Growing Incidences of Medication Errors to Foster the Practice Management System Market

Practice Management System Market by Products (Integrated, Standalone), Components (Services, Software), Delivery Mode (On-Premises/Desktop-Only, Web-Based, Cloud-Based) & by End-Users (Physician, Pharmacist, Diagnostic Labs) - Global Trends & Forecast to 2018

The growth of this market is majorly driven by factors such as the increasing investments in synthetic biology and the growing focus on protein-based drug development by pharmaceutical and biotechnology companies. However, factors such as the high cost of instruments and laboratory documentation systems are expected to restrain the growth of this market during the forecast period.

Based on protein type, the market is segmented into monoclonal antibodies, insulin, erythropoietin, interferons, vaccines, colony-stimulating factors, growth hormones, coagulation factors, and other proteins. Monoclonal antibodies accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing demand for monoclonal antibodies for the treatment of cancer, neurological diseases, and infectious diseases.

The rational protein design segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to the increasing use and continuous upgrades of bioinformatics platforms and software for protein analysis.

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The practice management system market is segmented on the basis of products (integrated and standalone), delivery mode (on-premises, web-based, and cloud-based), components (services and software), end users (physicians, pharmacists, diagnostic labs and others), and geography.

Based on products, the PM system market is divided into integrated and standalone solutions. The integrated PM segment is expected to grow at a decent growth rate owing to government mandates for integration of electronic health records (EHR) with PM system and meaningful use incentive program.

On the basis of delivery mode, the practice management system market is further classified as on-premises, web-based, and cloud-based. The cloud-hosted solutions accounted for the fastest growing segment due to remote accessibility of data and reduced operational costs. By end-user the industry is segmented into physicians, pharmacists, and diagnostic labs. The physician segment accounted for the largest as well as the fastest growing segment of the market in 2013.