Medical Practice Management Software Market Size to Reach USD 30.3 Billion by 2032 | CAGR: 8.3% | DataHorizzon Research
Fort Collins, Colorado, Sept. 18, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Medical Practice Management Software Market Size, Growth, Share, Statistics Report, By Deployment (On-premises, Web-based and Cloud-based), By End-user (Physician, Pharmacist, Diagnostic Labs, And Others), by Region and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The medical practice management software market size was valued at USD 13.8 Billion in 2022 and is expected to grow at a CAGR of 8.3% and reach USD 30.3 Billion by 2032. The major factor contributing to the market demand is the ease of completing administrative tasks for hospital staff. It also assists the doctors in maintaining the medical history and underlying medical issues.
Integrating the latest technologies like Artificial Intelligence is helping in data capturing, and analyzing patient data and their medical history. Besides, it also helps the hospital staff with tasks and patient coordination in large hospitals, scheduling patient appointments, and also sending reminders to the patient regarding their hospital visit.
This software is especially beneficial for larger hospitals where the documentation takes time and where all these tasks are managed manually. This software helps the patient as well as the hospital staff to easily view the past data, billing, and insurance details of the patient at any time, thus helping both parties get a fair idea of their billing status. This also leads to transparent and efficient patient data management with ensured patient data privacy. With the rising adoption and integration of technology in medical operations, the demand is expected to increase in the coming years.
With developments in medical software, the users are also provided with the benefit of integrating their systems with the diagnostic labs and pharmacy systems. This helps build a network and easily regarding the patient’s medicine prescriptions, tests, and other related activities.
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|Report Title||Medical Practice Management Software Market|
|Market Size in 2022||USD 13.8 Billion|
|Market Size by 2032||USD 30.3 Billion|
|CAGR from 2023 to 2032||8.3%|
|Largest Market||North American|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors|
|By Deployment||On-premises, Web-based, and Cloud-based|
|By End- user||Physicians, Pharmacist, Diagnostic Labs, and others|
|By Region||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others|
|Major Market Players||Cerner Corporation, Veradigm, McKesson Corporation, Sage Group, Carecloud Corporation, eClinicalWorks, Meditech, Athena Health, NextGen Healthcare, Greenway Health.|
The global medical practice management software market has been segmented based on deployment, end-user, and region. Cloud-based deployment hold a dominating share in the deployment segment as it affordable, ensures safety, and also helps the doctor and hospital staff access the patient data from anywhere and at any time, adding to their convenience. Physicians hold a major segment in the end-user segment as it helps them in a simplified and effective backend management system that reduces their administrative tasks and helps them focus on other necessary activities.
North America holds a major market share in the medical practice management software system. This is because of the high technological advancement in this region and the quicker adoption of the latest technologies in this system. Asia Pacific is expected to observe significant growth in this market due to the technological developments this region is experiencing in every sector. Also, India is well known for medical tourism due to its medical services at lower costs, the application is highly rising based on simplification in the processes and better customer experiences.
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Key Developments in the Industry:
- In September 2023, M3, a Japan-based company providing online portals to physicians in Japan, India, United Kingdom, France, and the United States, acquired DrSante, a practice management software for ambulatory care in France. This will help the company expand their services in ambulatory services and develop other platforms.
- In March 2023, Practo, a leading integrated healthcare company, announced that their practice management software, named Ray, is now compliant with Ayushman Bharat Digital Mission, a digital integrated health platform by the Government of India. This will help the doctors registered with Ray will be able to join the Ayushman Bharat Digital Mission platform and will be able to avail all the benefits provided by the government to medical professionals.
Medical Practice Management Software Market Report Highlights:
- The medical practice management software market is projected to rise at a CAGR of 8.3% by 2032.
- Cloud-based deployment holds a significant share in the deployment segment as it is easy to install and use and does not need frequent updates. Also, it helps the user to access data from anywhere at any time and needs less installation and maintenance costs, thus serving a large number of medical professionals.
- Physicians hold a major share in the end-user segment as this software automates their repetitive tasks thus helping them focus on patient handling and other important tasks.
- Based on region, North America dominates the market and is adopted by a majority of the hospitals due to its benefits. These are increasingly being adopted, as it helps in simplifying communication with their patient and also helps in simplifying their everyday tasks.
- Some of the prominent players in the medical practice management software industry report include Cerner Corporation, Veradigm, McKesson Corporation, Sage Group, Carecloud Corporation, eClinicalWorks, Meditech, Athena Health, NextGen Healthcare, Greenway Health, and others.
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Medical Practice Management Software Market Segmentation:
Medical Practice Management Software Market, By Deployment (2023-2032)
Medical Practice Management Software Market, By End-User (2023-2032)
- Diagnostic Labs
Medical Practice Management Software Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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