Clinical Practice Management Software Market Information, By Mode Of Delivery (On-Premise And Cloud Based), End User (Hospitals, Clinics, Laboratories, Others) - Forecast Till 2027

Clinical Practice Management Software Market Overview

The clinical practice management software commonly identified as the PMS refers to a category of healthcare software that helps in dealing with the daily operations related to the field of medical practice. This practice is inclusive of the ones done by veterinarians. This software frequently helps the users to allow and capture the demographics related to the patients, scheduling the appointments, maintaining a proper list of the insurance payors, performing various taking like billing, and reducing the workload alongside generating the reports on the requirement. This management software is often connected to electronic medical records (EMR) systems. Usually, the PMS is used in sorting the administrative, alongside the financial matters. However, the EMR system lends its assistance in sorting the clinical and medical matters related to the patients, medical and healthcare centers, hospitals, and other staff.

The kind of assistance offered is reliable and applaudable. Also, with this software, managing the work of the medical field like reports and billing is easy and convenient. Owing to these factors, the global growth of the market is expected to touch new heights. The clinical practice management software market size is expected to rise at a growth rate of 15.2% by the end of the global forecast period in 2023. 

COVID 19 Analysis of Clinical Practice Management Software Market

This management software has rendered great support since the pandemic has hit the lives of people across the world. Since the pandemic has hit, people are finding it difficult to adjust to the new normal, and also, the businesses have been majorly disrupted. The non-availability of major factors like labor, raw materials, and investing are acting as major concerns. These are harming the competitiveness of the production and manufacturing units and it is becoming difficult for them to maintain a smooth supply chain mechanism by meeting the market demands. The people who have contracted the coronavirus are under hospital care or home isolation. To get better and appropriate treatment, they need to make use of such devices and provide the health concerns and information that is true and best as per one’s knowledge.

Owing to the technological advancement and competitive degree of this management software, the government is supporting similar initiatives from established businesses and startups. Also, many of them are investing in similar steps across the globe. Also, the prominent clinical practice management software market players are up for development for product variation, establishment, and launches for the target audience that is spread in various regions across the globe.

Market Dynamics

Drivers

With the rising demand for such a management software with each passing day, the main focus of the key market players functioning in major regions across the globe is to cater to the demand and subsequently, help the clinical practice management software market grow by the end of the forecast period in restraints 2023. Hence, the prominent players are adopting the availability of a user-friendly software solution as a form of their key strategy for global growth. This is providing results as per the expectations and acting as a driving force for the clinical practice management software market.

Restraints

However, on the path of its global growth, the clinical practice management software market faces some restraints on the way. The high cost that is associated with developing and procuring these software acts is a restraint that the market needs to dissolve if it aims to grow as per the prediction for the forecast period ending in 2023.

Technology Analysis

The government is widening its support by increasing the number of initiatives undertaken for the development of the market and its wide acceptance. The pandemic is making people question the healthcare system and there is a raising need for large-scale development of the same. The market efforts are towards the development of an integrated system alongside the prevalence of funds generated from the end of the IT players indulged in performing healthcare activities. Also, there is a growing inclination towards a patient-centric care approach that will help in the development of large-scale opportunities for the global growth of the clinical practice management software market for the period ending in 2023. However, the clinical practice management software market needs to focus and bridge the gap of the unavailability of experienced professionals and curb the issues related to interoperability.

Figure 1: Global Clinical Practice Management Software Market, by Region, 2016:

 

Source: Press Release, Company Presentation, Annual Reports

Study Objectives

• To conduct the market analysis based on the dynamics like drivers and restraints that are available to the market during the forecast period ending in 2023. These help in predicting the CAGR rate and final value of the market during the period


• To study the clinical practice management software market segmentation that function in different locations and hence, have a role to play in pushing the prominent players take major steps and enhance the prevailing competition in the market


• To analyze the market scope by witnessing the steps undertaken by the clinical practice management software market players that are reflected in the recent developments undertaken by them during the period

Clinical Practice Management Software Market Segment Overview

The clinical practice management software market share is increasing owing to its demand from populations spread across various regions in the globe. The segments of the clinical practice management software market are spread across various vertices and these also help in having an insight into the revenue cycles and the potential. The market segmentation is stated as follows:

Mode of delivery

These software solutions are delivered through on-premises or desktop-only, and with the web-based and cloud-based model

Product type

The clinical practice management software market has been segmented into both standalone products and integrated ones.

