The Global Practice Management Systems Market is projected to reach $623.65 million by 2028, from a value of $357.84 million in 2022, by registering a CAGR of 9.7% during the forecast period. Rising incidences of medication errors, firm government support in the form of incentives, high return on investment, need to Increase the Efficiency of Current Medical Practices and Institutions are the major factors propelling the growth of the market. However, a lack of skilled professionals in healthcare, and high maintenance and security cost are hampering the market growth. Moreover, cloud-hosted models, and a growing inclination towards patient-centric care approach, are creating ample opportunities across the globe.
Recent Developments
In December 2021, Pfizer In and Arena Pharmaceuticals, Inc have announced that the companies have entered into a definitive agreement under which Pfizer will acquire Arena, a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.
In November 2020, Next Gen Healthcare launched a dedicated optometric workflow in its fully integrated eye care platform, as a part of the MextGen Ophthalmic Suite, to improve the overall quality of clinical eye care for patients as well as to optimize financial results for providers by combining practice and optical management for efficient charge capture.
In August 2020, the Urology cloud, an Electronic Health Record, was launched by WRS Health, which enables Urologists to manage their practice and maximize their workflows efficiently and profitably. Furthermore, cloud-based medical practice management is cost and time-effective and improves patient satisfaction, as it is accessible to medical professionals.
In June 2020, Athena Health launched its new EHR-embedded telehealth tool that enables practitioners to conduct virtual visits without the need to download any other software or use another third-party app.
Competitive Landscape
Practice Fusion, Nextgen Healthcare Information System, LLC, MediTouch, MEDITECH, Medical Information Technology, Inc., McKesson Corporation, Henry Schein, Inc, Greenway Medical, GE Healthcare eClinicalWorks, Cerner Corporation, Athena Health, Allscripts Healthcare Solutions, Inc., AdvantEgde Healthcare Solutions, WRS Health are some of the major players in the Global Practice Management Systems Market.
