Clinical practice management software (CPMS) has gained prominence in the healthcare sector owing to the increasing level of complexity in modern medical practice. CPMS is used in various functional areas in healthcare, which include capturing patient demographics, scheduling appointments, tracking the list of insurance payers, generating reports and billing. As per the latest report published by Market Research Future (MRFR), the Global CPMS market is set to soar at 15.2% CAGR during the assessment period (2017-2023).
Segments for Global Clinical Practice Management Software Market
MRFR’s report offers a comprehensive segmental analysis of the market based on mode of delivery and end user. On the basis of mode of delivery, the market has been segmented into cloud based and on-premise. By end-user, the market has been segmented into clinics, hospitals, pharmacies, laboratories and others.
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Clinical Practice Management Software Market – Sketch
The procedures involved in managing a clinical setup of any nature are becoming extremely demanding with regard to commitment and time. Healthcare organizations need to have an apt synchronization between all its functional bodies in order to maintain or achieve the required level of professionalism. CPMS systems enables cohesive working of different teams that are responsible for administrative operations. In advanced economies, CPMS systems are increasingly being deployed in mid and large-sized medical organizations.
Hospitals and clinics are running overtime to accommodate the surging patient influx. This remains a major force behind the fast adoption of advance IT support systems that help to manage the operations in medical practice. Software developers and healthcare technology providers are also concentrating on introduction of user-friendly software solutions for the healthcare workforce, to make completion of tasks much faster. During the assessment period, adoption of CPMS is expected to remain impressive, however, high-cost of such systems may undermine the prospects of the market in developing countries.
Latest Industry Trends and News
The software, data and technology based Investment Company, Vista Equity Partners has reportedly agreed to invest in a healthcare workforce management solutions providing company “Allocate Software” also called ‘Allocate’. This new financial backing is likely to help allocate better implement its growth strategies for the future.
The American multinational conglomerate, General Electric is reportedly planning to sell its healthcare information technology business, which include workforce management software, ambulatory care, and financial management assets to Veritas Capital, a New York-based private-equity firm. The move is likely to activate a $1.05 billion transaction movement between the two companies.
Regional Analysis for Global Clinical Practice Management Software Market
Based on geography, the market has been segmented into Asia Pacific (APAC), Europe, Americas and the Middle East & Africa (MEA).
North America is likely to remain a highly attractive market for clinical practice management software over the next couple of years. Rapid adoption of CPMS in the U.S. and Canada continues to encourage market players to increase their investments in the region. The region is also home to some of the leading healthcare IT service providers which favours the growth of the market in North America.
Meanwhile, Europe is expected to retain it second position in the Global CPMS Market over 2023. This is primarily owing to the increasing demands for advanced medical practice management solutions in European countries such as Germany, the U.K and France among others. During the forecast period, growth of the market in APAC is expected to remain pacey as the healthcare sector continues to expand at record scales in the region.
Key Players for Global Clinical Practice Management Software Market
Allscripts (U.S), Cerner Corporation (U.S), Optum Inc. (U.S), Dell (U.S), McKesson Corporation (U.S), Koninklijke Philips N.V. (U.S), Cognizant (U.S), Siemens Ltd.(Germany), Xerox Corporation (U.S), GE Electronic (U.S), and Epic Systems Corporation (U.S). are some of the top companies operating in the Global market for CPMS.
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