According to a new market report published by Credence Research Inc., “Dental Practice Management Software Market (By Application (Scheduling, Payment Processing, Patient Communication, Insurance Management, Invoice/Billing, and Other Applications), By Mode of Deployment (On-premise Software Solutions and Cloud-based Software Solutions), By Geography (North America, Europe, Asia Pacific, and Latin America, and Middle-East and Africa)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025”, the global dental practice management software market is expected to witness a double digit CAGR during the forecast period 2017 to 2025.
Dental practice management software is a group of medical practice management software that assists dentists in generating and compiling clinical, administrative and financial data. These software solutions allow dentists to perform multiple tasks including scheduling and managing appointments, report generation, billing/invoice, insurance management, etc. Increasing implementation of electronic medical records as mandated in the U.S. and other developed markets has urged digitization in the healthcare industry. This, in turn is supporting the demand for practice management software. In addition, need for improving chair time operation to attend more patients’ and improve their profits is expected to fuel adoption of dental practice management software solutions among dentists. The optimum utilization of chair time utilization can improve the revenue and profits by over 8% and 23% respectively.
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Dental practice management software solutions are generally used for the administrative and financial purpose but overlaps with the electronic medical records concept in certain practice requirements. Hence, it is often opined that it is a challenge for IT professionals to efficiently incorporate dental practice management software with larger electronic medical record systems. Small- and medium-sized dental clinics are the major users of dental practice management software solutions. Growing need for containing administrative expenses, efficient management of labor force, government focus towards digitization of healthcare practices, and rising adoption of resource management technologies are the major forces influencing the growth of dental practice management software market.
The global dental practice management software market is technology driven, necessitating vendors to invest substantial amount in research and development. Some of the leading and emerging players identified in the research study include Carestream Dental LLC, Allscripts Healthcare Solutions, Inc., Curve Dental, Inc., DentiMax, LLC, Dental Information Technology, Inc., Epic System Corporation, Dovetail Dental Software, Patterson Companies, Inc., Henry Schein, Inc., and Quality Systems, Inc. The players offering dental practice management software are increasingly focusing on developing solutions that can be integrated with EMR systems. This is important since customers generally prefer to buy a highly integrated or complete turn-key solution from a single supplier rather from different suppliers. The competitive rivalry among current market players is comparatively high as every player is seeking to gain first movers advantage in the market.