PUBLISHER: Grand View Research | PRODUCT CODE: 1750799
PUBLISHER: Grand View Research | PRODUCT CODE: 1750799
The global practice management system market size was estimated at USD 25.54 billion in 2030 and is expected to grow at a CAGR of 10.19% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.72% from 2023 to 2030. Demand for cost-effective treatment options, unprecedented medical emergencies such as COVID-19, and digitization of healthcare records are the key factors driving the market growth. Moreover, unpreparedness for the global COVID-19 pandemic has further heightened the need for digitized interoperability solutions providing faster and more effective results. The rising adoption of EHR, telehealth in developed as well as developing economies is anticipated to provide this market with a lucrative growth platform in the coming years.
Increasing pressure to curb healthcare costs along with changing dynamics of hospital/healthcare settings is fueling the demand for practice management systems. In addition, a rising focus on implementing cost-effective and high-quality care are also likely to contribute to the market development. Healthcare institutes are witnessing a paradigm shift as a result of the changing dynamics of the business models. The development of new value-added services such as integration of practice management systems with other healthcare IT solutions, such as Computerized Physician Order Entry (CPOE) and laboratory information systems, is anticipated to propel the market growth over the next few years.
Practice management systems enable mid-sized and large healthcare providers in offering the right treatment at an effective price, thus reducing treatment costs. Most of the key players adopt strategies, such as product launches, collaborations, partnerships, and mergers & acquisitions to strengthen their industry position. For instance, in November 2022, Henry Schein, Inc. company partnered with VideaHealth, a leading dental Artificial Intelligence (AI) platform. As a result, Henry Schein One is introducing Dentrix Detect AI powered and manufactured by VideaHealth, an AI-enabled X-ray analysis tool that integrates directly into Dentrix Practice Management Systems.