Practice Management System Market worth $247.1 Million by 2018
According to the new market research report “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”, published by MarketsandMarkets™, analyzes and studies the major market
drivers, restraints/challenges, and opportunities in North America, Europe,
Asia-Pacific, and the Rest of the world (RoW).
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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.
The future growth prospect for the global practice
management system market is optimistic and is estimated to grow at a decent
CAGR of 8.6%to reach the market size of $247.1 million by 2018. The integrated
PM system is the largest segment of this market. However, the cloud-based
segment is the fastest growing segment with 12.1% CAGR from 2013-2018.Burden of escalating care costs need for integrated care system, and rising federal incentives are expected to positively influence the market growth, while lack of data confidentiality and exorbitant amount of time consumption for integration will hamper the growth momentum. The major challenge prevailing in this industry includes shortage of on-site IT support services. The emerging markets of Middle East, Australia, New Zealand, China, and India, cloud-based practice management system, and growing demand for patient-centric care approach present several growth opportunities for market participants operating in this arena.
Browse and in-depth TOC on " Practice Management System Market " 69 – Tables 16
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The practice management system market is segmented based on
products (integrated and standalone), delivery mode (on-premises, web-based,
and cloud-based), components (services and software), end users (physicians,
pharmacists, diagnostic labs and others), and geography.
Based on products, the PM system 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.
On the basis of delivery mode, the practice management system
market is further classified as on-premises, web-based, and cloud-based. The
cloud-hosted solutions accounted for the fastest growing segment due to remote
accessibility of data and reduced operational costs. By end-user the industry
is segmented into physicians, pharmacists, and diagnostic labs. The physician
segment accounted for the largest as well as the fastest growing segment of the
market in 2013.
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The global market is expected to grow at a high single- digit CAGR
to reach $247.1 million by 2018. The major factors fueling the growth of this
market are high return on investment, growing incidences of medication errors,
and firm government support in the form of incentives. However, the lack of
data privacy, high maintenance expenses, and interoperability issues are
restricting the growth of the practice management system market. The growing
inclination towards patient-centric care approach, cloud-based models and
emerging markets like Asia (China and India), Middle-East, and Pacific
countries (Australia and New Zealand) present significant growth opportunities
for the future.
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