(PRWEB) August 01, 2014
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.
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 Middle-East, present huge opportunities for growth.
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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.
The cloud-hosted PM systems will see double-digit growth in the next five years as it reduces capital expenses and offers enhanced data accessibility and real-time analysis. It has emerged as a significant model to deliver integrated or standalone practice management solutions. This helps healthcare organizations to share information stored across different systems, in real time. Furthermore, cloud computing also reduces the burden on healthcare systems as it lowers the dependency on the IT staff. This results in an increased productivity and cost efficiency. The cloud-based delivery mode also complements the working environment in healthcare settings as confidential data is needed to be shared across locations. It also helps in the fast and secure transfer of the data between organizations. These advantages offer significant growth opportunities to the cloud-based PM system vendors in this market. On the other hand, the healthcare industry is in its early stages of embracing cloud-based technologies. The slow adoption rate is mainly due to the concerns about safeguarding confidential patient information and compliance with regulations such as Health Insurance Portability and Accountability Act (HIPAA). The act’s privacy rule standards address the use and disclosure of the individuals’ health information called protected health information (PHI). The cloud-based segment accounted for over 10.0% share of the PM delivery mode market in 2013.
New product launches, along with partnerships and 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. For instance, in June 2013, Gaargle Solutions Inc. introduced Dovetail, a cloud-based electronic medical record (EMR) integrated with practice management software for dental professionals. It is suited for practices of all sizes. This new launch helped the company to ensure better services to its customers. Similarly, in May 2013, athenahealth partnered with INTEGRIS Health, a U.S.-based non-profit corporation. Under this partnership, INTEGRIS Health deployed athenaCollector, athenaCommunicator, and athenaClarity to manage its growing patient population. The alliance helped athenahealth to further expand its customer base.
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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