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

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. 


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Due to the above-mentioned factors, the worth of the worldwide sales of practice management systems is expected to rise from $9.3 billion in 2017 to $16.0 billion by 2023. The global practice management systems market is predicted to exhibit a CAGR of 9.7% during the forecast period (2018–2023). Practice management systems, which help doctors take care of their administrative and financial tasks, are widely adopted in pharmacies, physician offices, hospitals, and healthcare payers. Amongst these, hospitals recorded the highest usage of practice management systems in 2017. This is mainly credited to the presence of a huge patient population in hospitals.

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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.


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