PUBLISHER: Grand View Research | PRODUCT CODE: 1511926
PUBLISHER: Grand View Research | PRODUCT CODE: 1511926
The global patient administration system market size is anticipated to reach USD 1,192 million by 2030 and is projected to grow at a CAGR of 9.06% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rapid advancements in technology and a growing focus on patient-centric care is expected to drive the market growth. By streamlining patient data, appointments, and billing processes, PAS enhances efficiency and minimizes errors. As healthcare systems globally prioritize digital transformation, there is an anticipated surge in demand for PAS solutions.
According to a Health IT report in 2021, approximately 9 out of 10 U.S.-based physicians have implemented Electronic Health Records (EHR). This high adoption rate significantly boosts market growth, as patient administration systems can seamlessly integrate with EHR, healthcare information systems, and other platforms. In addition, factors such as high disposable incomes, and supportive government regulations for healthcare IT, are expected to drive the market growth during the forecast period.
Several companies are engaging in partnerships, mergers, acquisitions, and expansion strategies to enhance their market position. For instance, in January 2024, CareCloud, Inc. partnered with Kovo HealthTech Corporation, a healthcare technology and billing-as-a-service company. This partnership aims to empower healthcare providers with the latest technology and streamline their operations for improved patient care with advanced practice management software, EHR solutions, and other solutions.