MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: OVERVIEW
The Global Medical Documents Management Systems (DMS) Market Size, was valued at USD 450.12 Million in 2021. The market is projected to grow USD 950.15 Million in 2030, at a CAGR of 11.85%. The medical documents management systems help in streamlining the billing procedure and coordinating the information flow between laboratories and other departments. Productivity is increased by providing easy access to documents and enabling effective processing with few errors. Thus, there are several applications for medical DMS in global hospitals, clinics, nursing homes, and insurance firms.
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The rising incidence of chronic diseases, the increased emphasis on medical device R&D capabilities and the adoption of cutting-edge IT healthcare technologies, the growing demand for the preservation of medical records and healthcare reforms, and the rising costs of building healthcare infrastructure, particularly in developing countries, are the main factors driving the growth of the market for medical document management systems.
To combat the COVID-19 outbreak, governments from all around the world are working with pharmaceutical and biotechnology companies. This collaboration ranges from encouraging the development of vaccines to preparing for issues with the supply chain for drugs. In the pipeline for future study and development are also roughly 115 vaccine candidates and 155 chemicals. In addition, the treatment of COVID-19 has greatly boosted the need for common drugs like hydroxychloroquine. Given the lack of these treatments in many industrialized countries, the need for drugs has increased, which is expected to offer COVID-19 management drug manufacturers significant commercial prospects. During the projected period, the need for COVID-19 vaccines and drugs is anticipated to significantly expand the market for medical document management systems.
MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: TREND
Increasing Adoption Web-Based and Cloud-Based System
The cloud-based system segment is anticipated to grow at the fastest rate due to the low cost of setup, implementation, and installation for these systems. The key drivers of the segment's growth are also the creation of novel medications and the expanding use of cloud-based systems by pharmaceutical companies. For instance, in March 2022, Google Health and Meditech worked together to develop a closely integrated system that integrates Meditech Expanse, the vendor's web-based EHR platform, with Care Studio, Google Health's search, contextualization, and data harmonization tools.
MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: DRIVERS
Increasing Prevalence of Chronic Diseases Drive Market Growth
Hospital visits have significantly increased recently as a result of the global rise in the prevalence of chronic diseases. This is one of the key factors influencing the market's growth. Furthermore, paper medical records are easily lost or damaged in the event of a fire, flood, or other natural disaster. Converting medical documents to a digital format helps create a more efficient document workflow, regardless of the size of the project or the type of files being converted. Physically retrieving paper documents from archives and delivering them to different departments also takes time. However, using a digitalized medical DMS shortens retrieval time without involving any exertion. This is enhancing the market growth throughout the forecast period by deepening the connection between the healthcare industry and rising degrees of automation and digitalization.
Global Medical Document Management Systems Market Report Coverage
|Market Size in 2021:||USD 450.12 Million|
|Forecast Period 2021-2030 CAGR:||11.85%.|
|2030 Value Projection:||USD 950.15 Million|
|Historical Data for:||2017-2020|
|No. of Pages:||209|
|Tables, Charts & Figures:||101|
|Segments covered:||By Solutions, By Services, By End Users, By Region, COVID-19 Impact Analysis|
|Companies Covered:||3M, Allscripts Healthcare Solutions, Inc., 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, NXGN Management, LLC, Others|
|Growth Drivers:||1)Increasing Prevalence of Chronic Diseases Drive Market Growth|
|Pitfalls & Challenges:||Concerns About Data Security and Privacy Impede Market Expansion|
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MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: RESTRAIN
Concerns About Data Security and Privacy Impede Market Expansion
As the usage of digital platforms increases, worries regarding data security and privacy have risen. The usage of modern technology-based medical DMS has led to the emergence of new security holes and privacy concerns. Vulnerabilities include data privacy, security & data breach, identity theft, cyber-attacks, and others are a few things that stop the market from growing. The Cybersecurity Ventures Report estimates that $6 trillion in damage was caused by hackers in 2019. Increased cyberattacks could obstruct market growth in a variety of sectors, including retail, Medical Record Scanning and Management Services, government, and others.
The Global Medical Documents Management Systems Market is segmented by Solutions, Services, End Users, and Region. Based on the Solutions, the market is categorized into Standalone Medical Document Management Solutions, Document Scanning Software, Electronic Document Management Software, Integrated Medical Document Management Solutions. Based on Services, the market is categorized into Medical Record Scanning and Management Services, Product Support Services, Implementation & Integration Services, Maintenance, Support, and Optimization Services, Training & Education Services. Based on End Users, the market is categorized into Hospitals and Clinics, Insurance Providers, and Other Healthcare Institutions. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MARKET SEGMENTATION: BY REGION
The Global Medical Documents Management Systems Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North America is anticipated to have the largest market share of the worldwide market for medical documents management systems due to the electronic medical records (EMRs) are being used in healthcare settings. Additionally, the nation's expanding technology advancements and rising product launches are the primary forces behind market progress in the country. Additionally, the nation's healthcare information technology market is one of the most developed when compared to other geographical regions. As a result, a sizable portion of the population in the US uses electronic medical records. For instance, 89.9% of office-based physicians utilize an EMR or EHR system, but only 72.3 percent of them use one that has been certified, according to the 2019 National Electronic Health Records Survey Public Use File National Weighted Estimates.
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MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: KEY PLAYERS
- Allscripts Healthcare Solutions, Inc.
- Epic Systems Corporation.
- GENERAL ELECTRIC COMPANY
- Hyland Software, Inc.
- Kofax Inc.
- McKesson Corporation
- NXGN Management, LLC
- Siemens Healthcare GmbH
- ThoughtTrace, Inc.
- Midmark Corporation.
- Agaram Technologies Pvt Ltd
- athenahealth, Inc.
- FUJIFILM Holdings Corporation
- NXGN Management, LLC
MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: RECENT DEVELOPMENT
- In June 2022, Oracle Corporation announced that the proposed acquisition of Cerner had been given all required antitrust approvals, including approval from the European Commission. Hospitals and health systems use digital information systems from Cerner, a leading supplier of such systems, to enable medical workers to provide better care to particular patients and communities.
- March 2022: Cheers, a software package for independent medical groups and a pro-active patient communication tool, was introduced by EHR supplier Epic. In response to multiple Epic clients' requests for tools to enhance patient interactions, particularly in light of COVID-19's load on healthcare infrastructure, the EHR supplier developed a cheer.
MEDICAL DOCUMENTS MANAGEMENT SYSTEMS MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Medical Documents Management Systems Market. The Global Medical Documents Management Systems Market is segmented by Solutions, Services, End Users, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Medical Documents Management Systems Market.
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