology that combines networked primary care clinics, telemedicine, and artificial intelligence (AI) to deliver high-quality healthcare, the company offers SAAS-based health IT solutions to clinics across Canada. Its two areas are digital health solutions and enterprise health solutions. In September 2020, CloudMD Software and Services Inc. acquired Benchmark Systems, a fully integrated provider of cloud-based healthcare solutions.
· Optum Inc
· Cerner Corporation
· McKesson Corporation
· Dell
· Cognizant
· Koninklijke Philips N.V.
· Xerox Corporation
· Siemens Ltd.
· Epic Systems Corporation
· GE Electronic
· Allscripts
June 2022: Weave and Patterson Dental's Fuse cloud-based dental practice management system have a partnership. Numerous dental practices will now have access to solutions designed to bring big-box technology to small businesses thanks to the most recent integration with Weave.
May 2022: Covetrus unveiled Ascend, a powerful, cloud-based Practice Management software (PMS), to empower veterinary practices across the United Kingdom, Europe, the Middle East, Africa, and the Asia Pacific.
· Standalone
· Integrated
· Web-Based
· On-Premises
· Cloud-Based
· Doctors & Physicians
· Laboratories
· Pharmacists
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 2.7 Billion |
|
Market Size 2023 |
USD 3.2 Billion |
|
Market Size 2032 |
USD 5.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.90% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Deployment, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Optum Inc, Cerner Corporation, McKesson Corporation, Dell, Cognizant, Koninklijke Philips N.V., Xerox Corporation, Siemens Ltd., Epic Systems Corporation, GE Electronic, and Allscripts |
|
Key Market Opportunities |
Rising number of technological developments |
|
Key Market Dynamics |
Increasing need for reduction in healthcare costs along with the ability to generate sufficient income for healthcare professionals and favorable initiatives undertaken by the government |
The global Clinical Practice Management Software market size was valued at USD 2.7 Billion in 2022.
The global market is projected to grow at a CAGR of 6.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Optum Inc, Cerner Corporation, McKesson Corporation, Dell, Cognizant, Koninklijke Philips N.V., Xerox Corporation, Siemens Ltd., Epic Systems Corporation, GE Electronic, and Allscripts
The Integrated Type dominated the market in 2022.
The Web-Based Deployment had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65290
Published on :
Sep 2023
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