The value of the Medical Document Management Systems market is projected to grow to US$ 2.7 Bn with an estimated CAGR of 10.4% by 2032
The market is likely to show favorable growth on account of rising digitization of patient records. The market is largely driven by the need in healthcare environments for powerful data collection solutions. In compliance with legislation and rules, digitalization & automation in the healthcare sector decreases the operating cost of documentation and the need for new information and maintenance units. Moreover, it is also expected that a growing need to create a paperless world while reducing the amount of errors would fuel business growth over the coming years.
Other variables, such as technical developments in the healthcare sector and the growing number of multi-specialty hospitals and polyclinics, are producing real-time demand for database organization, study, and dissemination. Increased demand for connected healthcare and increased use of connected medical equipment and smartphones have also led to the introduction of systems for handling medical records.
The aim of the report is to estimate the size of the market for medical document management systems and the future growth potential of the market for medical document management systems across various segments, such as patient position and component. The base year considered for the analysis is 2019 and from forecast is provided from 2020-2028.
Due to the capacity to protect medical records by storing it in private data centers, most healthcare organizations with a document management system favor on-site applications. In order to avoid the implementation of these systems in small-scale hospitals, high construction costs along with increased costs associated with license renewal are required. The web-based services allow clinical records from multiple sites to be viewed by healthcare providers. In addition to additional information protection with two-factor encryption, such as login ID and password, these tools allow interoperability and ease of data handling. A cloud-based approach is a relatively recent technique that is often used to sustain it for organizations that lack internal resources. These solutions have lower installation costs than on-site systems. The need for in-house maintenance, which is probably the main factor driving their demand, is eliminated by this software. In addition, the need for constant updates linked to on-site systems is also projected to fuel the demand for cloud-based solutions.
Hospital and clinics is likely to show noticeable growth in near future. Low penetration rates in emerging economies is anticipated to increase in coming years. Hospitals with a larger bed size are found to follow the medical document management method more readily than smaller hospitals and clinics. Thus, over the projected period, this segment is predicted to see a high growth rate.
Key vendors in the market include 3M Company, GE Healthcare, Allscripts Healthcare Solutions, Inc.; Siemens AG, Athena Health Inc, and many more. These players have implemented several initiatives to retain their market shares, such as mergers and acquisitions, alliances with other firms, product and technical advances. Geographic expansion is also one of the commonly adopted market expansion techniques. EPIC Systems Corporation; Nextgen Healthcare Management Systems; and Kofax Ltd. are some other private businesses.
Medical Document Management Systems Market Scope
|Revenue forecast in 2032
|US$ 2.7 Bn
|CAGR of 10.4 % during 2022-2032
|By Product, Application, Mode Of Delivery, End User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|3M, Allscripts Healthcare, LLC, Cerner Corporation, Epic Systems Corporation., GENERAL ELECTRIC COMPANY, Hyland Software, Inc., Kofax Inc., McKesson Corporation, NXGN Management, LLC, Siemens Healthcare GmbH, ThoughtTrace, Inc., Laserfiche, Midmark Corporation., Agaram Technologies Pvt Ltd, athenahealth, Inc., FUJIFILM Holdings Corporation and NXGN Management, LLC, among others.
Key Segments of the Global Medical Document Management Systems Market
Mode of Delivery Overview
- Insurance Providers
- Nursing Homes
- Other Healthcare Organization
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of medical document management systems market benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on medical document management systems market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Medical Document Management Systems market. The report will benefit: Every stakeholder involved in the medical document management systems market.
- Managers within the field service management industry looking to publish recent and forecasted statistics about medical document management systems market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global medical document management systems market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.