The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Practice Management System Global Market Report 2024, the practice management system market is expected to show promising growth in the forecast period.

The practice management system (PMS) market has experienced significant growth, with its size expanding from $12.11 billion in 2023 to $13.41 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.7%.

Key Drivers of Historical Growth:

• Transition to Electronic Health Records (EHRs): Adoption of digital patient records enhances efficiency.
• Increasing Regulatory Compliance Requirements: Healthcare regulations drive adoption of compliant systems.
• Focus on Revenue Cycle Management: Tools to optimize billing and financial processes.
• Shift to Value-Based Care: Emphasis on quality outcomes over quantity of services.
• Integration of Telehealth Services: Meeting the demand for remote healthcare access.

Projected Market Expansion

The PMS market is poised for strong growth, reaching $19.06 billion by 2028, with a CAGR of 9.2%.

Future Growth Drivers:

• Advancements in Artificial Intelligence (AI) and Automation: Improving operational efficiencies and patient care.
• Interoperability and Health Information Exchange (HIE): Seamless data sharing across healthcare systems.
• Patient-Centric Care Models: Tailoring treatments and services to individual patient needs.
• Population Health Management Strategies: Targeted approaches to improve community health outcomes.
• Global Health Crisis Response: Preparedness and adaptability in healthcare delivery.

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Major Trends Shaping the Market:

• Focus on Cybersecurity: Strengthening defenses against data breaches and cyber threats.
• Consumerization of Healthcare: Patient empowerment through digital tools and access.
• Advancements in Health Information Technologies: Innovations enhancing healthcare delivery.
• Patient Engagement Tools: Solutions to involve patients in their own care.
• Telehealth Integration: Incorporating remote care capabilities into PMS platforms.

Rising Demand for E-Prescriptions

The increasing adoption of e-prescriptions is expected to be a significant driver of growth in the PMS market.

Example:

• Surescripts National Progress Report (July 2023):
  • Annual Growth: E-prescriptions increased by 10.4%, reaching 2.34 billion in 2022.

Leading Companies and Innovations

Several major companies are at the forefront of driving innovation and expansion in the PMS market.

Key Players:

• McKesson Corporation
• General Electric Company
• Henry Schein Inc.
• EPIC Systems Corporation
• Allscripts Healthcare Solutions Inc.
• Athenahealth Inc.

Innovative Technologies:

• Karbon AI: AI tool enhancing productivity in accounting practice management.
  • Features: Summarizes emails, assesses inbox, and drafts email responses.

Strategic Acquisitions

Dye & Durham Limited’s Acquisition of GhostPractice Inc.:

• Date: May 2023
• Objective: Expand capabilities in practice management software.
• Outcome: Strengthened market position and enhanced service offerings.

Market Segmentation

The PMS market is segmented based on product type, component, mode of delivery, and end-user.

By Product Type:

• Standalone, Integrated

By Component:

• Software, Service

By Mode of Delivery:

• On-premise, Cloud-based

By End User:

• Pharmacies, Diagnostic Laboratories, Hospitals, Other End Users

Regional Insights

North America led the PMS market in 2023, with Asia-Pacific expected to register the fastest growth in the forecast period.

Conclusion

The practice management system market is expanding rapidly, driven by technological advancements, regulatory requirements, and evolving healthcare delivery models. As the market continues to grow, innovations in AI, cybersecurity, and patient engagement will play pivotal roles in shaping the future of healthcare administration. With increasing integration of telehealth and e-prescription capabilities, PMS platforms are poised to enhance operational efficiencies and improve patient outcomes globally.

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