Monday, 19 March 2018

Dental Practice Management Software Market to Expand at a CAGR of 11.6% from 2017 to 2025

The global dental practice management software market was valued at US$ 1.6 Bn in 2016 and is projected to expand at a cumulative annual growth rate (CAGR) of 11.6% from 2017 to 2025 according to a new report published by Transparency Market Research (TMR) titled “Dental Practice Management Software Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025” the report suggests that increase in number of dental visits and rise in demand for chair time optimization is spurring the growth of dental practice management software market in coming years (2017 to 2025). The North America and Europe are projected to dominate the global market owing increase in demand for efficient and effective management of dental practices, high healthcare IT budgets, and, high adoption of digital platforms for appointment scheduling and treatment planning by dentists as well as patients. The market in Asia Pacific is projected to witness exponential growth rate with more than 12% during the forecast period 2017-2025. The growth of Asia Pacific region is attributed to large base of dental clinics and hospitals, rising number of geriatric population requiring dental services, and rising adoption of digital technologies in dental practices. The market for dental practice management software in Latin America is likely to grow at moderate growth rate during the forecast period.
The global dental practice management software is projected to be potentially driven by the value added features offered by the various dental practice management software in order to streamline the day to day work flow and increase the revenue of the practices. The dental practice management software provides the wide range of features and benefits ranging from patient scheduling, treatment planning, clinical charting, electronic prescriptions, billing, insurance claims and business analytical solutions to the dentists and hospitals. These features help dentists and hospitals streamline their daily workflow and manage their practice efficiently and effectively. The key players offering the dental practice management software are coming up with the value added features such as patient communication and online appointment scheduling features, accounting feature, and imaging modules that eliminates the need for the separate software for each tasks, thereby reducing the overall operating cost and thus, improves the overall effectiveness and efficiency of dental practices. Companies are focusing on the development of software integration facilities in their system so as to effectively integrate the DPMS with dental imaging tools such as intra-oral cameras, digital radio-graphs, patient education & awareness programs. These value added features saves the operational time of dentists and help improve its practice management performance.
Traditionally, on premise based dental practice management software were most commonly used in the dental practices. These on-premise software were associated with purchase of expensive servers and other hardware for the data storage and backups. Also, these software are priced on perpetual license model and are highly priced. The cloud based dental practice management software enable the user to host clinical applications, allows health information exchange, and data backup and recovery features. These cloud based dental practice management software addresses specific challenges faced by the multi-location dental group practices as well as for solo practitioners. The Cloud based DPMS facilitates the easy recording, storage and accessibility, integration and retrieval of both clinical as well as non-clinical data from any point of location with an internet connection
The report offers the detailed segmentation of the applications of dental practice management software into patient management & billing, and clinical applications. The patient management and billing application segment is poised to account for leading share of the market during the forecast period 2017-2025. The factors attributed to higher share of patient management and billing application includes multiple tasks performed with this software such appointment scheduling, patient communication and as hassle free billing & insurance claiming, patient charting to streamline day to day workflow. The various benefits available with patient management and billing application has led to key share of the segment in global market.
Among the end-user, the dental clinics accounted for leading share in global DPMS market and is estimated to gain its market share by the end of 2025 with CAGR more than 12% during the forecast period. Expansion of the specialized dental services, increasing number of patient footfall in the dental clinics and adoption of digital platforms for the marketing of the dental practices has led to prominent share of dental clinics segment in the global DPMS market. The high prevalence and incidence rates of dental carries, periodontal diseases, increase in number of cases of missing teeth and prosthetic rehabilitation in global population has resulted in increase in patient flow to dental clinics. Increasing number of multinational hospital chains, and high digitization budgets is likely to drive the expansion of hospitals segment growth during the forecast period.
The North America and Europe region accounted for key share of global dental practice management software market in 2016 and are likely to gain their market share by the end of 2025. High adoption of digital platforms for the dental practice management, high digital healthcare IT budgets and government initiative to promote the digital healthcare facilities have contributed to leading share of these region in the global DPMS market. Asia Pacific is projected to be the most attractive market for dental practice management software, with highest attractiveness index. The market in the Asia Pacific region is projected expand at high CAGR of over 12% during the forecast period due to large number of dental clinics in the emerging countries like India, China, well established dental facilities and high digital healthcare IT budgets in the countries like Japan, Australia & New Zealand, Malaysia, Singapore etc. Market in Latin America is poised to grow at moderate growth rate during the forecast period.
The report also provide profiles of leading players operating in global dental practice management software market. Patterson Companies Inc., Curve Dental Inc., DentMax LLC, and Henry Schein Inc., Carestream Dental LLC are some of the leading players operating in the global dental practice management software market accounting for significant market share. Companies operating in the DPMS industry are aiming to increase their geographic presence by means of strategic acquisition and collaboration with leading players in respective domains and geography. In July 2016, Planet DDS and Solutionreach made the strategic partnership to provide the integrated services between Denticon practice management software and solutionreach’s patient relationship management tools. Other prominent players operating in the global dental practice management software include Ace Dental, Open Dental Software, Planet DDS, Inc. Web.com Group, Inc. and MOGO, Inc.
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