Medical Practice Management Software (MPMS) Market Analysis North America,Europe,APAC,South America,Middle East and Africa - US,China,Japan,Germany,France - Size and Forecast 2023-2027

Medical Practice Management Software (MPMS) Market Forecast 2023-2027

The medical practice management software (MPMS) market size is estimated to increase by USD 4.94 billion and grow at a CAGR of 12.44% between 2022 and 2027. Market growth hinges on various factors, such as the heightened efficiency and productivity offered by MPMS, adherence to rigorous regulatory standards in healthcare, and growing emphasis on reducing medical errors. Challenges encountered include concerns regarding data security and privacy, perceived high costs, and obstacles associated with developing healthcare software.

What will be the size of the Medical Practice Management Software (MPMS) Market During the Forecast Period?

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Market Segmentation

This 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.

By Deployment

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.

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The cloud-based segment was valued at USD 1.73 billion 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.

Key Regions

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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. These 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 these solutions. The US and Canada are the leading countries in North America, which have implemented these 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. 

Market Dynamics and Customer Landscape

The Market is witnessing a surge in demand and innovation due to its capacity to streamline clinics and diagnostic centers. Cloud-based software solutions are driving data-driven growth opportunities, enabling efficient consumption and reducing costs. MPMS facilitates electronic health records (EHR) management, enhancing the current status of medical practices. With diverse data sources and innovative features, MPMS optimizes medical practice management, leading to increased output and sales volume. The market benefits from continuous innovations in mining data for insights and improving the value of production. As clinics and diagnostic centers surge, the demand for MPMS rises, highlighting its crucial role in the healthcare industry's digital transformation. 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.

Key Market Driver

The market is witnessing significant growth driven by its ability to enhance efficiency and productivity. MPMS optimizes chair time, reduces patient wait times, and lowers administrative expenses, leading to improved organizational processes and patient care quality. It manages various aspects such as patient demographic data, inventory management, insurance claims, and regulatory compliance, thereby aiding medical practice improvement plans. With its dashboard tracking and reporting capabilities, MPMS offers tailored solutions for medical practices, covering fee schedule creation, accounts receivable management, marketing analysis, and ROI assessment. Healthcare organizations seek MPMS to accelerate growth, cut costs, and boost productivity, making it a crucial tool for medical practice management. As demand surges for cloud-based software solutions, the market is poised for continued expansion.

Significant Market Trends

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 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 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 these 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.

Major Market Challenge

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.

Key Market Customer Landscape

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 Market Customer Landscape

Who are the Major Medical Practice Management Software (MPMS) Market Companies?

Companies 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 players, including:

• Adroit Infosystems Inc.
• AdvancedMD Inc.
• ALLSCRIPTS HEALTHCARE SOLUTION INC.
• Athenahealth Inc.
• BestoSys Solutions Pvt Ltd.
• CareCloud 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.

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.

Segment Overview

The 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. 

• Deployment Outlook
  • Cloud-based
  • On-premises

• End-user Outlook
  • Hospitals
  • Diagnostic laboratories
  • Physicians
  • Pharmacists

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Market Analyst Overview

The market is witnessing a surge in demand driven by the rising integration of electronic health records (EHR) and cloud-based software solutions. With innovations in appointment scheduling software, ambulatory surgery centers and diagnostic centers are streamlining their operations, enhancing efficiency, and improving patient care. Academic and research organizations are leveraging data-driven growth opportunities to enhance diagnosis and treatment processes. Pharmaceutical and biotechnology companies are utilizing MPMS to manage claim management and optimize insurance payer interactions. SWOT analysis reveals the strengths and weaknesses of different software providers, while value chain analysis highlights the value of production and distribution processes. Amidst global patterns and export-import dynamics, MPMS providers are focusing on buyer and supplier bargaining power to maximize profits and ensure sustainable growth in the market.

Moreover, the market is witnessing significant growth with the increasing adoption of technology in healthcare settings. Leading players like Cerner, CPSI, and CureMD are driving innovation in appointment scheduling software, catering to ambulatory surgery centers and diagnostic centers. The market analysis reveals buyer bargaining power and threats of new entry and substitution. Data from various sources indicates global export patterns and import trends in the MPMS market. General Electric Company's involvement highlights the industry's diverse players. As medical practices seek efficiency and productivity, MPMS solutions facilitate capacity management, sales volume analysis, and gross margin optimization. With the decline in traditional methods, MPMS emerges as a crucial tool for medical practice management, ensuring streamlined operations and enhanced patient care.

Additionally, the market is experiencing rapid growth, fueled by the increasing adoption of technology in healthcare facilities such as Ambulatory Surgery Centres and Diagnostic Centres. Ace Matrix in the market, such as General Electric Company, contributes to its expansion. Appointment Scheduling Software is a key component of MPMS, streamlining the booking process and enhancing efficiency in medical practices. Insurance payers benefit from these systems, improving consumption and reducing administrative burdens. Threats such as the threat of New Entry and Substitution are mitigated by the market's established players and the complexity of data sources utilized. With a global reach, the MPMS market continues to evolve, integrating product analysis and research to meet the demands of modern medical practice management.

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 4.94 billion
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 forecasting, 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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