Dental Practice Management Software Market is unlocking new growth opportunities at a CAGR of 10% by 2026
Dental practice management software is a class of software solution that assists dentists and other healthcare professionals in managing their routine activities/operations. Online appointment bookings, accounting & report generation, e-billing, insurance claiming, e-prescription facilities & dental imaging, and patient communication are some of the software’s key features.
The Dental Practice Management Software Market is expected to grow at a rate of 10% by 2026. The rising incidence of oral diseases and dental disorders, the increasing geriatric population, growing awareness regarding the importance of oral health, and increasing government support for the adoption of Electronic Dental Records (EDRs) are some of the main factors driving the global dental practice management software market.
Integration of Digital Imaging with Dental Practice Management Software Drives the Dental Practice Management Software Market
The integration of digital imaging capabilities with dental practice management software is a growing trend as a result of the development of digital radiography and software solutions. The software when combined with digital imaging helps dentists to create x-ray images of gums, teeth, and study patients’ dental conditions using digital X-rays, and simultaneously perform treatment planning.
A Move towards Cloud-based Dental Practice Management Software
Today’s dental practice is moving toward digital integration. The cloud-based software model is anticipated to expand rapidly over the next several years due to its flexibility, affordability, efficiency, security, scalability, user-friendly features, and automatic software updates. Additionally, browser-based cloud software can be used across multiple locations and platforms, including smartphones, tablets, desktops, windows, android, and apple products, among others.
“Cloud offers a flexible, scalable environment at a lower cost than on-premise deployments but still a majority of dental practice management software solutions are currently implemented on-premise due to security, control, and privacy reasons. However, the trend is shifting towards hybrid cloud-based software solutions.” – Executive Chairman, Dental Practice Management Software Company, US
Key Challenges/ Constraints: Dental Practice Management Software Market
Due to their ignorance of digital solutions in the dentistry field, many dental experts are concerned about the adoption of new technologies. The price of advanced digital solutions such as scanning and milling devices has been too high and utilization levels are too uncertain to pay off for most individual practice owners. These factors are likely to hamper the dental practice management software market growth.
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North America Leads the Adoption of Dental Practice Management Software Market
North America commanded the largest share of the market, followed by Europe and APAC. The huge share of North America can be attributed to the increased acceptance of digital solutions within dental practices, new regulatory standards, technological advancements in dental practices, and the presence of key market players in the region.
Companies Adopting Inorganic Growth Strategies to Increase their Market Share
Players operating in the dental practice management software market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and introducing new software products/features to garner market share.
For instance,
- In February 2022, Carestream Dental announced the introduction of new features in Sensi Cloud, a Carestream Dental’s Software-as-a-Service (SaaS) to help dentists elevate their practices and provide better, more efficient patient care
- In June 2021, Planet DDS announced the launch of its internal & external referral management tools within Denticon, its flagship practice management solution which will allow dentists to seamlessly track and manage referrals within a group or with external providers
Rising Interest of Private Equity Firms in Dental Practice Management Software
Citing the profitable growth opportunities in the dental practice management software market, private equity firms are also making investments in potentially high-growth areas/companies in this space.
For instance,
- In April 2021, CareStack secured $22.5 million from Steadview Capital & Others. The fund raised will be used to expand operations, double its workforce and grow annual revenue by four times
Competitive Landscape Analysis of Dental Practice Management Software Market
Some of the key players operating in the global dental practice management software market include Carestream Dental, Patterson Companies Inc., Henry Schein Inc., Curve Dental, and Dentimax, among others.
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