Clinical practice management software (PMS) is a software designed for healthcare operations management that offers a wide range of application functions including patient registration, appointment scheduling, medical billing, and others. Burgeoning healthcare sector worldwide, along with the proliferation of care facilities define the growing market landscape of PMS. Over the last decade, the healthcare industry is growing by leaps and bound due to the ever-increasing population prompting a tremendous need for effective treatment and care.
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Recognizing the potential this market holds to grow further, Market Research Future (MRFR) in its recently published study report asserts that the global clinical practice management software market is expected to evaluate at exponential value by 2023, registering an impressive CAGR of 15.2 % during the forecast period (2017 – 2023).
Extensive demand for this software by hospitals alongside a large number of healthcare IT companies providing client-specific software solutions fosters the market growth across the globe. Simultaneously, availability of user-friendly software solutions that are enhancing the performance of healthcare professionals, improving operations of caregiving facilities contributes to the growth of PMS market.
On the other hand, slightly higher cost of this software acts as a headwind, impeding the market growth. However, the efficiency and efficacy of this software that enhances overall operation management in hospitals and clinical setting, helping them to manage the continuous flow of patients, is expected to support the market growth over the forecast period.
Global Clinical Practice Management Market Application - Segments
MRFR has segmented its analysis into three key dynamics for enhanced understanding.
By Mode of Deliveries : On-Premise and Cloud-Based, among others.
By End-Users : Hospitals, Clinics, and Laboratories, among others.
By Regions : Europe, North America, APAC and the Rest-of-the-World.
Global Clinical Practice Management Software Market – Geographical Analysis
The PMS market in the North American region accounts for the largest market, globally. Some factors such as increasing digital advancements in medical technology, extensive uptake of PMS in hospitals, along with the presence of healthcare IT companies that are quadrupling by numbers are propelling the market growth in the region. Also, demand for user-friendly software along with the importance of electronic medical records contributes to the market growth.
The European region is another lucrative market for clinical practice management software standing at the second position. The market is heading with the augmenting demand for PMS across clinical settings. Undoubtedly, the resurging economy in the region is a dominant factor substantiating the market growth, increasing healthcare facilities. Also, the increased funding in the rising numbers of specialty services offered by various health care providers provides impetus to the market growth in the region.
Global Clinical Practice Management Software Market - Competitive Landscape
Highly competitive clinical practice management software market appears to be fragmented owing to the presence of several big & small market players along with new entrants churning the competition. Key players are adopting the strategic trends for business expansion in the emerging markets. Key market players are focusing on optimized situational awareness for customers, ensuring their mission success. Matured players, through various strategies such as collaboration, M&A activities, and innovations are continually seeking market expansion.
They increasingly invest in R&D activities and to develop cost-effective product portfolio. These players possess state of the art facilities to develop software and strong sales and distribution network which have helped them to gain the leadership position in the market. Marketers operating in the Clinical Practice Management industry are focusing on inbound lead generation more than ever. Industry’s marketing executives look for ROI-oriented strategies that can pay off quickly.
Some of the eminent leaders of the market include Cerner Corporation (U.S), Optum Inc. (U.S), McKesson Corporation (U.S), Cognizant (U.S), Dell (U.S), Koninklijke Philips N.V. (U.S), Siemens Ltd.(Germany), Xerox Corporation (U.S), Epic Systems Corporation (U.S), Allscripts (U.S), and GE Electronic (U.S).
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