Dental Practice Management Software Market size worth $2bn by 2023
Dental Practice Management Software Market size is projected to reach USD 2.2 billion by 2023; as per a new research report by Global Market Insights, Inc.
APAC offers strong growth potential, driven by India, China and Japan dental practice management software market share, and may see revenue of more than USD 420 million by 2023. The region shows vast presence of dental patient base owing to its large geriatric population.
Due to association of various co-morbid conditions with dental disorders in such population, the level of awareness regarding dental check-up is increasing. In addition to this government support, favorable ecosystem, and improving healthcare facilities aimed at providing more number of patients access to healthcare facilities at an affordable rate should boost the regional dental practice management software space.
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U.S. dental practice management software market size target revenue by 2023 exceeds USD 800 million. U.S. Federal government is also encouraging private insurers and large employers to facilitate adoption of HIT in the form of electronic medical records and practice management software to curtail the rising cost of healthcare.
Various health insurance providers have been offered incentive program for medical groups and physicians to use electronic health records in compliance with the meaningful use requirements.
Growing awareness regarding importance of oral health, rising geriatric population globally, technological advancements in practice management solutions, and government support for adoption of healthcare IT is likely to drive global dental practice management software market share.
Modern dental practice has evolved a long way over the years from the use of a paper appointment book and ledger cards to track the financial health of the practice to the adoption of digital solutions in the form of software.
Dental management software provides different types of functions for the modern dental practice. The dental practitioners choose the best suitable programs for their practice by determining the features they need, and achieve extraordinary gains in efficiency and production.
The industry is positively affected by the technological advances and growing adoption of healthcare IT. The stand-alone software transformation to an integrated EHR or (PM/EHR) system along with patient portals, check-in and other modules, with rising cloud-based software adoption will attract significant revenue.
Government initiatives in an effort to curtail the rising healthcare costs should benefit the growth of dental practice management software industry. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act was implemented in 2009 to promote the adoption of healthcare IT. The act is implemented to improve health care delivery and quality of patient care by making an exceptional investment in health information technology. The provisions of the HITECH Act are designed to present the essential aid and technical back-up to providers, enable synchronization within different states, and set up connectivity to the public health community.
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Key insights from the report include:
• Global dental practice management software market size was valued at USD 940.4 million in 2015, with industry pegging growth expectation of over 11% CAGR.
• The global dental practice management market was predominantly driven by North America, and accounted for a share of 45% in 2015. Presence of favorable government initiatives to curb the rising healthcare costs, high rate of technology adoption, and demand for patient-centric care are some of the factors attributing to its large share.
• Web-based model of delivery mode dominated the global dental practice management software market in 2015, and generated over USD 390 million in sales for 2015.
• Global dental scheduling space was valued at USD 178.6 million for 2015 and is expected to grow with 11.4% CAGR.
• Favorable government policies, subsidies, and potential growth opportunities offered by the industry should attract technology investors by lowering entry barriers.
• Presence of large geriatric population in countries such as China, Japan and India coupled with rising incomes, and greater oral health awareness in the APAC should further enhance growth.
• Global dental practice management software market share is highly competitive and fragmented with a small number of large, global firms and many smaller regional and local companies. Some of the major players identified to be the leaders in the market include Henry Schein, Inc. Patterson Dental (Patterson Companies, Inc.), Carestream Dental, ClearDent, Curve Dental, and Quality Systems, Inc.
Global Market Insights has segmented the DPMS market on the basis of component, delivery mode, and region:
DPMS Market Component Analysis (Revenue, USD Million; 2012 – 2023)
• Patient Communication
• Payment Processing
• Insurance Management
• Dental Charting
DPMS Market Delivery Mode Analysis (Revenue, USD Million; 2012 – 2023)
DPMS Market Regional Analysis (Revenue, USD Million, 2014 – 2023)
• North America
• Asia Pacific