(I-BusinessNews.Com, July 31, 2021 ) The Global Chiropractic Software Market is forecast to reach $52.7 million by 2026, growing at CAGR 5.5% during the forecast period 2021-2026. Chiropractic Software generally refers to an integrated software solution specifically designed for chiropractors or chiropractic offices in order to streamline as well as automate processes including medical billing software management, appointment scheduling, practice management, patient electronic record management/patient management software with many others. With rise of medical diseases worldwide, patient care has become very crucial as well as need towards automating the treatment procedures helps in propelling the demand for chiropractic software solutions. Moreover, growing shift towards mobile integrated software applications for improving patient care alongside reducing the chair time usage for patients are acting as major drivers creating a positive impact on the growth of chiropractic software market.
Chiropractic Software Market Segment Analysis Ã‚Â– By Deployment Model
Based on deployment model, cloud based software are analyzed to witness major growth in the global chiropractic software market over the forecast period 2021-2026 at 7.9% CAGR. Cloud based chiropractic software act as a better alternative for those chiropractic offices relying on in-house servers which takes comparatively more time for restoring, thus creating risks as the stored patient data can be permanently lost at times. The cloud hosted software helps in maintaining data across primary web server and secondary redundant server, which ensures continuation of medical services in-case primary servers stops functioning. Deploying cloud chiropractic software helps the doctors or administrators to have a secured 24/7 access to the data irrespective of any location, optimizing flexibility and productivity thus gaining it wide popularity across the healthcare sector. In addition, cloud based software eliminate the need for maintaining additional hardware as well as scheduling server maintenance, thus saving upfront costs related to its installation for the hospitals or clinics alongside making it a cost-effective approach. Features including patient scheduling, online payment/billing, patient records management with others becomes comparatively faster than on premise models owing to its scalability, accuracy, flexibility, and so on. Such factors helps in improving medical practices even within remote areas, thus creating a positive impact towards its market growth.
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Chiropractic Software Market Segment Analysis Ã‚Â– By Customer Type
Based on customer type, the chiropractic software market has been bifurcated under Small Individual practitioners & Mid-sized practitioners as well as Large practitioners. Large practitioners are analyzed to have a major share in the global chiropractic software market in 2020 at 48.2%. Large practitioners generally refers to those category of medical professionals comprising of more than fifteen to twenty in group who can perform medical specialties including surgery, orthopedics, pain management and so on. Since these practices undergo replacement as well as addition of new staff overtime, the need towards a scalable data record management solution becomes highly essential in order to disrupt work related issues. Adoption of chiropractic software have been getting preferred owing to effective and faster management of patient appointments, treatment, insurance claims and so on, which eventually helps in capturing patient demographics as well as generate reports accordingly. Moreover, large practitioners face challenges including management of a large medical staff or workers alongside need for better engagement owing to increasing number of visiting patients, thereby boosting the market growth of chiropractic software in the long run.
Chiropractic Software Market Segment Analysis Ã‚Â– By Geography
North America is anticipated to witness a significant growth in the global chiropractic software market during 2021-2026 at 6.6% CAGR. Government initiatives, supporting rise of personalized medicine as well as growth of improving healthcare facilities can be considered as some of the major factors driving the need for chiropractic softwares in the region. Presence of some of the leading market vendors including Genesis Chiropractic Software, ChiroFusion Inc., MacPractice, DrChrono, Nuesoft Technologies Inc. with many others have been eventually helping to dominate the market growth of chiropractic software across the region. In August 2020, one of the leading cloud based business management solution for chiropractors, named Genesis Chiropractic Software and Billing Network, announced the launch of an integrated HIPAA compliant telehealth solution, which had been made available to US based clients immediately. With the Genesis telehealth, healthcare professionals can eventually start conducting virtual practice within 90 seconds. Such developments are further set to poise the significant market growth of chiropractic software in the long run.
