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Multiple Opportunities Drive Dental Practice Management Software Market| $2.4 billion by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-12 

Global Dental Practice Management Software Market is set to exceed USD 2.4 billion by 2024; according to a new research report by Global Market Insights. Increasing geriatric population worldwide will act as high impact rendering driver for dental practice management software (DPMS) market growth. As per World Population Prospects data, the aging patient base aged 60 years and above is predicted to be more than double by 2050. Rising number of elderly patient pool suffering from dental disorders will result in industry expansion.
 
Growing awareness and increasing focus on oral health in developed economies will augment demand for dental practice management solutions in future. Various initiatives and awareness programs conducted by several organizations have contributed to create high awareness to cater the ever-increasing need for quality dental care. Increasing burden of dental diseases globally, leads to rise in healthcare expenditures. Rising need for implementation of cost containment measures to curtail escalating healthcare costs will boost adoption of dental practice management solutions by the dentists in the coming few years.

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The development of Dental Practice Management Software Market is continuously being supported by huge venture capital investments and technology-friendly initiatives by governments. Recently, a prominent dental practice management platform, iDentalSoft received considerable investment through a new round of funding led by FCA Venture Partners. iDentalSoft, formed in California, is a secure cloud-based DPMS platform that assists in improving clinical efficiency, streamline workflow and optimize production. It allows fast access to patient schedules, details, treatment plans, x-rays, billing and credit card payments among other tools, displaying the tremendous utility of DPMS in reducing the administrative workload of dentists.

Investment activities of such nature have enabled the influx of innovations in the industry fueled by the government mandates, like the Health Information Technology for Economic and Clinical Health Act (HITECH Act) introduced by the U.S. The act encourages expansion of healthcare IT infrastructure and has subsequently helped the dental practice management software market in the U.S. Being one of the most technologically advanced country, the U.S. has been a vital base for startup companies that want to design DPMS products. Owing to the cutting-edge healthcare services provided in the country and increasing geriatric populace with dental ailments, the U.S. dental practice management software market dominated the overall industry accruing a revenue of USD 450.7 million in 2017.

Speaking of enhanced DPMS, it is necessary to consider its assistance in bearing the security aspect of a dental practice, as numerous government health agencies have specific legislations for data protection. For instance, Ontario’s Personal Health Information Protection Act requires data storage facilities to be locked with limited and authorized access using ID cards. As such, the latest services in the dental practice management software industry are generally cloud-based, where a physical server is not required to be present at the practice. A cloud server enables automatic data backup and protection, and its lifetime cost is considerably lower than a complete desktop system that requires timely maintenance with essential features to be added separately.

With the mounting pressure on businesses all over to adopt secure modes of information storage due to risk of data corruption and loss, integration of cloud services in DPMS reduces the legal obligations of dental practices and the high cost that comes with it. Not to mention the incredible upsurge in the use of smartphones has permitted patients a faster and easy mode to select their choice of clinic and browse treatments, book appointments and even review the practice post-treatment. The affluence of customers on the reputation of dental practices and the speed at which they expect the services has magnified the industry’s competitiveness, bolstering the cloud-based dental practice management software market.

All in all, the rapid progression in cloud technology, convenience of smart devices in the hands of patients and the shifting customer preference towards better service quality has endlessly changed the dentistry landscape. Key market contributors like Patterson Dental, Henry Schein, Carestream Dental, Bestosys, Open Dental Supply amongst others have established their presence with prolific DPMS products. Constant evolution of software capabilities combined with the awareness pertaining to their benefits in patient-care and servicing is expected to catapult the dental practice management software market with an anticipated 11.6% CAGR over 2018 to 2024.

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Dental Practice Management Software Market by Component

Scheduling
Patient communication
Invoicing/billing
Payment processing
Insurance management

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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