Surging Number of Hospitals Driving Practice Management Systems Market

The need for reducing healthcare cost is increasing day-by-day across the globe. Both developing and developed countries are increasingly trying to implement quality healthcare provisions that are cost-effective for patients. However, despite various efforts such as insurance programs and healthcare-related funding, the cost of healthcare facilities is still high. While some people are able to manage such expenses, most citizens are unable to get proper medical treatment. Due to these factors, the demand for practice management systems has been rising all across the globe.

A practice management system can aid in bringing down healthcare significantly, owing to which, a number of hospitals and medical settings have started making their use. These systems are designed specifically for the purpose of helping medical offices of different sizes in running their facilities more efficiently. Small and medium-sized hospitals make the most use of practice management systems for managing their daily operations, such as administrative and financial functions. The integration of these systems is quite and just a simple computer network and internet connection is needed for deploying a practice management system.

The growing number of healthcare institutes across the globe is a key factor that is leading to the increasing demand for practice management system. As per a data published by the American Hospital Association in 2018, the number of hospitals in the U.S. was over 5,500. Out of all these, 2,500 hospitals were non-profit organizations. This growing number of hospitals is a major factor leading to the growth of the practice management systems market. Moreover, the growing utilization of electronic health records is also resulting in the growing demand for practice management systems.

The practice management systems market is expected to generate a revenue of $16.0 billion by 2023, increasing from $9.3 billion in 2017, and is predicted to advance at a 9.7% CAGR during the forecast period (2018–2023). In terms of product, the market is divided into standalone and integrated, between which, the standalone division accounted for the larger share of the market in the past. These systems provide administrative and clinical efficiency through single interface, thereby reducing the complexity and providing caregivers increased time to spend on patients. When component is taken into consideration, the market is divided into services and software, between which, the software division held the major share of the market in the past.

This is because of the rising adoption of software for electronic health records, patient engagement, and e-prescription. Moreover, the customization of practice management software, which enables simplification of complex data and further streamlines the healthcare business, is also a key trend that is being observed in the domain. Geographically, North America has been dominating the practice management systems market, according to a study conducted by P&S Intelligence. This can be ascribed to the digitization of databases and documents, presence of major players, and increasing growth of the IT sector in the region.

Hence, the demand for practice management systems is growing due to the surging need for reducing healthcare costs.

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