NEW YORK, Jan. 30, 2023 /PRNewswire/ -- The global practice management systems market has garnered $13,173.2 million in revenue in 2022, which is projected to rise at a rate of 8.5% from 2022 to 2030, to $25,320.7 million by 2030, as per market research company P&S Intelligence.

The growth of the market can be ascribed to the varying dynamics of healthcare, snowballing stress to curb healthcare expenses, and growing need for value-added services.

The healthcare sector is massive, and its centralization will support in coordinating the whole work process, which will, in turn, offer economic advantages. The industry is targeting to attain better management and six sigma integration, improve resource usage, and augment efficiency.

The increasing need of patients for improved and quicker healthcare services and their growing per capita income would also contribute to the growth of the market.

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Software Demand Outweighs Service Requirement

In 2022, the software category had the larger share, of approximately 60%. Due to the high demand for healthcare information solutions, numerous vendors provide customizable solutions. This decreases the workload on healthcare staff and enables better workflows, which eventually enables them to focus on their core duties, for better patient outcomes.

This software helps in saving the time spent on activities such as submitting claims, scheduling appointments, and checking insurance eligibility. Furthermore, it drives revenue through the streamlining of the RCM process.

Moreover, EHR dashboards aid in checking the eligibility of insurance claims requests and, accordingly, accepting or rejecting them. This way, the management software offers easy and error-free operations.

Cloud-Based Delivery Is Projected To Grow with Highest Rate 

The cloud-based category is set to experience the fastest market growth, of approximately 10%, in the coming years. Cloud-based solutions allow for the swift control of workplace workflows and billing via a modifiable dashboard. This lowers the time spent in creating reports and enables doctors to devote more attention to actually caring for patients. 

Browse detailed report on Global Practice Management Systems Market Size, Share, Development and Demand Forecast to 2030

North America Uses Practice Management Solutions Most Extensively

North America held the largest market share, of approximately 40%, in 2022, and it is projected to continue its dominance in the future. The growth can be credited to the existence of key health information technology vendors and the initiatives taken by the governments in the region to bring all health records on a single platform.

Furthermore, the snowballing knowledge regarding these solutions, as well as the high government investment in the healthcare industry, is projected to enable the growth of the domain in North America.

Europe holds the second-largest revenue share in the market, ascribed to the government initiatives for a constant betterment in the way health-related information is exchanged among various stakeholders, including doctors, patients, and insurers.

Practice Management Systems Market Report Coverage

By Component

• Software
• Services

By Product

• Integrated
• EHR/EMR
• E-prescription
• Patient engagement
• Standalone

By Delivery Mode

• Web-Based
• Cloud-Based
• On Premises

By End User

• Hospitals
• Physician Offices
• Healthcare Payers
• Pharmacies
• Diagnostic Laboratories

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• Italy
• Spain
• U.K.
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence