What are Main Factors Expected to Cause Boom of Global Practice Management Systems Market in Future?

By Mark Tyson

60 Articles

The increasing establishment of non-profit organizations in several countries is one of the major factors responsible for the rise in the demand for practice management systems across the world. As per the data published by the American Hospital Association (AHA) in 2018, the U.S. was home to more than 5,500 hospitals that year, out of which almost 2,500 were non-profit organizations. The increasing development of small and medium hospitals in various states across the U.S. is expected to further push the demand for practice management systems in the country.

The other important factor boosting the demand for practice management systems is the surging healthcare costs in many countries all around the world. Many developed and developing countries and regions are finding it increasingly difficult to implement cost-effective healthcare solutions for the patients. Moreover, the healthcare costs are rising at a steep rate in several countries in spite of the emergence of numerous insurance programs and this is boosting the demand for practice management systems as these systems help the healthcare providers in providing cost-effective healthcare services.

There are two types of practice management systems used throughout the world — standalone and integrated systems. Out of the two, integrated systems are expected to register faster growth in usage during the forecast period. This is mainly attributed to the numerous advantages provided by the integrated systems over the standalone ones such as the ability to offer administrative and clinical efficiency through single interface which decreases the complexity of the treatment process and allows the medical practitioner to spend more time on patients.

Geographically, the Asia-Pacific (APAC) region is expected to observe the fastest growth in the adoption of practice management systems during the forecast period. This is primarily ascribed to the increasing government measures being enacted in the region for promoting the utilization of practice management systems in various healthcare settings and the soaring number of organizations adopting the use of these systems, e-prescription platforms, and electronic health records (EHR) in the region. Additionally, the rising commercialization of patient engagement solutions is expected to generate considerable growth in the practice management systems market in the region in future.

Thus, the adoption of practice management systems will shoot up across the world in the coming years, on account of the increasing adoption of advanced technologies in healthcare settings and the ballooning need for reducing the healthcare costs in many countries.