According to The Insight Partners market research study titled ‘Practice Management Systems Market- Global Analysis and Forecasts by Product, Delivery Mode, and Component, the global practice management systems market is expected to reach US$ 6,740.84 Mn in 2027 from US$ 3,143.76 Mn in 2019. The market is estimated to grow with a CAGR of 10.2% from 2020-2027. The report highlights the trends prevalent in the global practice management systems market and the factors driving the market along with those that act as deterrents to its growth.
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The practice management systems market by product is segmented into integrated and standalone. In 2019, the standalone segment held the largest market share of 67.8%% of the practice management systems market. This segment is also expected to dominate the market in 2027 owing to the increasing adoption of standalone systems during the forecast period. Moreover, the integrated segment is anticipated to witness the highest growth rate of 10.6% during the forecast period. Certain factors such as developing healthcare infrastructure and growing demand for automation in healthcare administration are expected to drive the segment growth.
Key factors driving the market are rising prevalence of chronic diseases, a growing emphasis on providing quality care at affordable costs, shortage of primary healthcare resources, and increasing healthcare IT spending are likely to restrain the market growth to a certain extent.
Some of the prominent players operating in practice management systems market are, Allscripts Healthcare Solutions, Inc., Athena Health, Cerner Corporation, Epic, eClinicalWorks, GE Healthcare, McKesson Corporation, Medical Information Technology, Inc., Nextgen Healthcare Information System, LLC, and Henry Schein, Inc. The market players are focused on acquisitions with industry players in order to sustain their position in the market. For instance, in July 2017, GE Healthcare acquired Novia Strategies, a 22-year-old US-based healthcare consulting company with an aim to expand clinical software products portfolio and customer base.
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