Practice Management System Market Worth $247.1 Million by 2018 - Research Report by MarketsandMarkets

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The thorough analysis of market dynamics identified the ICD-10 and 5010 HIPAA transition as the burning issue in the practice management system market. http://www.marketsandmarkets.com/Market-Reports/medical-practice-management-software-market-886.html

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Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Cerner Corporation (U.S.), Epic (U.S.), GE Healthcare (U.K.), Greenway Medical (U.S.), MEDITECH (U.S.)

The “Practice Management System Market by Components (Software, Services), Delivery Mode (On-Premises/Desktop-Only, Cloud-Based, Web-Based), Products (Integrated, Standalone), & by End-Users (Pharmacist, Physician, Diagnostic Labs) - Global Trends & Forecast to 2018” provides a detailed overview of major drivers, restraints, challenges,opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue and share analysis.

Browse 69 market data tables and 16 figures spread through 173 pages and in-depth TOC on“Medical Practice Management Software Market”
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The global practice management system market is poised to grow at a high single-digit CAGR from 2013-2018 to reach $247.1 million by 2018.

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The factors propelling the growth of the market include growing need to integrate healthcare systems, firm government support and increase in patient awareness and better healthcare. On the other hand, the factors restraining the growth of the market include high operational cost and lack of trained IT professionals. The growing interest towards patient-centric care approach, cloud-based PM models along with the emerging markets in Australia, new Zealand, India, China, and the Middle East present huge opportunities for growth.

The PM system market is segmented into products, components, delivery mode, and end-users. The PM system component market is further segmented into services and software. The services segment accounted for the largest share of the PM component market in 2013 and is estimated to witness higher growth in the next five years. Based on products, the market is divided into integrated and standalone solutions. The integrated PM segment is expected to grow at a decent growth rate owing to government mandates for integration of electronic health records (EHR) with PM system and meaningful use incentive program.

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Epic held the leadership position in the practice management system market with a share of 16% in 2013. The company has extensive product portfolio ranging from software solutions like practice management, electronic medical record, revenue management, and clinical systems to handheld devices, and health plans. The privately held firm enjoys high reputation in the market. Moreover, the company has strong customer base to capture substantial market share in the healthcare IT domain. Currently, products offered by the company connect up to 250,000 physicians which imply that one in four physicians in the U.S. use Epic’s solutions.

New product launches along with partnerships & agreements were the two most preferred strategies followed by the key players. Industry giants adopted these strategies to enhance their product offerings, increase their market shares, meet customers’ demands, and consolidate their market presence. The cloud-based PM models, integrated systems, and developing market of the Middle East, Australia, New Zealand, China, India, and Malaysia are the blue-eyed markets for the players to invest in.

North America is the largest revenue generator for market, followed by Europe. Both the markets are estimated to register single-digit growth rates for the next five years. Asia projects robust growth outlook during the analysis period owing to the urbanization, huge investment opportunities in these immature markets, and the developing healthcare IT infrastructure in these regions. The growth of the market will be mainly driven by countries such as China, India, Australia, New Zealand and countries in the Middle East.

The major players operating in the market are Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Cerner Corporation (U.S.), Epic (U.S.), GE Healthcare (U.K.), Greenway Medical (U.S.), MEDITECH (U.S.), McKesson Corporation (U.S.), and NextGen Healthcare Information System LLC (U.S).

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