Latest
industry research report on: Global Medical Practice Management
Software Market | Industry Size, Share, Research, Reviews, Analysis,
Strategies, Demand, Growth, Segmentation, Parameters, Forecasts
This industry research report
identifies Allscripts, Cerne, CPSI, Epic Systems, General Electric
Company, and McKesson as the key vendors in the global medical
practice management software (MPMS)
market. This industry research report also presents a competitive
analysis of the market by deployment model (on-premises and
cloud-based), by end-user (hospitals, diagnostic laboratories,
physicians, and pharmacists), and by geography (the Americas, APAC,
and EMEA).
Overview of the global medical
practice management software (MPMS) market
Market
research analysts at Technavio predict that the global medical
practice management software (MPMS) market will grow steadily at a
CAGR of over 8% by 2021. This market research analysis identifies the
ability to achieve increased efficiency and productivity of MPMS as
one of the primary growth factors for this market. MPMS helps
healthcare centers in managing information and generating reports of
clinical and administrative performance which can be used for medical
practice improvement plans. This subsequently enhances the
organizations efficiency by improving the quality and increasing
productivity. Furthermore, the software also monitors business
processes and identifies financial irregularities that can be
reported to the management for appropriate actions.
Reporting
has become an essential part of medical practice management since it
helps gain meaningful insights. Physicians heavily depend on the
reporting capabilities of their software systems to give them real
numbers and data that can help them gauge the efficiency of their
practices. This will increase the demand for MPMS since the software
can go beyond the capabilities of providing basic information
including basic finances, important hidden data, potential sources of
revenue, and custom reports. With the increasing focus on detailed
and customized reporting, such benefits will significantly fuel the
growth of the MPMS market.
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Competitive
landscape and key vendors
The
MPMS market is competitive and is characterized by the presence of a
few multinational vendors and many niche players. With the increase
in demand for MPMS in the healthcare sector, the level of competition
among the players in this marketspace is expected to intensify in the
coming years. To increase their foothold in this global market, the
vendors are making huge investments to develop customized solutions
that can be used to integrate into different systems. To sustain the
competition and improve their market positions, the vendors are also
concentrating on offering cloud-based MPMS solutions.
The
leading vendors in the market are -
- Allscripts
- Cerner
- CPSI
- Epic Systems
- General Electric Company
- McKesson
The
other prominent vendors in the market include AdvancedMD,
Athenahealth, CureMD, Greenway Health, MacPractice, MediGain,
Meditab, NextGen Healthcare, NueMD, and Practice Fusion.
Segmentation
by end-user and analysis of the MPMS market
- Hospitals
- Diagnostic laboratories
- Physicians
- Pharmacists
During
2016, the hospitals segment accounted for the major shares and
dominated this market. Hospitals are increasingly adopting MPMS to
overcome challenges in the administrative processes and collaboration
among staff across multiple sites. Factors such as the increasing
focus towards streamlining the administrative processes such as
appointment management, patient scheduling, clinical charting,
patient reminders, and billing and accounting will contribute to the
growth of this market segment in the coming years.
Geographical
segmentation and analysis of the MPMS market
- Americas
- APAC
- EMEA
This
market study estimates that in terms of geographic regions, the
Americas will be the major revenue contributor to the market by 2021.
Implementing MPMS solutions helps in eliminating paperwork and also
provides seamless access to data through cloud technology. The
implementation of IT services in the healthcare sector that is
inducing government and private healthcare institutions in this
region to increase their healthcare expenditures will be a major
factor fueling the markets growth prospects in the Americas during
the next few years.
Key
questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global MPMS market?
- What are the key market trends impacting the growth of the global MPMS market?
- What are the challenges to market growth?
- Who are the key vendors in the global MPMS market?
- What are the market opportunities and threats faced by the vendors in the global MPMS market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global MPMS market?
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