2025-2034 Growth Prospects of the Practice Management System Market: Key Trends and Opportunities Analyzed
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
How Significant is the Anticipated Growth Rate of the Practice Management System Market from 2025 to 2034?
In recent times, the market size of the practice management system has experienced swift expansion. The market, which is projected to be valued at $13.41 billion in 2024, is expected to inflate to $14.82 billion by 2025 at a compound annual growth rate (CAGR) of 10.6%. The significant growth witnessed in the past can be linked to the adoption of electronic health records (EHRs), heightened regulation compliance needs, an emphasis on revenue cycle management, the transition to value-based care, and the incorporation of telehealth services.
The market size for practice management systems is predicted to witness a significant surge in the upcoming years, with an expected leap to $20.66 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.7%. The advancement in artificial intelligence (AI) and automatization, in conjunction with interoperability and health information exchange (HIE), patient-centered care frameworks, strategies for population health management, and global health emergency response, are key contributors to this forecasted growth. Towards the forecast period, major trends to note include an emphasis on cybersecurity, the consumerization of healthcare, advancements in health info-tech, patient involvement tools and the integration of telehealth.
What Key Drivers Are Accelerating the Growth of the Practice Management System Market During the Forecast Period?
The practice management system market is projected to grow due to the rising popularity of e-prescriptions. E-prescriptions, electronic versions of traditional paper prescriptions, are directly dispatched to pharmacies or entities that dispense medicine using specific software or systems. These systems assist in auto-populating patient details, securely prescribing regulated medications, and giving alerts and warnings. A Surescripts National Progress Report in July 2023, reveals a 10.4% annual growth in e-prescriptions, reaching 2.34 billion in 2022, underscoring the significant role of e-prescriptions in driving the market for practice management systems.
Practice Management System Market Driver: Increased Health Budgets Foster Growth In The Practice Management System Market
Request Your Free Practice Management System Market Report Sample Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=13516&type=smp
Who Are the Dominant Players Pushing the Boundaries of the Practice Management System Market?
Major companies operating in the practice management system market report are McKesson Corporation, General Electric Company, Henry Schein Inc., EPIC Systems Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., CompuGroup Medical SE & Co. KGaA., eClinicalWorks LLC, NextGen Healthcare Information Systems LLC, Medical Information Technology Inc., Practo Technologies Pvt. Ltd., AdvantEdge Healthcare Solutions Inc., CareCloud Corporation, Greenway Health LLC, Modernizing Medicine Inc., Kareo Inc., Advanced-Data Systems Corporation, PracticeSuite Inc., AdvancedMD Inc., Practice Fusion Inc., Luma Health, WRS Health, OfficeAlly Inc., DrChrono Inc., TherapyNotes LLC, SimplePractice LLC, CollaborateMD Inc., Accumedic Computer Systems Inc., Qminder OU
How Are Market Trends Revolutionizing the Practice Management System Industry in Recent Times?
Leading firms in the practice management system market are prioritizing the incorporation of advanced technologies like Karbon AI to boost their market profitability. Karbon AI, an AI tool powered by GPT, is incorporated into the top-ranking accounting practice management software, improving the operational efficiency of accountants. For example, in May 2023, Karbon Inc., a prominent US-based company providing cooperative practice management platforms to accounting companies, introduced Karbon AI. This is a GPT-oriented AI tool designed to increase the efficiency of accounting companies. Notably, Karbon AI comes with features such as summarizing lengthy emails, evaluating the email inbox, and creating email drafts.
Pre-order Your Report for Quick and Easy Delivery!
https://www.thebusinessresearchcompany.com/report/practice-management-system-global-market-report
Which Key Market Segments Comprise the Practice Management System Market and Drive Its Revenue Growth?
The practice management system market covered in this report is segmented –
1) By Product Type: Standalone, Integrated
2) By Component: Software, Service
3) By Mode of Delivery: On-premise, Cloud-based
4) By End User: Pharmacies, Diagnostic Laboratories, Hospitals, Other End Users
Subsegments:
1) By Standalone: Billing And Invoicing Software, Scheduling And Appointment Management Software, Patient Registration And Record Management Software, Revenue Cycle Management (RCM) Solutions, Reporting And Analytics Software
2) By Integrated: Electronic Health Records (EHR) Integration, Laboratory Management System Integration, Patient Portal And Communication Integration, Accounting And Financial Management Integration, Hospital Information System (HIS) Integration, Telemedicine And Virtual Care Integration
Which Geographic Areas Are Influencing the Growth of the Practice Management System Market?
North America was the largest region in the practice management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the practice management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Core Features That Define the Practice Management System Market?
Practice management system refers to a software solution designed to streamline and optimize various administrative and operational tasks within a practice or organization. Practice management software is designed to enhance clinical processes, automate billing procedures, aid in claims management, reduce operational costs, and boost overall effectiveness.
Browse Through More Similar Reports By The Business Research Company:
Demand Response Management Systems Global Market Report 2024
Battlefield Management System Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/battlefield-management-system-global-market-report
Learning Management System (LMS) Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/learning-management-system-global-market-report
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
