The global practice management system market size was estimated to be USD 12.75 billion in 2023 and is expected to reach at USD 36.2 billion by 2033 with a CAGR of 9.95% during the forecast period 2023-2033. Increasing demand for streamlined workflow, advancements in technology, a growing emphasis on healthcare efficiency and cost reduction, increasing integration with electronic health records, a growing focus on patient engagement and satisfaction, and increasing adoption of telehealth will drive market growth.
The practise management system market has been significantly impacted by the quick growth of technology, including cloud computing, artificial intelligence (AI), and mobile applications. While AI-powered features can automate processes like appointment scheduling and patient communication, cloud-based practise management systems also offer scalability, flexibility, and cost-effectiveness. For instance, Practise Fusion declared in February 2023 that it has joined forces with the American Academy of Family Physicians (AAFP) to offer the organization's members a discounted rate on access to their software.
By product, the integrated system was the highest revenue-grossing segment in the global practice management system market in 2022 and was predicted to grow at the fastest rate during the forecast period due to the advantages associated with its use. The integrated solutions include patient involvement, electronic prescriptions, electronic health records (EHR), and billing systems. EHRs must be used with any additional items that are marketed separately and are compatible with practice management software. In contrast, a form of medical/healthcare software solution called as integrated practice management software (IPMS) facilitates the administrative duties and tasks related to the delivery of healthcare services.
By component, the software accounted the highest revenue share due to the fact that software is simple to set up, operate, and retrieve data because of user-friendly interfaces and ongoing product updates. Providers, hospitals, and health systems employ them to improve patient satisfaction and care quality. In order to improve the delivery of healthcare services, regulatory authorities, particularly in developed countries, are increasingly concentrating on the widespread use of practise management software, which is also anticipated to drive market expansion. The leading share of the software segment is further supported by numerous product launches and upgrades to current versions. However, the services segment is anticipated to experience the fastest CAGR during the projected period due to the increasing need for training and assistance with software installation and system upgrades to correspond with the rapidly growing IT industry.
By mode of delivery, the cloud-based market is expected to grow at the highest CAGR in 2022 due to benefits including increased reliability and rapid processing. The cloud-based systems are projected to experience an increase in demand Because of the lower installation costs compared to on-premises systems and the elimination of the need for internal maintenance. For instance, Practice EHR, a top supplier of inexpensive cloud-based medical practice solutions, announced the launch of Practice EHR Enterprise, their enterprise practice management solution, in July 2021. On the other hand, the cloud-based market is predicted to grow at the fastest CAGR because it offers full access to the data on-premises.
By end user, the physician back office was the highest revenue-grossing segment in the global practice management system market in 2022 due to the digitalization of databases and documents. Additionally, these environments' growing reliance on technology has increased work efficacy. These factors are fueling the expansion of the physician back-office segment. However, the segments for diagnostic labs and pharmacies are anticipated to expand significantly over the course of the projected period. More and more people are in demand of pharmacy services such drug therapy management, e-prescribing, and specialty pharmacy services. Pharmacies manage their billing, claims, and customer service in addition to their inventory and dispensing. Practice management systems can help diagnostic laboratories boost their output, accuracy, compliance, and profitability. In addition to ordering tests, collecting samples, reporting results, billing, and quality control, they also have several other responsibilities.
In 2022, the North American region accounted for the highest revenue in the practice management system market during the forecast period. This can be attributed to growing older population and a favorable healthcare infrastructure in North America. Most of the hospitals and states have a widespread adoption of medical practice management. In January 2021, Brevium, a SaaS company in the healthcare technology sector, will extend the integration of its software with Nextech, one of the top electronic practice management systems in the United States. On the other hand, Asia Pacific is anticipated to have the fastest CAGR during the projection period. The market is anticipated to rise over the coming years as a result of factors such the growing geriatric population, the prevalence of chronic diseases that provide a larger patient pool, and the rising need for high-quality healthcare solutions at lower costs in these developing economies.
The practise management system market has been significantly impacted by the quick growth of technology, including cloud computing, artificial intelligence (AI), and mobile applications. While AI-powered features can automate processes like appointment scheduling and patient communication, cloud-based practise management systems also offer scalability, flexibility, and cost-effectiveness. For instance, Practise Fusion declared in February 2023 that it has joined forces with the American Academy of Family Physicians (AAFP) to offer the organization's members a discounted rate on access to their software.
