NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global medical practice management software (MPMS)
market size is estimated to grow by USD
6.23 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 13.73%
during the forecast period. Increased efficiency and productivity
of mpms is driving market growth, with a trend
towards increasing adoption of analytics in MPMS.
However, data security and privacy concerns poses a
challenge. Key market players include Adroit Infosystems Inc.,
AdvancedMD Inc., Veradigm LLC, athenahealth Inc., BestoSys
Solutions Pvt Ltd., CareCloud Inc., CollaborateMD Inc.,
eClinicalWorks 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.
![Technavio has announced its latest market research report titled Global medical practice management software (MPMS) market 2024-2028 Technavio has announced its latest market research report titled Global medical practice management software (MPMS) market 2024-2028](https://mma.prnewswire.com/media/2442723/IRTNTR44461_bw_info_v4.jpg)
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Medical Practice
Management Software (MPMS) Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
13.73%
|
Market growth
2024-2028
|
USD 6237.6
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
12.23
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 37%
|
Key
countries
|
US, China, Germany,
France, and Japan
|
Key companies
profiled
|
Adroit Infosystems
Inc., AdvancedMD Inc., Veradigm LLC, athenahealth Inc., BestoSys
Solutions Pvt Ltd., CareCloud Inc., CollaborateMD Inc.,
eClinicalWorks 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 Driver
ai_trending_factor_new
Medical Practice Management Software (MPMS) market witness an
increasing adoption of data analytics and business intelligence
solutions. Hospitals and clinics leverage these tools for
performance monitoring, data mining, reporting, and benchmarking,
to enhance decision-making and discover new growth opportunities.
In the healthcare sector, vast amounts of clinical and non-clinical
data are generated, including patient health records,
administrative information, and financial data. Data sources such
as Epic Systems, Athenahealth, and Capacity, among others, provide
valuable insights through techniques like mining, output analysis,
and product analysis. The MPMS market encompasses various
components like sales volume, gross margin, and costs, with rising
integration of cloud-based software and claim management
systems.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
•
ai_dominating_segment_factor_new
• The digital
transformation of medical practice brings excitement yet poses
complex challenges, particularly in safeguarding sensitive patient
data from malware attacks and unauthorized access. Cloud-based
Medical Practice Management Software (MPMS) adoption is prevalent
due to cost-effectiveness and ease of accessibility, but it raises
concerns regarding data security and potential public availability
of patient information and insurance-related data. Other aspects of
MPMS include data sources, diagnostic centres, output, sales
volume, capacity, and claim management. MPMS market trends involve
rising integration, product analysis, and research time span.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This medical practice management software (mpms) market report
extensively covers market segmentation by
- Deployment
- 1.1 Cloud-based
- 1.2 On-premises
- End-user
- 2.1 Hospitals
- 2.2 Diagnostic laboratories
- 2.3 Physicians
- 2.4 Pharmacists
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Cloud-based- The Medical Practice Management
Software (MPMS) market segmentation by deployment reveals a
significant shift towards cloud-based solutions due to their
numerous advantages and the declining trend in on-premises systems.
Data sources indicate that this growth is driven by data-driven
growth opportunities, rising integration, and the surge in sales
volume. Cloud-based software offers predictable expenses, no need
for powerful local servers, and low maintenance fees, making it an
attractive option for various medical institutions such as
hospitals, diagnostic centres, and clinics. The import and export
patterns of MPMS show a global trend towards cloud adoption, with
the value of production in this segment expected to increase during
the research time span. The decline in the upfront costs associated
with cloud-based solutions, as opposed to the large investments
required for locally installed systems, is a significant factor
contributing to this trend. Additionally, the benefits of
cloud-based software, including free upgrades and low IT personnel
costs, further enhance its appeal. The MPMS market analysis reveals
that the capacity of cloud-based software to handle large sales
volumes and the rising integration of various functionalities, such
as medical billing, claim management, and ambulatory surgery
centres, are key factors driving the growth of this segment. The
gross margins and profits generated from cloud-based solutions are
also expected to increase during the forecast period. Overall, the
MPMS market is witnessing a surge in the adoption of cloud-based
software, with companies such as Ace Matrix, AdvancedMD,
Allscripts, and others leading the charge.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Medical Practice Management Software (MPMS) market is
experiencing significant growth due to the increasing capacity of
diagnostic centres and clinics. Cloud-based software solutions are
becoming increasingly popular, enabling real-time data consumption
and cost savings. The current status of the market is driven by the
need for data-driven growth opportunities, which can be mined from
various data sources. The surge in sales volume is attributed to
the value of production derived from primary materials and the
output generated by efficient practice management systems. The
costs associated with manual processes and outdated methods are
being replaced by the benefits of MPMS, making it an essential
investment for medical practices seeking to optimize their
operations.
Market Research Overview
The Medical Practice Management Software (MPMS) market
encompasses a range of solutions designed to streamline and
optimize administrative tasks for healthcare providers. These
systems offer functionalities such as scheduling appointments,
managing patient records, processing insurance claims, generating
bills, and tracking revenues. MPMS solutions enable practices to
improve efficiency, reduce administrative costs, and enhance
patient care. They cater to various medical specialties and
practice sizes, ensuring flexibility and scalability. The market is
driven by factors like increasing healthcare demand, regulatory
compliance, and the need for digital transformation in healthcare.
Additionally, advancements in technology, such as cloud computing,
artificial intelligence, and machine learning, are fueling
innovation and growth in the MPMS market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- End-user
-
- Hospitals
- Diagnostic Laboratories
- Physicians
- Pharmacists
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio