The global practice management system market is anticipated to grow at 10.3% CAGR during 2021-2207 owing to the adoption of desktop software, client-server software, and internet-based software to handle daily activities. The practice management systems are used for many purposes like keeping bills and invoices, recording patient demographics, setting up patient appointments, making reports for staff members.

Factors contributing to the growth of the global practice management system market include the rise in electronic healthcare data along with the incorporation of electronic medical records (EMR) arrangements. Furthermore, the increased focus to manage cost and time for medical facilities, increased patient pool globally, the evolution of IT, and increased supportive federal initiatives will further propel the growth of the practice management system market.

The COVID-19 outbreak has had a substantial impact on the practice management system market owing to increasing COVID-19 patients in 2020 and PMS solutions will help in the smooth workflow during the entire treatment process. Many industry players are launching novel products for the management of healthcare systems during infectious coronavirus disease. For example, Innovaccer has launched COVID-19 Management System, which offers providers free telehealth services and analytics to evaluate risk profiles and triage the influx at medical practices and primary care clinics during the outbreak.

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Based on product, the integrated practice management system segment dominates the market owing to stringent government regulations to integrate electronic health records (EHR) with PMS and making a meaningful use incentive program.

Based on the deployment model, the cloud-based delivery model is anticipated to grow at a faster pace will help in automating day-to-day medical tasks and installation cost is less and eradicating the need for in-house maintenance, thus driving the growth of the segment in the practice management system.

North America contributes to the largest share in the practice management system market owing to the well-established healthcare infrastructure, increased adoption of patient-centric approach by medical payers, increased adoption of big data analytics, and favorable reimbursement scenario in the region. Asia-Pacific is anticipated to grow at a faster pace owing to companies establishing their base in the emerging economies, robust FDI inflow, and owing to high return on investment on PMS, Asian medical institutions are choosing it.

In 2020, Athenahealth had launched an embedded telehealth tool to allow practitioners to conduct virtual visits without the need to download any other software or use another third-party app.

The prominent players in the practice management system industry include Allscripts Healthcare Solutions, Inc., eClinicalWorks LLC, Medical Information Technology, Inc. (Meditech), Athenahealth Inc., Mckesson Corporation, Cerner Corporation, and General Electric Company.

Source: VynZ Research