Global Medical Practice Management Software Market

Global Medical Practice Management Software Market Size, Share, Growth Analysis, By Products(software, services), By Technology(Web based software, Cloud based software.), By End User(Hospitals, Clinics) - Industry Forecast 2024-2031


Report ID: SQMIG45E2183 | Region: Global | Published Date: February, 2024
Pages: 253 | Tables: 90 | Figures: 76

Global Medical Practice Management Software Market Insights

Medical Practice Management Software Market size was valued at USD 12.33 billion in 2019 and is poised to grow from USD 12.9 billion in 2023 to USD 28.17 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

Medical Practice Management Software is required for managing and storing the patient’s data, managing appointment schedules, medical billing, revenue cycle management, in hospitals and clinics. Medical Practice Management Software market is specifically used as healthcare software which maintains and manages daily operations in the healthcare industry. Healthcare delivery improved with the help of medical practice management software as it connects big data with online platforms.

Medical Practice Management Software is used for booking appointments for patients and for complex activities such as preparation of periodic reports. Medical practice management software plays a pivotal role in amalgamating electronic health records with provision of interoperability solutions, and assisting overall practice management process.

US Medical Practice Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 12.33 billion

Largest Segment

Software

Fastest Growth

Software

Growth Rate

8.8% CAGR

Global Medical Practice Software Management Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Medical Practice Software Management Market Size By Products 2021-2028 ($ Bn)
Global Medical Practice Software Management Market Size By Products 2021-2028 (%)

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Global Medical Practice Management Software Market Segmental Analysis

Medical Practice Management Software market is segmented based on the Products, Technology, End User and region. Based on the Products, the Medical Practice Management Software market is segmented into software and services. Based on the technology, the Medical Practice Management Software Market has been segmented into Web based software, Cloud based software. Based on end users Medical Practice Management Software Market is segmented into Hospitals, Clinics, Ambulatory Surgery Centre, Diagnostic Centres and Others. Based on Region Medical Practice Management Software Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Medical Practice Management Software Market Analysis by Product

The software segment dominated the market and accounted for the largest revenue share of more than 58.50% in 2021. Software is easy to install and recover records owing to superior user interfaces and continuous product upgrades. Software are used to provide various applications to hospitals and health systems, which increases demand for medical practice management software during the forecast period.

The services segment is expected to see fastest growth during the forecast period due to increasing popularity for training and cooperation in installing the software and upgrading the system in line. Services are provided according to the demands of the healthcare practice and increase patient health outcomes. For improved media management, consulting, implementation and training, support and maintenance, as well as other services like interoperability and access to HER data, are offered.

Medical Practice Management Software Market Analysis by Technology

The web-based technology segment dominated the market and accounted for the largest share of more than 50.7% of the total revenue in 2021. One significant advantage of web-based technology is that it updates itself automatically as changes take place with no impact on workflow. On-premise solutions are a lot more dependable choice and are also utilised by large healthcare systems and businesses that can store large amounts of data, pay hefty upfront expenditures, and maintain servers.

Global Medical Practice Software Management Market Size By Products 2021-2028 (%), 2023 (%)

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Global Medical Practice Management Software Market Regional Insights

North America dominated the Medical Practice Management Software market and held the largest market share of around 52.3% of the global market in 2021, due to high digital literacy rates. The increasing development in healthcare IT infrastructure in these regions has increased demand for the Medical Practice Management Software market. Governments take initiatives like EHR incentive programs by Medicaid and Medicare to increase awareness about Medical Practice Management Software, thus driving the market growth.

Asia Pacific will be the fastest growing region with high CAGR during the forecast period. The demand for Medical Practice Management Software is expanding due to the ageing population, the prevalence of chronic diseases that produce a larger patient pool, and the increased demand for high-quality healthcare solutions in these emerging markets at reduced prices.

Global Medical Practice Software Management Market By Geography, 2021-2028, 2024-2031
  • Largest
  • Fastest

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Global Medical Practice Management Software Market Dynamics

Medical Practice Management Software Market Drivers

High Investment in Developing Healthcare Infrastructure to Boost Market Growth

  • Increasing advancement in health care sectors are increasing demand for utilization of smart medical practices, these factors are driving the market growth. Management software programs have increased performance for healthcare providers and businesses. Rise in health awareness is also boosting the market growth.

Medical Practice Management Software Market Restraints

Lack of Skilled Labor to Hinder Market Growth

  • The requirement of software for medical services management demand for skilled labor. High maintenance and support cost will further hinder market growth during the forecast period.

