Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Medical Practice Management Systems (MPMS) Market (2023-2028) by Product, Delivery Mode, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The global Medical Practice Management Systems (MPMS) market is poised for substantial growth, with projections indicating an increase from USD 4.84 billion in 2023 to USD 8.06 billion by 2028. This growth is expected to be driven by a Compound Annual Growth Rate (CAGR) of 10.74% during the forecast period of 2023 to 2028.
Market Dynamics
Several key factors are contributing to the growth of the global MPMS market:
- Increasing Awareness of Efficient Practice Management: Healthcare providers are recognizing the importance of integrated solutions for effective medical practice management. MPMS software automates administrative and operational tasks, such as appointment scheduling, billing, patient registration, and inventory management, resulting in enhanced efficiency, productivity, and financial success.
- Digital Transformation of Medical Practices: Technological advancements in the healthcare sector have led to the digital transformation of medical practices. Modern MPMS solutions offer a wide range of features to optimize practice operations, replacing manual processes and paper-based systems.
- Compliance and Regulatory Standards: Healthcare practices are under pressure to maintain compliance with evolving regulatory standards, such as HIPAA and Meaningful Use criteria. MPMS systems come equipped with built-in capabilities to ensure correct coding, billing procedures, secure patient data storage, and proper documentation, reducing the risk of legal and compliance issues.
- Improved Patient Experience: Patients expect seamless interactions with healthcare professionals, convenience, and personalized attention. MPMS systems enable online appointment scheduling, access to electronic health records (EHR), patient portals for communication, and automated reminders, enhancing the overall patient experience.
Segmentation and Recent Developments
The global MPMS market is segmented based on product (Integrated and Standalone), delivery mode (Web-based, On-premises, and Cloud-based), and geography (Americas, Europe, Middle-East & Africa, and Asia-Pacific).
Recent developments in the market include the launch of dedicated optometric workflow by NextGen Healthcare, acquisition of CareCloud by MTBC, and the release of Urology cloud by WRS Health.
Competitive Landscape
- AdvancedMD Inc.
- Allscripts Healthcare LLC
- Aprima Medical Software
- AthenaHealth
- CareCloud Inc.
- Cerner Corp
- CollaborateMD Inc.
- eClinicalWorks
- ECLIPSE Foundation
- Epic Systems Corp
- Greenway Health LLC
- Henry Schein Inc.
- NexTech Systems LLC
- NXGN Management, LLC.
- TotalMD
The MPMS industry is competitive, with numerous vendors offering solutions tailored to the specific needs of medical practices. Systems vary in functionality, scalability, integration potential, and pricing structures. Technological developments, including the integration of machine learning (ML) and artificial intelligence (AI) capabilities, are shaping the future direction of MPMS systems.
Conclusion
The global Medical Practice Management Systems (MPMS) market is witnessing significant expansion as healthcare providers seek to enhance productivity, adhere to regulatory requirements, and improve patient experiences. The adoption of advanced MPMS systems is expected to continue growing as practices invest in cutting-edge technology to streamline operations and deliver exceptional patient care.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 208 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.84 Billion |
| Forecasted Market Value (USD) by 2028 | $8.06 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/m6re2
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