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What fueled the previous growth in the practice management system market?

The practice management system market has experienced rapid growth in recent years and is anticipated to grow from $13.41 billion in 2024 to $14.82 billion in 2025, at a CAGR of 10.6%. Past growth can be attributed to the transition to electronic health records (EHRs), rising regulatory compliance requirements, emphasis on revenue cycle management, shift toward value-based care, and integration of telehealth services.

What will be the practice management system market size in the future?

The practice management system market is on track for robust growth, projected to reach $20.66 billion by 2029 at a CAGR of 8.7%. Growth factors include AI-driven automation, enhanced interoperability in health information exchange, patient-centered care models, population health strategies, and responses to global health crises. Major trends include heightened cybersecurity measures, consumerization of healthcare, advancements in health IT, enhanced patient engagement tools, and telehealth integration.

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What main drivers are fueling expansion in the practice management system market?

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

What key areas define the segmentation of the global practice management system market?

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

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Who are the dominant players expanding their reach in 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 evolving market trends shaping practice management system Strategies?

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.

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Which regions are emerging as leaders in 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.

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