The U.S. practice management systems market size is expected to reach USD 11.5 billion by 2030, registering a CAGR of 4.5% during the forecast period, according to a new report by Grand View Research, Inc. Demand for practice management systems 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.
U.S. Practice Management Systems Market Report Highlights
- Changing dynamics of hospital/healthcare settings and the development and sale of value-added services are driving the growth of the market
- The integrated product segment captured the largest market share in 2021 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 2021 owing to technological advancement and new product launches
- The cloud-based practice management solutions segment is expected to showcase the fastest growth during 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 2021 due to the growing adoption of this system in the physician offices
- The increasing focus of the Association of American Medical Colleges on the increasing number of physicians and healthcare facilities across the region is expected to drive the market growth
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With the help of practice management systems, healthcare providers can offer the right treatment at an effective price, thus reducing treatment costs. Over the forecast period, the COVID-19 influence is projected to drive the growth of the market. Key Players such as Allscripts Healthcare have offered a package of COVID-19 solutions for hospitals that address disease-specific needs such as SunriseTM EHR, Parago HER, and Allscripts Care Director, with the target of reducing screening and monitoring time. These screening steps can help with patient identification and tracking of patients confirmed or suspected to have coronavirus infection. Initiatives like these positively impacted the market growth during the pandemic.
The increase in adoption of IoT in healthcare and technological breakthroughs, increased use of mobiles and the internet, and rising demand for practice management solutions are key factors attributing to the market growth. Political instability, economic stress, and lack of proactive initiatives are exerting adverse effects on healthcare funding. Despite significant healthcare-related funding and insurance programs, there has been a constant rise in healthcare costs in the U.S., thus affecting healthcare providers.
Market Share Insights By Major Companies
The players are adopting strategies such as product launches, collaborations, partnerships, and mergers and acquisitions to strengthen their industry position. Some prominent players in the U.S. practice management systems market include:
- Henry Schein MicroMD
- Allscripts Healthcare Solutions, Inc.
- AdvantEdge Healthcare Solutions, Inc.
- Cerner Corporation
- GE Healthcare
- McKesson Corporation
- Athenahealth, Inc.
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U.S. Practice Management Systems Market Segmentation
Grand View Research has segmented the U.S. practice management systems market based on product, component, delivery mode, and end use:
- S. Practice Management Systems Product Outlook (Revenue, USD Million, 2017 – 2030)
- S. Practice Management Systems Component Outlook (Revenue, USD Million, 2017 – 2030)
- S. Practice Management Systems Delivery Mode Outlook (Revenue, USD Million, 2017 – 2030)
- S. Practice Management Systems End-use Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in the U.S. Practice Management Systems Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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