Research Nester’s recent market research analysis on “Practice Management System Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitor's analysis and a detailed overview of the global practice management system market in terms of market segmentation by product type, component, mode of delivery, end use, and by region.

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The global practice management system market is estimated to grow majorly on account of the increasing need for practice management software has significantly increased as a result of the transition to electronic health records (EHR) from paper-based records. Data about patients, billing, administrative duties, and appointments are all handled effectively by this software. Nearly about 96% of non-federal acute care hospitals and 4 out of 5 office-based physicians constituting 78% had implemented certified electronic health records by 2021. Since 2011, when 28% of hospitals and 34% of physicians had adopted an EHR, there has been a substantial 10-year progress, based on the data provided by the Office of the National Coordinator for Health Information 2021. During the digital revolution in healthcare, it becomes crucial for contemporary practices to optimize operations and enhance patient care.

Some of the major growth factors and challenges that are associated with the growth of the practice management system market are:

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Growth Drivers:

Shifting over EHR
Demand for digital healthcare
Challenges:

The presence of concerns related to high implementation cost is expected to affect the market growth and act as a restraining factor. It is anticipated that the practice management software's high initial implementation and recurring maintenance costs, discourage healthcare providers from making investments, which restricts market expansion. Furthermore, as budgets become more stretched over time, people may become reluctant to upgrade or implement new systems, which will negatively impact their ability to innovate and compete in the market demand.

By product type, the practice management system market is segmented as integrated and standalone. The integrated segment is estimated to garner a significant market share over the forecast period. The segment’s growth is anticipated owing to various benefits it offers such as EHRs, patient engagement, e-prescription, billing systems, streamlined practitioners, and many more. For instance, in May 2023, MEDITECH HER Software announced an agreement to integrate with Canada Health Infoway's "PrescribeIT" e-prescribing service. Through this agreement, Canadian prescribers could electronically send a prescription to the patient's preferred pharmacy straight from MEDITECH's Expanse EHR. The segment is expanding driven by the healthcare industry's centralization and the growing complexity of patient care and payment.

By region, North America is expected to generate the highest revenue by the end of 2023. In 2023, the North America market has dominated the global sales, by about 46.9%. The increasing digital literacy and high patient awareness coupled with technological advancements in the healthcare sector. According to a report by Research Nester in 2022, in the US, 74% of consumers said they would use telemedicine. This will demand for proper management and storage of their data and demands PMS in the forecast period.

This report also provides the existing competitive scenario of some of the key players in the practice management system market. This includes Allscripts Healthcare, LLC, AdvantEdge Healthcare Solutions, Athenahealth, Cerner Corporation (Oracle), Epic Systems Corporation, GE Healthcare, Covetrus, Henry Schein, Inc., Medring, Fujitsu and many more.

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