Enjoy complimentary customisation on priority with our Enterprise License!
The medical practice management software (MPMS) market size is estimated to grow at a CAGR of 12.44% between 2022 and 2027. The medical practice management software (MPMS) market size is forecast to increase by USD 4,936.13 million. The growth of the market depends on several factors, including increased efficiency and productivity of MPMS, adherence to stringent regulatory standards in the healthcare industry, and rising focus on minimizing medical errors.
This medical practice management software (MPMS) market report extensively covers market segmentation by deployment (cloud-based and on-premises), end-user (hospitals, diagnostic laboratories, physicians, and pharmacists), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The increased efficiency and productivity of MPMS are notably driving the market growth, although factors such as data security and privacy concerns may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased efficiency and productivity of MPMS are notably driving market growth. MPMS aids in the optimization of chair time as well as the reduction of patient wait times and administrative expenses. By increasing a healthcare center's quality and productivity, MPMS enhances organizational processes. Patient demographic data, spend analysis, overhead costs, inventory management, insurance claims, patient analysis, regulatory and compliance data, license information, and emergency management are all managed with the aid of MPMS. The software also generates reports of clinical and administrative performance that can be used for medical practice improvement plans.
Since MPMS tracks, records, and rates each stage of medical treatment in a dashboard, it can be tailored to fit the needs of medical practices. Every aspect of business optimization for healthcare professionals is aided by this tool, including fee schedule creation, accounts receivable management, support, overhead, marketing analysis, and ROI. In order to speed up organizational growth, cut costs, and boost productivity and efficiency, healthcare organizations are looking for MPMS. Thus, these factors will drive the growth of the global medical practice management software market during the forecast period.
The increased popularity of e-prescriptions is an emerging trend in the market growth. Medical prescriptions can be converted into a digital format that can be stored in the MPMS systems using an electronic prescription, also known as an e-prescription or an eRX. To learn about the availability of medications, e-prescriptions are integrated with hospital pharmacies. E-prescribing also improves patient safety and lowers medication errors.
Furthermore, e-prescription features are offered by market vendors in MPMS solutions and mobile applications. Mobile applications can be used to access e-prescriptions and find nearby pharmacies where the prescribed medications can be bought. Moreover, e-prescription programs are increasingly being used to store patient medication histories in MPMS systems. Thus, the increased popularity of e-prescription is one of the major trends that are expected to drive the growth of the global medical practice management software market during the forecast period.
Data security and privacy concerns are major challenges impeding market growth. Although the transition of medical practice to the digital era is exciting, the difficulties of data protection are becoming more complicated. Medical professionals are responsible for ensuring the security of patient data and that all computers, laptops, and flash drives used in the office are free of malware. However, hackers have used malware, such as crypto-ransomware, to demand money from medical staff in exchange for access to patient records.
Due to its affordability and accessibility, cloud-based MPMS is preferred over on-premises systems by many hospitals. A cost-efficient and practical method of storing and accessing data is provided by cloud-based MPMS. However, as it could expose patient data and information about insurance to the public, the adoption of cloud-based MPMS in medical practice is risky. Data misuse or manipulation is a possibility due to the high risk of information leakage. Legal and security issues involving unauthorized insurance claims, problems with regulatory and statutory compliance, and problems with auditing and logging may result from this. Therefore, such factors may hinder the medical practice management software market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Practice Management Software (MPMS) Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CollaborateMD Inc. - The company provides cloud-based medical billing and practice management software services for independent medical practices and hospitals. The key offerings of the company include medical practice management software which is used to prepare billing statements and generate electronic claims based on patient encounters.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the cloud-based segment will be significant during the forecast period. The market share of the cloud-based MPMS segment will rise during the forecast period as a result of its rapid growth. Instead of requiring a sizable upfront investment, cloud-based solutions include a regular payment system and recurring costs for maintenance and updates. Other options for hosted solutions might require a larger upfront payment followed by smaller yearly support payments.
Get a glance at the market contribution of various segments View the PDF Sample
The cloud-based segment was valued at USD 1,732.89 million in 2017 and continued to grow until 2021. Cloud-based solutions are economical and don't require additional hardware or software. Vendors in the market are receiving a sizable portion of their revenue from cloud-based solutions. The main market drivers are cost and flexibility in how these solutions can be implemented. The solution has a subscription-based model. The subscription-based business model of cloud-based MPMS solutions requires the user to pay according to its usage. Many hospitals and clinics have subscribed to cloud-based solutions due to their low upfront costs and TCO. Remote locations can easily access patient data with the help of cloud-based MPMS solutions. Medical researchers from Boston Children's Hospital have found that the cloud-based MPMS systems provided faster access to medical records as compared with client-server-based MPMS systems. Such factors will drive the growth of the cloud-based segment in the global MPMS market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
When compared to markets in other countries, the US healthcare IT market is one of the most developed. MPMS solutions have been adopted by hospitals and clinics primarily as a result of strict regulatory standards and healthcare regulations. To store patient data on web-based systems, hospitals and clinics in North America have put MPMS solutions into place. In North America, personalized healthcare systems and cost-effective healthcare systems are expanding more quickly, which has encouraged doctors and hospitals to use MPMS solutions. The US and Canada are the leading countries in North America, which have implemented MPMS solutions and advanced healthcare information systems.
Government initiatives in the US are probably going to increase the adoption of MPMS. A number of healthcare reforms were started by the American Recovery and Reinvestment Act (ARRA) of 2009's Health Information Technology for Economic and Clinical Health (HITECH) Act. The adoption of the hospital information system has improved with the adoption of certified complete EHRs and the accomplishment of goals set forth in the Meaningful Use (MU) directives. Advanced and comprehensive MPMS solutions are largely adopted by physicians and hospitals in Massachusetts, Arizona, Colorado, New York, Maryland, and Washington. Government support and funding to increase the use of MPMS solutions are increasing the user base for healthcare information systems in North America. Hence, all these factors will boost the regional MPMS market growth during the forecast period.
The region's healthcare sector adopted more MPMS solutions in 2020 and 2021 as a result of the COVID-19 pandemic's increased demand for healthcare information software. For instance, a lot of clinical trial sponsors for the COVID-19 vaccine used this software to maintain data collection throughout the pandemic. Similarly, during the pandemic, a number of mobile-based medical applications and software features were utilized to assist government efforts for public health surveillance, facilitate the distribution of patient records, and improve communication for both patients and healthcare providers. Moreover, with the lifting of the lockdowns, following the initiation of large-scale vaccination programs in 2021, the healthcare industry resumed its usual operations. As this trend is expected to continue, the regional MPMS market will witness growth during the forecast period.
The medical practice management software (MPMs) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global medical practice management software (MPMS) market as a part of the global application software market within the global IT software market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
Medical Practice Management Software (MPMS) Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
171 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 12.44% |
|
Market growth 2023-2027 |
USD 4,936.13 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
11.62 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 38% |
|
Key countries |
US, China, Japan, Germany, and France |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Adroit Infosystems Inc., AdvancedMD Inc., ALLSCRIPTS HEALTHCARE SOLUTION INC., Athenahealth Inc., BestoSys Solutions Pvt Ltd., CareCloud Inc., CollaborateMD Inc., eClinical Works LLC, Epic Systems Corp., General Electric Co., Greenway Health LLC, Henry Schein Inc., McKesson Corp., Nextech Systems LLC, NextGen Healthcare Inc., Oracle Corp., Practo Technologies Pvt. Ltd., Sage Group Plc, TotalMD, and Virence Health |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
