Cloud-based dental practice management software market to generate massive gains over 2018-2024, U.S. to be a major revenue contributor
Publisher : Fractovia | Published Date : 2018-07-26Request Sample
Dental practice management software industry has established itself as one of most dynamic sectors in the overall healthcare IT ecosystem. Dental practice management software is getting a renewed traction driven by the optimized, convenient, and efficient operation management enabled by these systems. With the right mix of technology and software, dental practice management software industry has not only improved in terms of providing advanced care, but also in effectively managing finances, marketing, patient relationships, and other operational aspects of dental practice.
U.S. Dental Practice Management Software Market, By Component, 2013-2024, USD Million
This billion-dollar industry is witnessing various technological advances leading to profound innovations in the field of dentistry. Few of these major advancements are witnessed in EHR practice management and modules such as check-in and online patient portals. Incorporating such software in dental practice is enabling time saving and revenue-boosting operations, which has in turn fueled the dental practice management software market share.
The widespread demand to maximize the chair time utilization is indeed an apt driver pushing the massive deployment of these systems. Chair time here refers to the amount of time a patient spends in the chair of a dentist. Incorporation of dental practice management software in this instance will eliminate challenges that affect the profitability of dental practitioners such as short notice cancellations, un-booked appointments, failure-to-attends, etc. Here the optimal use of management software by the dentists may results in higher revenue generation and improved gains. In fact, a well-organized use of chair time can raise the profits by more than 20% and the revenue by more than 5%. Fueled by the massive deployment of these tools to boost the operational efficiency of the dental practice, DPMS industry is poised to chart a lucrative roadmap over the years ahead.
The cloud technology has remarkably revolutionized the healthcare IT fraternity. The foremost attribute of the cloud is that it effectively frees up the flow of data by making it accessible from multiple locations, thereby combating the locational constraints. Subject to this fact, cloud-based dental practice management solutions are set to be a real game-changer in the industry. The technology has enabled optimal management by providing access to account information, patients record, statistics, and dental plans irrespective of the location of the clinician or the patient.
Cloud based dental practice management software market is anticipated to record a CAGR of 14.6% over 2018-2024. While other types of deployment modes such as web-based and on-premise based have garnered substantial acclaim, it is rather overt that over the coming years, cloud-based delivery mode is set to race ahead of its peers and emerge as a lucrative segment of DPMS industry.
A succinct outline of the regional DPMS industry: U.S. to be a pivotal investment hub
Currently, North America dental practice management software market, powered by the U.S., is one of the most remunerative regional markets of this fraternity. The region is witnessing rapid healthcare IT infrastructure developments and utility of tablets and mobile related solutions. U.S. is set to witness a soaring adoption of dental practice management software with the expanding healthcare IT sector. U.S. dental practice management software industry size, as per estimates, was pegged at SD 450.7 million in 2017 and is projected to emerge as a dominant market over 2018-2024, registering its name as the leading country contributing to North America business space. The contributions of the Health Information Technology for Economic and Clinical Health Act, which has allocated USD 25 billion to encourage the adoption of advanced technology and software in healthcare is also favoring the regional trends.
Asia Pacific dental practice management software industry is anticipated to register a modest CAGR over 2028-2024, driven by China, Japan, and India. Several other regions including South Korea, Australia, and Singapore are at the forefront with regards to adopting advanced technologies and healthcare IT solutions. With growing deployment of quality healthcare IT infrastructure in the emerging economies, APAC dental practice management software is further anticipated to witness high growth potential over the coming years.
A report compiled by Global Market Insights, Inc., states that the global dental practice management software market is undergoing tremendous changes with the advent of digital health technologies, developments pertaining to healthcare IT, and mandates established by the government. A favorable political scenario and reimbursement policies such as Medicaid & Medicare coupled with the presence of various associations such as ADA & EDA are also positively strengthening the growth of dental practice management software industry. With growing number of regional and global players, dental practice management software industry is touted to witness a fiercely competitive landscape in the years ahead.