By product, the integrated system was the highest revenue-grossing segment in the global practice management system market in 2022 and was predicted to grow at the fastest rate during the forecast period due to the advantages associated with its use. The integrated solutions include patient involvement, electronic prescriptions, electronic health records (EHR), and billing systems. EHRs must be used with any additional items that are marketed separately and are compatible with practice management software. In contrast, a form of medical/healthcare software solution called as integrated practice management software (IPMS) facilitates the administrative duties and tasks related to the delivery of healthcare services.
By component, the software accounted the highest revenue share due to the fact that software is simple to set up, operate, and retrieve data because of user-friendly interfaces and ongoing product updates. Providers, hospitals, and health systems employ them to improve patient satisfaction and care quality. In order to improve the delivery of healthcare services, regulatory authorities, particularly in developed countries, are increasingly concentrating on the widespread use of practise management software, which is also anticipated to drive market expansion. The leading share of the software segment is further supported by numerous product launches and upgrades to current versions. However, the services segment is anticipated to experience the fastest CAGR during the projected period due to the increasing need for training and assistance with software installation and system upgrades to correspond with the rapidly growing IT industry.
By mode of delivery, the cloud-based market is expected to grow at the highest CAGR in 2022 due to benefits including increased reliability and rapid processing. The cloud-based systems are projected to experience an increase in demand Because of the lower installation costs compared to on-premises systems and the elimination of the need for internal maintenance. For instance, Practice EHR, a top supplier of inexpensive cloud-based medical practice solutions, announced the launch of Practice EHR Enterprise, their enterprise practice management solution, in July 2021. On the other hand, the cloud-based market is predicted to grow at the fastest CAGR because it offers full access to the data on-premises.
By end user, the physician back office was the highest revenue-grossing segment in the global practice management system market in 2022 due to the digitalization of databases and documents. Additionally, these environments' growing reliance on technology has increased work efficacy. These factors are fueling the expansion of the physician back-office segment. However, the segments for diagnostic labs and pharmacies are anticipated to expand significantly over the course of the projected period. More and more people are in demand of pharmacy services such drug therapy management, e-prescribing, and specialty pharmacy services. Pharmacies manage their billing, claims, and customer service in addition to their inventory and dispensing. Practice management systems can help diagnostic laboratories boost their output, accuracy, compliance, and profitability. In addition to ordering tests, collecting samples, reporting results, billing, and quality control, they also have several other responsibilities.
In 2022, the North American region accounted for the highest revenue in the practice management system market during the forecast period. This can be attributed to growing older population and a favorable healthcare infrastructure in North America. Most of the hospitals and states have a widespread adoption of medical practice management. In January 2021, Brevium, a SaaS company in the healthcare technology sector, will extend the integration of its software with Nextech, one of the top electronic practice management systems in the United States. On the other hand, Asia Pacific is anticipated to have the fastest CAGR during the projection period. The market is anticipated to rise over the coming years as a result of factors such the growing geriatric population, the prevalence of chronic diseases that provide a larger patient pool, and the rising need for high-quality healthcare solutions at lower costs in these developing economies.
Segmentation: Practice Management System Market Report 2022-2033
Practice Management System Market Analysis & Forecast by Product 2022-2033 (Revenue USD Bn)
- Integrated
- Standalone
Practice Management System Market Analysis & Forecast by Component 2022-2033 (Revenue USD Bn)
- Software
- Services
Practice Management System Market Analysis & Forecast by Mode of Delivery 2022-2033 (Revenue USD Bn)
- Web-based
- On-premises
- Cloud Based
Practice Management System Market Analysis & Forecast by End-user 2022-2033 (Revenue USD Bn)
- Physician Back Office
- Pharmacies
- Diagnostic Laboratories
Practice Management System Market Analysis & Forecast by Region 2022-2033 (Revenue USD Bn)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Practice Management System Market: Product Estimates & Trend Analysis
8. Practice Management System Market: Component Estimates & Trend Analysis
9. Practice Management System Market: Mode of Delivery Estimates & Trend Analysis
10. Practice Management System Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Practice Management System Market
13. Europe Global Practice Management System Market
14. Asia Pacific Global Practice Management System Market
15. Latin America Global Practice Management System Market
16. MEA Global Practice Management System Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Cerner Corporation
- Epic Systems Corporation
- Allscripts Healthcare Solutions Inc.
- Athenahealth Inc.
- NextGen Healthcare Inc.
- eClinicalWorks LLC
- Practice Fusion Inc.
- Kareo Inc.
- Advanced MD Inc.
- Greenway Health LLC
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | July 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 12.75 Billion |
| Forecasted Market Value ( USD | $ 36.2 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
