Dental Practice Management Software Market Is Expanding At A CAGR Of 10.16% During The Forecast Period

 Dental Practice Management Software Industry Overview

The global dental practice management software market size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 10.16% during the forecast period, based on a new report by Grand View Research, Inc. The rising number of dental clinics and hospitals and strong government support to boost the adoption of Electronic Dental Records (EDRs) are primary factors driving the market growth. The ADA estimated that there will be 201,117 practicing dentists in the United States in 2020, a 2.7% increase over 2015. Numerous individuals are graduating from dentistry schools & colleges and starting their own practices.

 

This effectively expands the potential client base. According to the ADA’s forecasts, there will be 67 dentists for every 100,000 people in the United States by 2040, with 67% of dentists being under the age of 55 years. As the younger generation is more receptive to software usage and is willing to learn and accept new technologies, the growing number of young dentists in the United States is predicted to boost the demand for DPM software. Various initiatives undertaken by governments in the U.S. and European countries are likely to boost the healthcare IT market. This, in turn, is expected to drive the DPM software market. For instance, in 2009, HITEC Act was passed to encourage the healthcare IT industry in the U.S.

 

Dental Practice Management Software Market Segmentation

Grand View Research has segmented the global dental practice management software market on the basis of deployment mode, application, end use, and region:

Based on the Deployment Mode Insights, the market is segmented into On-premise, Web-based, and Cloud-based.

  • The web-based segment dominated the market with a share of 55.3% in 2021. This can be attributed to its low cost, increased security, quick updates, and unrestricted storage space. The growing adoption of DPM software in oral practices for billing, reporting, patient charting, scheduling, and treatment planning is expected to boost the segment's growth. On the other hand, the cloud-based segment is projected to register the maximum CAGR from 2022 to 2030.
  • On-premise software is installed on-site, on a user’s own workstation or server. Generally, this involves high upfront investment costs. However, the total cost of ownership is low, as there is little to no annual or monthly subscription fee involved. On-premises software solutions offer more customization and control over data. Hence, clinics with more specific needs are opting for DPM solutions. However, the introduction of the advanced web- and cloud-based solutions is expected to adversely impact this segment.

 

Based on the Application Insights, the market is segmented into Patient Communication, Invoice/Billing, Payment Processing, Insurance Management, and Others.

  • The patient communication segment accounted for the maximum market share of 34.9% in 2021. Increasing acceptance due to enhanced features, such as text messaging for reminders, family reminders, and patient satisfaction surveys, is expected to drive the segment growth. The majority of DPM software, such as DentSoft, creates profiles for customers based on their basic demographic information, registration numbers, national identification numbers, contact information, and medical conditions, among other things.
  • The insurance management segment is expected to grow at the fastest CAGR during the forecast period. Improved reimbursement for oral services, particularly in the U.S., is a primary factor fueling the segment growth. According to the ADA, 51.3% of children aged 2-18 years in the United States have private dental coverage, while 38.5% have Medicaid Children’s Health Insurance Program coverage (CHIP). In addition, 7.4% of people aged 19-64 years in the United States get coverage through Medicaid, while 59.0% have private coverage for oral care.

 

Based on the End-use Insights, the market is segmented into Dental Clinics, Hospitals, and Others.

  • The dental clinics segment dominated the market in 2021 and accounted for the maximum revenue share of more than 48.5%. The segment will remain dominant even during the forecast period. A rise in the number of oral care clinics adopting dental practice management software across the globe is driving the segment growth. The software manages clinic operations, such as accounting, billing & scheduling, and improves clinic efficiency. This, in turn, is expected to increase the demand for DPM solutions among clinics.
  • The hospitals segment, on the other hand, is expected to register the fastest CAGR over the forecast period. This growth is attributed to the high frequency of oral care visits and the adoption of DPM software solutions in hospitals. DPM software does monthly or annual company analysis and assists in developing efficient treatment strategies. Individual practices or offices can use this data to manage their resources and finances. This is propelling the growth of the others segment.

 

Dental Practice Management Software Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is highly competitive and is dominated by a few large competitors. With rising geriatric population and an increasing need for mobile health, a few additional smaller competitors are joining the industry and are projected to capture a sizable portion of the market. Acquisitions, collaborations, partnerships, and the launch of new products are key strategies adopted by market players. For instance, Curve Dental announced a collaboration with Dental Intelligence in June 2021 to obtain access to Dental Intelligence’s online scheduling system LocalMed. This agreement aims to make it easier for clinics to include the company’s practice management software, which enables patients to schedule virtual appointments. Some of the prominent players in the global dental practice management software market include:

  • Henry Schein, Inc.
  • Good Methods Global Inc.
  • Carestream Dental, LLC.
  • CD Nevco, LLC (Curve Dental)
  • Dentimax
  • Practice-Web, Inc.
  • Nextgen Healthcare, Inc.
  • Ace Dental Software
  • Dentiflow
  • Datacon Dental Systems, Inc.

 

Order a free sample PDF of the Dental Practice Management Software Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Post a Comment

Popular posts from this blog

Smart TV Market Contributing To The Growth Of The Segment By 2028

  Smart TV Industry Overview The global smart TV market demand stood at 268.9 million units in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028. A continuous surge in the use of streaming devices, coupled with the rising internet penetration is driving the market growth. Moreover, the shift in consumer preference in recent years has significantly contributed to revenue generation. The accelerated demand for smart TVs has paved way for lucrative opportunities for content providers to venture into the Over the Top (OTT) space, which is allowing them to distribute original content via the internet. Also, numerous industry players are collaborating with streaming media player manufacturers to expand their portfolio and enhance their visibility. All these factors are projected to contribute to market growth in the near future. Gather more insights about the market drivers, restrains and growth of the Global Smart TV Market The indus...
Read more

Fire Safety Equipment Market: Residential Segment Is Expected To Register The Highest CAGR

  Fire Safety Equipment Industry Overview The global  fire safety equipment market  size is expected to reach USD 82.02 billion by 2028, registering a CAGR of 6.4% over the forecast period, according to a study conducted by Grand View Research, Inc. Strict government regulations and mandates concerning workplace safety are expected to be the key factors driving the market growth. Factors such as the increasing awareness about the benefits of installing fire safety and security equipment and demand for state-of-the-art fire protection equipment are also expected to fuel the market growth.   The transition toward the installation of technologically advanced fire detection systems and eco-friendly fire suppression agents is also expected to support the market development over the forecast period. The advent of smart fire suppression and detection systems, the proliferation of the  Internet of Things  (IoT) for the wireless integration of such systems, enfor...
Read more

Webcam Market Size Worth $18.1 Billion By 2028 | CAGR: 12.9%

  Webcam  Industry Overview The global webcam market size was valued at USD 6.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2021 to 2028. The growing demand for real-time monitoring devices in residential locations, commercial and logistics security, and video conferencing is expected to drive market growth over the forecast period. Webcams are also seeing significant demand among temporary surveillance appliance manufacturers to record anti-social behavior, vandalism, fly-tipping, and detect criminals misusing public property. Webcams are video cameras used to capture real-time images or videos in the form of analog or digital signals. Present-day products are technologically advanced and they offer better streaming quality, resolution, frame rate, built-in microphones, and noise cancellation, among others. Owing to the vast advancements, webcams are being increasingly deployed in numerous applications including video con...
Read more