U.S. Practice Management Systems Market Worth $13.3 Billion By 2027
The U.S. practice management systems market size is expected to reach USD 13.3 billion by 2027, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. Demand for practice management system is growing due to increasing pressure to curb healthcare costs and changing dynamics of hospital/healthcare settings. Increasing focus on implementing cost-effective, quality care will further boost the market growth.
Political instability, economic stress, and lack of proactive initiatives are exerting adverse effects on the healthcare funding. Despite significant healthcare-related funding and insurance programs, there has been a constant rise in healthcare cost in U.S., thus affecting healthcare providers. The healthcare expenditure in U.S. was approximately 2.4 times higher than the global average in 2015 and is anticipated to increase by 68.0% in the next 10 years.
With the help of practice management systems, healthcare providers are able to offer right treatment at effective price, thus reducing treatment costs. Some of the prominent companies in the market are Henry Schein MicroMD; Allscripts Healthcare Solutions, Inc.; AdvantEdge Healthcare Solutions, Inc.; Cerner Corporation; GE Healthcare; and McKesson Corporation.
Further key findings from the study suggest:
- Changing dynamics of hospital/healthcare settings and development and sale of value-added services are driving the market
- The integrated product segment captured the largest market share in 2019 due to benefits, such as enhanced efficiency and communication across various departments and reduced administrative and medical errors
- Software held the largest revenue share in the component segment in 2019 owing to technological advancement and new product launches
- Cloud-based practice management solutions is expected to show fastest growth over the forecast period owing to advantages such as ready availability of information even in remote locations, higher reliability, and faster processing
- Physician back office dominated the end-user segment in the market in 2019 due to growing adoption of this system in the physician offices
- Increasing focus of the Association of American Medical Colleges toward increasing number of physicians and healthcare facilities across the region is expected to drive the market growth
- Key companies in the U.S. practice management systems market include Henry Schein MicroMD; Allscripts Healthcare Solutions, Inc.; AdvantEdge Healthcare Solutions, Inc.; Cerner Corporation; GE Healthcare; and McKesson Corporation