Canada Practice Management System Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Products (Integrated Practice Management System, Standalone Practice Management System), By Deployment Model (On-Premise, Web-Based, Cloud-Based), And By End-User (Physicians, Pharmacists, Diagnostic Labs, Others) - Forecasts From 2022 To 2027

The Canadian practice management system market is projected to grow at a compound annual growth rate of 8.83% over the forecast period to attain a market size of US$292.563 million in 2027, from US$161.77 million in 2020.

A Practice Management System is advanced software that facilitates the tracking of healthcare practices undertaken by an individual over a period of time. This software helps in analyzing the track record and efficiency of that individual. Furthermore, the software helps in writing clinical notes, managing calendars, and daily targets, payment and invoices, online bookings, client management, and more. Owing to its numerous benefits, the software has witnessed significant adoption in the healthcare industry.

In Canada, improving healthcare infrastructure and the rising need for healthcare digitalization are expected to drive market growth during the forecast period. Healthcare is a government responsibility in the country and hence has witnessed significant investment in the sector. Rising superior healthcare demand accompanied by healthcare digitalization for better health benefits is expected to support the market growth. Furthermore, increasing internet penetration in the country is expected to support the practice management system software market. Data from the World Bank shows that the proportion of the Canadian resident population having access to the internet has surged significantly from 90% in 2015 to 96.5% in 2019. Growing internet penetration and wider adoption of technology are expected to drive the market during the forecast period.

Growth Factors

Rising healthcare expenditure and infrastructure in Canada for better healthcare treatment have encouraged the adoption of modern technology which provides effective and faster results, promoting the market for practice management systems in the country.

One of the prime reasons which are expected to drive lucrative growth in the Canadian practice management system market is rising healthcare expenditure and infrastructure in the country for better healthcare treatment, which is projected to create robust demand for the practice management system. Data provided by the Canadian Institute of Healthcare Information (CIHI) shows that healthcare expenditure has been surging in the country. In 2019, total healthcare expenditure reached $265.5 billion, or $7,064 per Canadian resident. In the year, healthcare expenditure accounted for 11.5% of the country’s GDP. The expenditure is expected to further increase at a noteworthy rate with growing chronic diseases and healthcare concerns. Healthcare infrastructure, as well, is projected to surge at a significant pace, supporting the market’s adoption.

Key Developments:

• Allscripts has announced the launch of Guided Scheduling, Leveraging Artificial Intelligence to Improve Patient Care and Increase Healthcare Operational Efficiencies.

Impact of COVID – 19

The coronavirus pandemic increased the market adoption of the practice management system in Canada. With increasing cases at an exponential rate, software was used to track and record the flow and spread of the virus, aiming to break the chain of the virus and to record and track patient visits, doctors’ contact with patience, appointments, and more facilities. Furthermore, patients’ histories were also tracked to observe the presence of chronic disease and infection by the virus. With increased digitalization and acceptance, practice management software has seen a significant increase in market adoption across all end-users. Furthermore, greater penetration of cloud-based software increased the segment share.

Key Segmentation:

• By-Products
  • Integrated Practice Management System
  • Standalone Practice Management System
• By Deployment Model
  • On-premise
  • Web-based
  • Cloud-based
• By End-Users
  • Physicians
  • Pharmacist
  • Diagnostic labs
  • Others

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