Medical Practice Management Software (MPMS) Market size is expected to grow by $6.23 billion between 2024 and 2028. Increased MPMS performance and productivity drive the market, Technavio

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2024-06-20

NEW YORK, June 20, 2024 /PRNewswire/ — The global medical practice management software (MPMS) market size is expected to grow $6According to Technavio – 0.23 billion in 2024–2028. The market is estimated to grow at a CAGR of 13.73% during the forecast period. Increased efficiency and productivity of MPMS is driving the market growth, with the trend of increasing use of analytics in MPMS. However, data security and privacy issues are a challenge. The key players in the market include Adroit Infosystems Inc., AdvancedMD Inc., Veradigm LLC, athenahealth Inc., BestoSys Solutions Pvt Ltd., CareCloud Inc., CollaborateMD Inc., eClinicalWorks LLC, Epic Systems Corp., General Electric Co., Greenway Health LLC, Henry Schein Inc., McKesson Corp., Nextech Systems LLC, NextGen Healthcare Inc., Oracle Corp., Practo Technologies Pvt. Ltd., Sage Group Plc, TotalMD and Virence Health.

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Market driver

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The medical practice management software (MPMS) market is seeing increasing use of data analytics and business intelligence solutions. Hospitals and clinics use these tools for performance monitoring, data mining, reporting and benchmarking to improve decision-making and discover new growth opportunities. The healthcare sector generates vast amounts of clinical and non-clinical data, including patient health records, administrative information, and financial data. Data sources such as Epic Systems, Athenahealth, and Capacity, among others, provide valuable information through techniques such as mining, performance analytics, and product analytics. The MPMS market includes various components such as sales volume, gross margin, and costs, with increasing integration of cloud software and claims management systems.

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Market challenges

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• The digital transformation of healthcare practice is exciting but poses complex challenges, especially in protecting sensitive patient data from malware attacks and unauthorized access. Cloud-based medical practice management software (MPMS) is widely used due to its cost-effectiveness and ease of access, but raises concerns about data security and the potential public availability of patient and insurance-related information. Other aspects of MPMS include data sources, diagnostic centers, production, sales volume, efficiency and claims management. MPMS market trends include increasing integration, product analysis, and research period.

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Segment overview

This medical practice management software (mpms) market report discusses in detail the market segmentation by

1. Application

• 1.1 Cloud-based
• 1.2 Local

End user

• 2.1 Hospitals
• 2.2 Diagnostic laboratories
• 2.3 Doctors
• 2.4 Pharmacists

Geography

• 3.1 North America
• 3.2 Europe
• 3.3 Asia and the Pacific
• 3.4 South America
• 3.5 Near East AND Africa

1.1 Cloud-based Segmentation of the Medical Practice Management Software (MPMS) market by implementation indicates a significant shift towards cloud-based solutions due to their numerous advantages and declining trend in on-premises systems. Data sources indicate that this growth is driven by data-driven growth opportunities, increasing integration and sales volume growth. Cloud software offers predictable expenses, no need for powerful on-premises servers, and low maintenance fees, making it an attractive option for various medical institutions such as hospitals, diagnostic centers, and clinics. MPMS import and export patterns show a global trend towards cloud adoption, with production value in this segment expected to increase over the study period. A significant factor contributing to this trend is the decline in upfront costs associated with cloud-based solutions, compared to the large investments required for on-premises systems. Additionally, the benefits of cloud-based software, including free updates and low IT staffing costs, make it even more attractive. MPMS market analysis shows that the ability of cloud-based software to handle high sales volumes and the increasing integration of various functionalities such as medical billing, claims management and ambulatory surgery centers are the key factors driving the growth of this segment. Gross margins and profits generated from cloud solutions are also expected to increase during the forecast period. Overall, the MPMS market is seeing a surge in the use of cloud-based software, with companies such as Ace Matrix, AdvancedMD, Allscripts and others leading the way.

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Research analysis

The medical practice management software (MPMS) market is witnessing significant growth due to the increasing capacity of diagnostic centers and clinics. Cloud-based software solutions are becoming increasingly popular, enabling real-time data utilization and cost savings. The current state of the market is driven by the demand for data-driven growth opportunities that can be mined from various data sources. The increase in sales volume is attributed to the value of production derived from raw materials and the efficiencies generated by effective practice management systems. The costs associated with manual processes and outdated methods are being replaced with the advantages of MPMS, making it an essential investment for medical practices looking to optimize their operations.

Market research review

The medical practice management software (MPMS) market includes a number of solutions aimed at streamlining and optimizing the administrative tasks of healthcare providers. These systems offer functionalities such as scheduling appointments, managing patient records, processing insurance claims, generating bills, and tracking revenue. MPMS solutions enable you to improve efficiency, reduce administrative costs and improve patient care. They support a variety of medical specialties and practice sizes, providing flexibility and scalability. The market is driven by factors such as rising demand for healthcare, regulatory compliance, and the need for digital transformation in healthcare. Moreover, technological advancements such as cloud computing, artificial intelligence, and machine learning are driving the innovation and growth of the MPMS market.

Contents:

1 Summary
2 Market landscape
3 Market size
4 Historical market size
5 Five Forces Analysis
6 Market segmentation

• Application
• End user
• Hospitals
• Diagnostic Laboratories
• Doctors
• Pharmacists
• Geography
• North America
• Europe
• APAC
• South America
• Middle East and Africa

7 Customer landscape
8 Geographic landscape
9 Factors, challenges and trends
10 Company landscape
11 Company analysis
12 Annex

About Technavio

Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market position.

The Technavio report library, with over 500 specialized analysts, consists of over 17,000 reports and covers 800 technologies from 50 countries. Their client base consists of enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive reach, extensive research and actionable market insights to identify and evaluate opportunities in existing and potential markets. competitive position in changing market scenarios.

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SOURCE Technavio