Practice Management System Market Regional Analysis:
North America Market Insights
North America industry is poised to dominate majority revenue share of 47% by 2035. The surging digital literacy and high patient awareness, coupled with technological advancements in the healthcare sector drive the growth of PMS in this region. According to a report by Research Nester in 2022, in the U.S., 74% of consumers said they would use telemedicine. This will demand for proper management and storage of their data and demands PMS in the forecast period.
Government funding in Canada will change the adoption of medical practice management by healthcare providers. For instance, Canadian Medica Association Journal 2023, stated that with USD 46.2 billion in additional funding to increase health care budget by USD 196.1 billion over the next ten years.
In the U.S., practice management systems help manage insurance information, appointment scheduling, patient records, and other aspects of the healthcare industry. In a recent report published by Research Nester in 2021, about 61% of respondents wish to have access to their medical records via an online patient portal or mobile apps from their EHR providers.
Asia Pacific Market Insights
Asia Pacific will also encounter huge growth in the practice management system market share during the forecast period with a notable size. This region will account for the second position in this landscape owing to the demand for PMS to effectively manage patient data as chronic diseases such as cardiovascular diseases (CVD), and gastrointestinal disorders are at a surge. American College of Cardiology in 2021 stated that Asia witnessed an increase in CVD mortality from 5.6 million to 10.8 million in 2019. Nearly 39% of these deaths from CVD occurred in people under the age of 70, compared to the U.S., where the percentage of premature CVD deaths was 23%.
There is a high demand for high-quality healthcare in China owing to the increasing geriatric population. The National Institute of Health 2023 estimated that health expenditures constitute about 6.5% of China’s GDP, while the number of hospitals in China witnessed a growth rate of 193.4% by 2021.
In Japan, the demand for healthcare IT companies is increasing led by the growing economic conditions in this country. International Trade Administration 2022, predicted that by 2025, the telemedicine market in Japan is observed to grow from USD 243 to 404.5 million between 2020 and 2025.