Market end-users

The software is enabling the target audience to make use of the best technologies and digital advancements. The rising demand for the clinical practice management software market is being pushed by end-users like hospitals, clinical centers, healthcare services centers, and laboratories amongst others.

Global regions

The clinical practice management software market is functional in 4 major regions namely North America, the European countries, the APAC region, alongside the rest of the world (RoW).

Clinical Practice Management Software Market Regional Analysis

The regional clinical practice management software market and global trends for the forecast period of the market are predicting a dominance for the North American region. The main reason behind this huge growth for the market is the increased adoption of the market and the growing support from the government through their incentives and regulations. Also, the APAC region is expecting the highest growth in the region for the forecast period. The region is witnessing a raised awareness amongst the practicing physicians and also, there is a wide growth of the technological advancements in the region staggering the global growth. 

Competitive Landscape

The prominent players lending their services to the clinical practice management software market and helping it grow as per the predictions are as follows:

• Allscripts Healthcare, LLC


• AthenaHealth, Inc.


• Practo Technologies Pvt. Ltd.


• Cerner Corporation


• CareCloud Corporation


• Epic Systems Corporation


• Sage Intacct, Inc.


• Greenway Health, LLC


• ChartPerfect, Inc


• eClinicalWorks


• General Electric Company


• CollaborateMD Inc.


• McKesson Corporation


• Nextech Systems, LLC


• Medical Information Technology, Inc.


• AdvancedMD, Inc.


• NXGN Management, LLC

 Recent Developments

• The cloud vendors that are functioning in the growing economies like parts of the APAC region are providing their off-premise system support services and resources. The infrastructure is also guaranteeing the business continuity solutions and hence, are reliable to provide support to the quality of the patient care. These will the regions grow in the international market, as well.


• The Urology Cloud which is an Electronic Health Record was announced and launched by WRS health. This launch took place in 2019 which enables the urologists to properly manage their practice and maximize their workflows with a promised profitability and efficiency. This is likely to help both the medical professionals in enhancing their services and management and also, put the medical service seekers in a better position by getting qualified and trusted services during theclinical practice management software market forecast period.


• AthenaHealth, in June 2020, announced a brand-new EHR-embedded telehealth tool that will help and enable the practitioners to move forward with the virtual visits. There is no need for healthcare service seekers to download any other software or make use of any other third-party or outsourced application prevailing in the clinical practice management software market.


• NextGen Healthcare is another company that invested in the launch of an optometric workflow as a step towards an integrated eye care platform. This attempt is a part of MexiGen Ophthalmic Suite which will improve the quality of the eye-care services for the patients and also optimize the results that are provided with a collaborative effort for the provision of an efficient charge capture.

 Report Overview

The report helps in predicting the clinical practice management software market growth for the forecast period that ends in 2023 by considering the viewpoints presented by the market leaders and experts. The report discusses the scope of the market by presenting the dynamics available to the market in the period. Further, it plays an important role in having an understanding of the market functions through its global segmentation and market players. Also, to predict the mushrooming regions, the report mentions the recent developments undertaken by the global players of the market.

Report Scope:

Report Attribute/Metric	Details
Market Size	2027: Significant Value
CAGR	15.2% (2017-2023)
Base Year	2019
Forecast Period	2020-2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Mode of delivery, End User
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Optum Inc. (U.S), Cerner Corporation (U.S), McKesson Corporation (U.S), Dell (U.S), Cognizant (U.S), Koninklijke Philips N.V. (U.S), Xerox Corporation (U.S), Siemens Ltd.(Germany), Epic Systems Corporation (U.S), GE Electronic (U.S) and Allscripts (U.S)
Key Market Opportunities	New product launches and R&D Amongst major key Players
Key Market Drivers	Extensive demand of this software by hospitals Large number of healthcare IT companies

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