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Chiropractic Software Market Drivers
Minimized chair time optimizes productivity standards
Chiropractic software help in minimizing chair time of the patients which in turn increases the treatment productivity standards, acting as a major driver causing significant market growth. Chair time usually refers to the time spent by a patient within medical institution or clinics during treatment procedures. Adoption of chiropractic software helps in performing tasks ranging from patient scheduling, patient records management, prescribing medicines and so on with much more ease and flexibility, improving the overall efficiency for both the medical practitioner as well as patient. Using these software, doctors can communicate with their patients regarding any kind of health problems irrespective of any location, thus improving patient-doctor engagement. Increasing number of patients globally makes it difficult for the medical practitioners to balance out as well as deliver optimize their treatment facilities within short time intervals in order to reach out to maximum number of patients. Deploying such software help the chiropractor to ensure efficient management of chair time usage while treating more patients, creating increase in revenue or profit margins. Moreover, with the surge of global COVID-19 pandemic, the need for medical treatment coupled with higher safety standards became essential, thereby propelling the market demand towards chiropractic software by hospitals in the long run.
Rise of mobile integrated applications for enhancing medical practices
Rise of software applications with integration capability of mobile, laptops, tabs and others is analyzed to act as one of the major factor driving the market growth of chiropractic software over the forecast period 2021-2026. As the demand towards cloud-hosted chiropractic software has been increasing, the need for developing applications having compatibility with various mobile devices including smart phones, tablets, and so on is also getting impacted significantly. Using mobile integrated software helps the chiropractors as well as patients to experience multi-platform convenience, thus maintaining appointment scheduling, health records management, and so on within a mobile browser with more ease and flexibility. Moreover, software supporting mobile devices offer benefits such as generating detailed SOAP (Subjective complaints, Objective findings, Assessment and Plan of treatment) notes as well as other reports within lesser time intervals, saving doctorÃ‚Â’s time. Mobile-based chiropractic software enable the medical practitioners to input relevant patient data at the point-of-care during online video consultation, thus eliminating the need for entering data records on the visit without causing delays. In 2019, one of the leading vendors of cloud based EHR software for chiropractors, ChiroFusion had announced the launch of an online scheduling platform, named CF Schedule. This platform offers a real time scheduling integrated with the practice management system, where appointment bookings can be done using mobile devices, websites and others. With this, appointment submission process gets automated as well as provides verification message alerts over the mobile devices, thus positively impacting its market growth in the long run.
Chiropractic Software Market Challenges
High costs associated with pricing and maintenance can be considered as one of the major challenges impeding the growth of chiropractic software market. As the cloud based models have been gathering higher adoptability owing to better scalability, performance and flexibility, users find it difficult to comply by the high subscription expenses. Subscription price for chiropractic software keeps on fluctuating over time and needs to be renewed from time to time for continuing its use as well as utilize full-time benefits. This makes it comparatively costly and has lower affordability range, thereby creating lesser adoption from small scale or medium sized medical practitioners. In addition to this, certain software offer high complexity, thus requiring skilled professionals to operate, or ensuring training of workforce for better optimization and user experience. In addition to this, chiropractic software with maintaining additional hardware, upgradation requirements and many others eventually increases the overall costs for deploying these software. Such factors have been acting as the prime factor restraining the market demand for the chiropractic software.
Partnerships and acquisitions along with product launches are the key strategies of the players in the chiropractic software market. The key players in the chiropractic software market include MacPractice, Nuesoft Technologies Inc., Atlas Chiropractic Software, Genesis Chiropractic Software, DrChrono, ChiroFusion Inc., ChiroTouch, CompuGroup Medical, ChiroSpring and CollaborateMD.
In December 2020, eClaimStatus had announced the launch of software which can help doctors as well as medical institutions speed up processes related to medical insurance claims of patients. This software offers capability of fetching claim status from about 1 to 1000 patients within real time across more than 800 insurance companies.
In October 2020, ChiroFusion announced the release of a major update regarding its flagship product for chiropractors. This update was meant to offer a completely revamped look with focus towards simplifying complicated business work processes in order to help medical professionals streamline workflows.
Cloud based models are anticipated to have a major contribution in the global chiropractic software market during the forecast period 2021-2026 owing to their capabilities including scalability, flexibility, eliminating additional hardware requirement with many others.
North America is analyzed to have significant growth in the chiropractic software market over the forecast period due to presence of majority of prominent players such as Genesis Chiropractic Software, DrChrono, ChiroFusion Inc. with many others operating within the region.
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