Learn details of the Complete Analysis To 2022 The Market To Reach USD XX Billion By 2022
The global dental practice management software market size was valued at USD 888.2 million in 2015 and is projected to grow at a CAGR of 6.8% over the forecast period. The high growth is attributed to the rising geriatric population globally and government initiatives for oral healthcare industry.
The Health Information Technology for Economic and Clinical Health Act (HITEC) is practiced under title XIII of the American Recovery and Reinvestment Act of 2009. The act promotes and accelerates the adoption of health information technology in the U.S.
The U.S. Department of Health and Human Services spent USD 25.9 billion to promote healthcare IT sector. The act is implemented to improve healthcare delivery and provide quality service to the patients.
Furthermore, it is anticipated to increase insurance coverage in the U.S. According to the National Institute on Aging, in 2010, about 524 million people were 65 years or older, which is about 8% of the global population.
By 2050, the number is anticipated to reach to approximately 1.5 billion, which is about 16% of the global population. The aging population using oral healthcare services is expected to increase in the near future.
Deployment Mode Insights
Web-based segment held a majority share in 2015 owing to its lesser price, high security, and more number of industry players, instant software updates, and unlimited storage capacity. It also provides universal access to patient database.
However, cloud -based segment is gaining popularity as it provides a securer patient database. In addition, increasing competition is likely to decrease the prices of the systems.
In June 2013 Gaargle Solutions Inc., a Canada based company launched Dovetail which is a mobile EMR and cloud based practice management software for the dentists.
In 2015, North America accounted for the maximum revenue share. The regional presence of major industry players, such as Henry Schein; Patterson Companies.; Carestream Dental; Curve Dental; Practice Web; NextGen Healthcare Information Systems, LLC; Athena health; and DentiMax, LLC, has propelled the growth in the region.
In 2015, Henry Schein observed an increase in technology and value added solution’s net sales by 2.8% as compared to previous year.Asia Pacific is expected to emerge as the fastest growing region over the forecast period. Improving oral healthcare structure, growing investment of healthcare IT companies in the region, and improving economic conditions are facilitating the high demand.
India, China, Japan, Australia, and Korea are major industry contributing countries in the region. Henry Schein entered into the Japan market by investing in Iwase Dental Supply Inc.
in 2014. Furthermore, with the continuous developing technology, highly skilled dentists, and large adoption of digital dentistry, Singapore has become a hub for dental innovations.
Some of the key players include Henry Schein, Inc.; Patterson Companies, Inc.; Carestream Dental; DentiMax, LLC; NextGen Healthcare Information Systems, LLC; and Practice Web, Inc. These companies provide a wide range of solutions with customized modules for clinics of all sizes.
Various innovative technological solutions and mergers & acquisitions contribute to the large share captured by a few industry giants. For instance, In February 2016, Henry Schein entered into an agreement to acquire Dental Cremer S.A., which is a distributor of equipment and supplies in Brazil.
Furthermore, In February 2014, the company also acquired five businesses in three European countries from Arseus NV. The businesses include a practice management software company and distributors for dentistry products in France.
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