Global Medical Practice Management Software Revenue Is Nearly 3.59 Billion USD
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Medical practice management software (PMS) is extensive healthcare software which is used in day to day operations of medical practices. Medical practice management software capture, stores, manages and transmits information related to the health of individuals or the activities of organizations that work within the healthcare sector. Medical practice management software helps in integration of electronic health records (EHR) to provide interoperability solutions and assist in the overall practice management process.
In the last several years, global market of Medical Practice Management Software developed rapidly, with an average growth rate of 8.33% during 2013 to 2018. In 2017, global revenue of Medical Practice Management Software is nearly 3.59 Billion USD. Increasing demand for better healthcare facilities, need of high return on investment, rising government initiatives, increasing need for integrated healthcare systems and raising investments from healthcare IT players are some of the key factors driving the growth for global medical practice management software market.
The classification of Medical Practice Management Software includes Web-based, On-premise and Cloud-based, and the proportion of On-premise Medical Practice Management Software in 2017 is about 66.3%, and the proportion is in decreasing trend from 2013 to 2018. However, the cloud-based segment is the fastest growing segment with 9.5% CAGR from 2013-2018.
Medical Practice Management Software is widely used for Hospitals, Diagnostic Laboratories, Pharmacists and other field. The most proportion of Medical Practice Management Software is used for Hospitals, and the proportion in 2017 is 55.8%.
North America is the largest consumption place, with a consumption market share nearly 57.4% in 2017. Following North America, Europe is the second largest consumption place with the consumption market share of 25.5%. The emerging markets of Asia, Middle East, Australia, New Zealand, China, and India, cloud-based practice management system, and growing demand for patient-centric care approach present several growth opportunities for market participants operating in this arena.