Practice Management System Market Size

Practice Management System Market size was valued at USD 14.1 billion in 2023 and is expected to cross USD 48.6 billion by the end of 2036, expanding at more than 10.8% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of practice management systems is evaluated at USD 15.5 billion.

Practice management software (PMS) is being increasingly integrated with AI.  National Institute of Health predicted in March 2020, that 5% of adults were affected by outpatient environments along with 17% of diagnostic errors resulting in adverse events in hospital settings.

This demands an upgrade in current medical institutions and various practices such as primary health care (PHC) services. Several practice management automators (PMAs) such as Medicodio, Aiwyn, and XBert have gained immense popularity. XBert an AI-powered work intelligence, is a PMA that helps in report analytics, client portals, and workflow automation. In addition, electronic data in healthcare IT has been massively produced since the advent of PMS to cater to patient care, regulatory compliance, and record-keeping. This necessitates the usage of a PMS as it saves resources, and time while providing a high ROI in processes such as administrative tasks and billing.