Therapy Management System Market is likely to register single digit CAGR by 2025

Posted by ashutosh sable on February 22nd, 2018

Therapy management system is an innovative software solution to keep the record of patients and used in proper management of ongoing and scheduled therapies. Use of advanced therapy management systems has become important due to increasing number of patients and requirement of accurate records of patients undergoing therapeutic procedures. These systems keep a record of the patient’s therapeutic history, billing management and other related documents.

The global therapy management system market is expected to be driven by the increasing adoption of innovative solutions for the better management of patient history. Increasing development of newer technology such as integration with existing EHR and EMR of hospital systems and compliance of these systems with various regulatory requirements is also expected to boost the growth in the market. Various healthcare reforms and focus on keeping track of the therapy provided to a patient is also expected to enhance the growth in the therapy management system market. However, high costs of therapy management systems and complexity due to integration with existing systems is expected to hinder the growth of the market.

The global therapy management system market is expected to show significant growth over the forecast period. Increasing focus on optimization of therapy and improvement in the clinical outcome due to use of the therapy management system is expected to lead to increasing adoption of these systems. Development of advanced and automated systems is expected to boost the growth in the therapy management system market. These systems are also used to keep the records in order and reminder of therapy for patients. By modality, cloud-based therapy management system is expected to dominate the market over the forecast period as it does not require physical storage space to keep backups of the data and can be accessed easily from anywhere.

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Management of data with the help of cloud-based systems is easier due to which cloud-based deployment is expected to dominate the therapy management system market. Hospitals are expected to be the key end use segments of the global therapy management system market over the forecast period as hospitals have higher resources to invest and install therapy management systems to keep track of a large patient population.

The market in North America is expected to dominate over the forecast period. Presence of a majority of the global software developers and high awareness regarding the software solutions is a key factor leading to the growth of the therapy management system in this region. Since therapy management system is in its infancy stage and only a small percentage of the healthcare facilities are currently using these systems, there is a huge potential for growth. The market in Europe and Asia Pacific is also expected to show significant growth over the forecast period. Improving healthcare facilities and focus on providing optimized solutions is expected to drive the growth of the market of the therapy management system.

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Some of the key players in the global therapy management system market are, SimplePractice LLC., IQware, Inc., HealthPro/Heritage, Fresenius Medical Care Pty. Ltd., ClinicSource, Arbirage Sdn Bhd, Therigy LLC., B. Braun Avitum AG and Baylaan Technologies, Inc.