Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Practice Management Systems market.
Trusted Business Insights presents an updated and Latest Study on U.S. Practice Management Systems Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Practice Management Systems market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: U.S. Practice Management Systems Market
The U.S. practice management systems market size was valued at USD 6.1 billion in 2019 and is anticipated to expand at a CAGR of 10.2% during the forecast period. Rising need to achieve operational efficiency, enhanced documentation with minimal errors, and financial viability for physicians practice are the key facilitators for the adoption of practice management systems. Moreover, rapid penetration of IT and rising number of supportive federal initiatives in U.S. to amalgamate health records on a single platform are further anticipated to provide lucrative growth opportunities to the market.
Increasing pressure to curb healthcare costs along with changing dynamics of hospital/healthcare settings is fueling the demand for practice management systems in U.S. In addition, rising focus on implementing cost-effective and high-quality care is also likely to contribute toward the market development. The healthcare institutes are witnessing a paradigm shift in U.S. as a result of the changing dynamics of the business models.
According to the American Healthcare Association, there were 6,146 hospitals in U.S. in 2018, out of which approximately 2,900 hospitals were nonprofit organizations. Increasing number of small- and medium-scale hospitals across U.S. is further anticipated to drive the market demand.
Development of new value-added services like integration of practice management systems with other healthcare IT solutions, such as Computerized Physician Order Entry (CPOE) and Laboratory Information Systems, is anticipated to propel the market demand in U.S. over the next few years.
Increasing cases of obesity and other chronic diseases are also expected to boost the market over the forecast period. According to a report by Center for Disease Prevention and Control (CDC), as of 2017, around one third population of U.S. is obese. The geriatric population prone to diabetes and cardiovascular diseases further increases the rate of hospitalization. Moreover, growing incidences of drug resistance further increases the demand to maintain the medical history of patients, which is expected to propel the market of practice management systems in U.S.
Product Insights of U.S. Practice Management Systems Market
Based on products, the U.S. practice management systems market is segmented into integrated and standalone systems. Integrated solutions include Electronic Health Records (EHR), e-Prescription, patient engagement, and billing systems. Standalone systems primarily focus on billing and administrative function, particularly scheduling, of the organization. Integrated systems are gaining popularity due to the trend of centralization in the healthcare industry and rising complexities related to patient care and payments.
Integrated management systems captured the largest share of the U.S. market in 2019 and is expected to maintain its dominance over the forecast period. Practice management systems can be used cohesively along with various other software to enhance efficiency and communication across different departments. In case of large-scale facilities, this is highly popular as it helps curtail the administrative and medical errors.
Component Insights of U.S. Practice Management Systems Market
The component segment includes software and services offered by the key companies. Software segment is anticipated to account for the largest market share over the forecast period owing to government reforms and rising technological advancements in the field of healthcare IT. In addition, constant product launches along with improvement in the existing versions are also supporting the segment development.
For instance, in September 2018, Henry Schein One launched Dentrix G7, an upgraded version of the practice management system for dental care. It uses industrys leading digital imaging solutions to boost financial and clinical workflows and improves efficiency of diagnosis as well as billing. In May 2018, Kareo launched Kareo Analytics for billing professionals to reduce complexity by delivering transparency and valuable insights.
Delivery Mode Insights
Based on delivery mode the market is segmented into cloud-based, web-based, and on-premise. Web-based practice management systems accounted for the largest share owing to their benefits, such as affordability, quick Return on Investment (RoI), and ease of deployment.
However, cloud-based segment is expected to witness fastest CAGR owing to higher reliability and faster processing. Moreover, it also offers readily available information that can be accessed in remote locations. This technology is being highly adopted across the country owing to rapidly evolving healthcare IT scenario.
Although the growth of cloud-based segment is sluggish in rural regions, it is expected to improve over the forecast period. One of the predominantly used practice management solution, Practice Studio, offers both web- and cloud- based versions in order to promote higher usability in urban as well as rural regions across the country.
End-user Insights of U.S. Practice Management Systems Market
Based on end user, the market is segmented into physicians offices, pharmacies, diagnostic laboratories, and other settings. Other settings may be further defined as emergency care centers, community health centers, nursing stations, and hospital and clinic workstations. Physicians office segment held the largest share in 2019 and is projected to witness remunerative growth over the forecast period.
However, the other settings segment is expected to witness fastest growth owing to factors such as rising investments by hospitals, healthcare centers, and clinical workstations for workflow digitalization and centralization. Practice management systems integrated with revenue-cycle management, patient portals, and clinical intelligence systems, support this centralization. Furthermore, rise in the number of these facilities is anticipated to lead to a higher revenue generation.
Market Share Insights of U.S. Practice Management Systems Market
Some of the key companies in the market are Henry Schein MicroMD; Allscripts Healthcare Solutions, Inc.; AdvantEdge Healthcare Solutions, Inc.; Cerner Corporation; GE Healthcare; and McKesson Corporation. Most of these market players adopt strategies such as product launch, collaborations, partnerships, and mergers and acquisitions to strengthen their industry position.
For instance, in April 2018, Henry Schein and Internet Brands established a joint venture to create an integrated dental technology that would empower them with enhanced practice management, marketing, and patient communication tools. In July 2019, Henry Schein acquired Elite Computer Italia, which is a dental practice management software company, in order to improve its regional presence. Moreover, McKesson Corporation collaborated with Navigating Cancer in March 2019 to improve Patient Relationship Management (PRM) platform for community-based oncologists.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of U.S. Practice Management Systems Market Research Report
This report forecasts revenue growth at country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. this market research report has segmented the U.S. practice management systems market report on the basis of product, component, delivery mode, and end user:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Component Outlook (Revenue, USD Million, 2019 – 2030)
Delivery Mode Outlook (Revenue, USD Million, 2019 – 2030)
End-user Outlook (Revenue, USD Million, 2019 – 2030)
Physician Back Office (Solo practitioners)
Hospitals (Group practitioners)
Quick Read Table of Contents of this Report @ U.S. Practice Management Systems Market Size, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)
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