The global dental practice management software market is expected to reach a value of USD 1.59 billion by 2024. The growth of the market is attributed to the increasing geriatric population along with expected increase in oral healthcare expenditure.
Demand for practice management services is anticipated to grow continuously due to rise in aging people and increase in oral healthcare expenditure. For instance, according to the U.S. Census Bureau’s International Data Base, the population of 45 year and older individuals is expected to grow by about 12% between 2015 and 2025. However, the total U.S. population will grow by about 8% in 2015 to 2025. Furthermore, expected increase in oral health insurance coverage and government initiatives could drive the industry during the forecast period.
Usage of various modules increases the productivity and efficiency of dentists. Furthermore, technological advancements in the field and growing investments by companies in emerging geographical areas are expected to propel the industry. Integrated software with the features of appointment scheduling, reminder service, perio charting, tooth charting, payment, electronic health records, and more increases the demand of these products as they help streamline dental practice.
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Further Key Findings From the Report Suggest:
- Cloud-based dental practice management software segment is projected to grow at the fastest rate during the forecast period. This can be attributed to its flexibility, disaster recovery system, automatic software updates, increased collaboration, ability to work on any internet connected device, security, environment friendly nature, and ability to establish competition.
- Web-based segment dominated in 2015 as it provided some of the same features as the cloud-based software segment, that to at lower costs as compared to other software. In addition, it takes the first-mover advantage in the market. However, over a period cloud-based segment may surpass the web-based and on-premises segments due to its additional advantages.
- In 2015, regionally North America dominated the market due to government initiatives, presence of key players, growing geriatric population, and high oral healthcare expenditure are the major factors that contributed toward its dominance.
- In February 2018, RecordLinc, a dental practice management software company, launched patient to patient dentist referral software “I LUV MY DENTIST”. This automated system flawlessly integrates with the practice management systems and gives patient a way to submit word of mouth referrals using texting, email, and social media platforms. This can help to increase the demand of dental practices in near future.
- Asia Pacific is the fastest growing region owing to increasing investment of industry players and rising awareness about oral healthcare among the people.
- Some of the market players are ACE Dental Software; Carestream Dental; Curve Dental, Inc., DentiMax, LLC; Henry Schein, Inc.; Patterson Companies, Inc.; Practice Web, Inc.; NextGenHealthcare Information Systems, LLC; and others.