Market Synopsis:
The advent in technology has facilitated the penetration of digitization in healthcare sector. Clinical practice management software is one such platform that provides the users with multiple beneficial features such as patient registration, appointment scheduling, medical billing, electronic medical records management and others. As per the report that has been recently published by Market Research Future (MRFR), the global clinical practice management software market is anticipated to expand at a noteworthy CAGR of 15.2% during the forecast period of 2017-2023.
The rise in demand for cloud-based solutions for managing the information and patient data in the healthcare sector is acting as one of the major drivers for the expansion of the worldwide market. The key benefits of clinical practice management software such as integration of electronic health record (HER), optimization of chair-time, and management and transmission of individual’s health records are inducing the need for adoption of clinical practice management software in the healthcare sector.
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Some of the prominent players of the global clinical practice management software market are: Optum Inc. (U.S), Cerner Corporation (U.S), McKesson Corporation (U.S), Dell (U.S), Cognizant (U.S), Koninklijke Philips N.V. (U.S), Xerox Corporation (U.S), Siemens Ltd.(Germany), Epic Systems Corporation (U.S), GE Electronic (U.S) and Allscripts (U.S).
Industry Analysis:
On 19th July 2018, Ciox, a leading healthcare technology company, has announced its partnership with Northwestern Memorial Healthcare, a health system with more than 100 locations throughout Chicago, to ensure efficiency by providing secure and upgraded management software.
On 18th July 2018, ObvioHealth, a global medical technology company, has announced the launch of ClaimIt, a mobile application for site-less clinical studies. This application is proving to be a significant step towards the development of advanced clinical practice management software.
Global Clinical Practice Management Software Market – Competitive Landscape
Highly competitive clinical practice management software market appears to be fragmented owing to the presence of several big & small market players along with new entrants churning the competition. Key players are adopting the strategic trends for business expansion in the emerging markets. Key market players are focusing on optimized situational awareness for customers, ensuring their mission success. Matured players, through various strategies such as collaboration, M&A activities, and innovations are continually seeking market expansion.
They increasingly invest in R&D activities and to develop cost-effective product portfolio. These players possess state of the art facilities to develop software and strong sales and distribution network which have helped them to gain the leadership position in the market. Marketers operating in the Clinical Practice Management industry are focusing on inbound lead generation more than ever. Industry’s marketing executives look for ROI-oriented strategies that can pay off quickly.
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Regional Analysis:
The global clinical practice management software market is segmented into four major regions such as Americas, Europe, Asia Pacific, and the Middle East and Africa. The America region accounts for the largest market share in the global market owing to the rapid adoption of advanced technology by the healthcare sector in this region. The increasing demand for patient management software and cloud-based solutions is leading to the significant growth of clinical practice management software market in the Europe region.
The rapid development in healthcare infrastructure and large pool of patients are fueling the expansion of clinical practice management software in the Asia Pacific region. The well-developed healthcare sector in some countries of the Middle East region is driving the clinical practice management software market in this region. However, steady growth of the market is observed in the Africa region due to the lack of awareness and less penetration of advanced technology in this region.
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