Global medical document management system market was valued at USD 0.26 Billion in 2016. It is expected to grow at 10.2% CAGR over the forecast period. This market is driven by the need for data management tools that are efficient in healthcare settings. The healthcare industry is embracing digitalization and automation to reduce storage costs and the need for additional records. Market growth is expected to be driven by a growing need for a paperless environment and fewer errors in the future.
Technology advancements in healthcare and the increasing number of polyclinics and multi-specialty hospitals are also driving demand for database organization, analysis and transmission in real time. The adoption of medical document management systems has also been influenced by the increasing demand for connected healthcare, as well as increased use of smartphones and connected medical devices.
The market for medical document management systems is divided into three segments based on their delivery method. Because of its ability to secure patient data, most healthcare organizations that use document management systems prefer on-premise software. These systems are unlikely to be adopted in small-scale hospitals due to their high installation and renewal costs.
Healthcare providers can access their clinical information via the web from a variety of locations. These systems allow for interoperability and easy data handling, as well as additional security with two-factor authentication like login ID and password. The transmitted data can be encrypted to further protect patient information. These benefits have led to the largest revenue share for web-based solutions.
Cloud-based solutions are a relatively new option and are often used by companies that do not have the infrastructure to support them. These systems have lower installation costs than traditional on-premises systems. These systems are less expensive than on-premises systems. This is likely to be the main reason for their high demand. Cloud-based solutions will also be in demand because of the constant updates required for on-premises systems. This segment is projected to grow at the fastest rate during the forecast period.
On the basis of product, the market can be divided into solutions and services. Services include patient record planning, management services, and support activities. Management services and medical record planning allow for the storage and processing of medical information, such as lab results, x-rays, emergency department records and admission information. Support services provide all aspects of training, implementation, maintenance, and support. The fastest growing segment in the forecast period will be paperless data management, which is expected to increase demand and reduce manual errors.
Solutions include both standalone and integrated solutions. The advantages of standalone tools include the ability to operate independently and a reduced requirement for support software. These tools can also be used offline. Integrated tools, on the other hand, are advanced business software like Electronic Health Record and Picture Archiving and Communication System RIS. These tools seamlessly integrate with other tools for managing data and reports. Integrated software allows you to search and process files and organize your day with just one click. Hospitals love integrated software because of its data integration and ability to provide a single-stop solution for data management.
The global market for medical document management systems is divided by end-user. It can be classified into hospitals/clinics and nursing homes as well as insurance providers and other healthcare organizations. Hospitals and clinics are concerned about improving patient experiences. Hospitals with a greater bed capacity are more likely to adopt medical document management systems than clinics and smaller hospitals. This segment is expected to grow at a rapid pace over the forecast period.
The insurance industry deals with a lot of paperwork every day. It is difficult to keep track of all this data, which includes important documents like tax-related documents and medical reports. Many developed countries require health insurance. In developing countries, governments are taking steps to ensure that everyone is covered. These factors will continue to drive the growth of the insurance provider sector over the next few years.
Europe is second, followed by North America. The region's growth will be impacted by strict regulations like the Health Insurance Portability and Accountability Act of (HIPPA), and the American Recovery and Reinvestment Act of 2009 (ARRA) that govern the healthcare sector. The region's growth is also expected to be boosted by the existence of advanced healthcare infrastructures and technological advances in healthcare IT.
The administrative costs of hospitals and clinics in the United States account for more than 25%. These systems have been adopted more frequently in the United States in recent years to reduce such large expenses. The Health Information Technology for Economic and Clinical Health Act (HITECH Act) encourages health IT adoption. It also encourages implementation of data management tools in hospitals and clinics. This will also help to grow the market.
Asia Pacific will experience the fastest growth over the forecast period. Due to increased R&D, competitiveness amongst healthcare organizations to improve patient safety and care, there has been a rise in R&D. The regional market will also be driven by government initiatives like e-Health implementation and large investments in infrastructure and IT development for healthcare.
The market is dominated by 3M Company, Allscripts Healthcare Solutions, Inc., Athena Health Inc., Cerner Corporation, Siemens AG, and GE Healthcare. To maintain their market position, these players have used a variety of strategies, including mergers and acquisitions, partnerships with other businesses, product and technological innovation, as well as partnership agreements. Another popular strategy for business expansion is geographic expansion. Other private companies include EPIC Systems Corporation, Nextgen Healthcare Information Systems, and Kofax Ltd.
This report forecasts revenue growth at the global, regional and country levels. It also provides analysis of industry trends and potential opportunities in each sub-segment from 2014 through 2025. Grand View Research has divided the global market for medical document management systems on the basis: of the mode of delivery, product, end user, and region.
Modal Delivery Outlook (Revenue USD Million, 2014-2025)
On-premises
Web-based
Cloud-based
Products Outlook (Revenue USD Million, 2014-2025)
Solution
Standalone
Integrated
Services
Medical Planning and Management Services
Support Services
End user Outlook (Revenue, USD million, 2014-2025)
Hospital/Clinics
Insurance providers
Nursing Homes
Other Healthcare Organizations
Regional Outlook (Revenue USD Million, 2014-2025)
North America
The U.S.
Canada
Europe
The U.K.
Germany
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
MEA
South Africa
Up Market Research published a new report titled “Medical Document Management Systems Market research report which is segmented by Mode of Delivery (Web-based, Cloud-based), by Product (Solutions, Services), By Players/Companies partnerships with other companies, Inc; Athena Health Inc; Cerner Corporation; Siemens AG; and GE Healthcare These players have undertaken various strategies such as mergers & acquisitions, 3M Company; Allscripts Healthcare Solutions, product and technological innovations to maintain their market positions Geographic expansion is also one of the widely adopted strategies for business expansion Several other private companies include EPIC Systems Corporation; Nextgen Healthcare Information Systems; and Kofax Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Medical Document Management Systems Market Research Report |
By Mode of Delivery | Web-based, Cloud-based |
By Product | Solutions, Services |
By Companies | partnerships with other companies, Inc; Athena Health Inc; Cerner Corporation; Siemens AG; and GE Healthcare These players have undertaken various strategies such as mergers & acquisitions, 3M Company; Allscripts Healthcare Solutions, product and technological innovations to maintain their market positions Geographic expansion is also one of the widely adopted strategies for business expansion Several other private companies include EPIC Systems Corporation; Nextgen Healthcare Information Systems; and Kofax Ltd |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 208 |
Number of Tables & Figures | 146 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Mode of Delivery (Web-based, Cloud-based), by Product (Solutions, Services).
Medical Document Management Systems Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Medical Document Management Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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