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Global Medical Practice Management Software Market Competitive Landscape

Global Medical Practice Management Software market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Medical Practice Management Software Market Top Player's Company Profiles

  • Athenahealth, Inc.
  • Cerner Corporation
  • Allscripts Healthcare Solutions, Inc.
  • NextGen Healthcare, Inc.
  • eClinicalWorks LLC
  • Kareo, Inc.
  • Greenway Health, LLC
  • AdvancedMD, Inc.
  • GE Healthcare
  • Epic Systems Corporation
  • McKesson Corporation
  • MediTouch EHR by HealthFusion
  • Practice Fusion, Inc.
  • Quest Diagnostics
  • Modernizing Medicine, Inc.
  • CareCloud Corporation
  • NueMD
  • DrChrono, Inc.
  • SimplePractice
  • CureMD Healthcare

Medical Practice Management Software Market Recent Developments

  • In September 2022, XR, a new fashion-forward wearable technology brand, brought together multimodal diagnostics, practice management, and patient engagement for the first time.
  • In August 2022, Henry Schein, Inc. (Nasdaq: HSIC), the acquisition of Midway Dental Supply, announced to strengthen Long-Standing Presence in the Midwestern U.S. and Brings New Customers, Executive Talent, and Sales and Service Personnel to U.S. Dental Distribution Business.
  • In June 2022, Henry Schein acquired Condor Dental, to Expand Dental Sales and Service Operations in Switzerland.

Global Medical Practice Management Software Key Market Trends

Innovation to Shape Medical Practise Management Software Market Growth

  • Rapid growth in the healthcare industry along with rise in awareness are boosting the demand for Medical Practice Management Software market. The market is expected to witness innovations and product launches in the coming years.

Global Medical Practice Management Software Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global Medical Practice Management Software market analysis, the need to connect online and provide instant help are the major factors influencing the market. Players can capture a larger share of the market by collaborating with end user industries and expanding their geographical footprint.

Report Metric Details
Market size value in 2023 USD 12.33 billion
Market size value in 2031 USD 28.17 billion
Growth Rate 8.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Products
    • software, services
  • Technology
    • Web based software, Cloud based software.
  • End User
    • Hospitals, Clinics, Ambulatory Surgery Centre, Diagnostic Centres, Others.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Athenahealth, Inc.
  • Cerner Corporation
  • Allscripts Healthcare Solutions, Inc.
  • NextGen Healthcare, Inc.
  • eClinicalWorks LLC
  • Kareo, Inc.
  • Greenway Health, LLC
  • AdvancedMD, Inc.
  • GE Healthcare
  • Epic Systems Corporation
  • McKesson Corporation
  • MediTouch EHR by HealthFusion
  • Practice Fusion, Inc.
  • Quest Diagnostics
  • Modernizing Medicine, Inc.
  • CareCloud Corporation
  • NueMD
  • DrChrono, Inc.
  • SimplePractice
  • CureMD Healthcare
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Medical Practice Management Software Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Medical Practice Management Software Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Medical Practice Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Practice Management Software Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Practice Management Software Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Medical Practice Management Software Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Medical Practice Management Software Market size was valued at USD 12.33 billion in 2019 and is poised to grow from USD 12.9 billion in 2023 to USD 28.17 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

Global Medical Practice Management Software market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Athenahealth, Inc.', 'Cerner Corporation', 'Allscripts Healthcare Solutions, Inc.', 'NextGen Healthcare, Inc.', 'eClinicalWorks LLC', 'Kareo, Inc.', 'Greenway Health, LLC', 'AdvancedMD, Inc.', 'GE Healthcare', 'Epic Systems Corporation', 'McKesson Corporation', 'MediTouch EHR by HealthFusion', 'Practice Fusion, Inc.', 'Quest Diagnostics', 'Modernizing Medicine, Inc.', 'CareCloud Corporation', 'NueMD', 'DrChrono, Inc.', 'SimplePractice', 'CureMD Healthcare'

Increasing advancement in health care sectors are increasing demand for utilization of smart medical practices, these factors are driving the market growth. Management software programs have increased performance for healthcare providers and businesses. Rise in health awareness is also boosting the market growth.

Rapid growth in the healthcare industry along with rise in awareness are boosting the demand for Medical Practice Management Software market. The market is expected to witness innovations and product launches in the coming years.

North America dominated the Medical Practice Management Software market and held the largest market share of around 52.3% of the global market in 2021, due to high digital literacy rates. The increasing development in healthcare IT infrastructure in these regions has increased demand for the Medical Practice Management Software market. Governments take initiatives like EHR incentive programs by Medicaid and Medicare to increase awareness about Medical Practice Management Software, thus driving the market growth.

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