Medical Document Management Systems Market - Growth, Trends, and Forecast (2019 - 2024)

The Medical Document Management Systems Market is segmented by Application (Patient Medical Records Management, Admission and Registration Documents Management, Patient Billing Documents Management, and Other Applications), Mode of Delivery, End Users, and Geography.

Market Snapshot

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Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

13.5%

Key Players:

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Market Overview

The medical document management systems market is expected to witness a CAGR of 13.5% during the forecast period.

  • Certain factors that are driving the market growth include rising adoption of healthcare IT and the need for medical records retention and government initiatives.
  • The changing healthcare practices and increasing adoption of health information management systems and electronic medical records systems have driven the market for medical document management systems. The United States has a large number of electronic miscellaneous documents (EMDS) solution providers. Therefore, there has been an increasing adoption of health information management systems, such as electronic medical record (EMR), health information management (HIM), radiology information system (RIS), and picture archiving and communication system (PACS), which has also helped in the growth of the medical electronic document management systems market.
  • However, with the increasing use of the electronic medical record (EMR), there have been security concerns related to data privacy. It has been witnessed that many organizations lack transparency in their data management practices. Moreover, in order to address the data security issues, several regulations have been established by government agencies, which mandate the life sciences organizations to implement several controls over their electronic signatures (ERES) and electronic records to ensure the authenticity, integrity, and confidentiality of clinical data. This has remained a major restraint for the big pharmaceutical and biotechnology companies, due to which the companies are reluctant in adopting the web- and cloud-based solutions, thereby restraining the growth of the market.

Scope of the Report

Medical document management systems allow medical institutes to maintain and organize electronic medical records. Such systems provide easy to use, fast to implement, and smart process systems to improve the effectiveness of practice, lower the retention costs of medical records, facilitate workflow, and improve the quality of patient care and patient safety. The market is primarily driven by the demand for efficient data management tools in healthcare settings.

Application
Patient Medical Records Management
Admission and Registration Documents Management
Patient Billing Documents Management
Other Applications
Mode of Delivery
Web-based and Cloud-based
On-premise
End Users
Hospitals and Clinics
Insurance Providers
Other Healthcare Institutions
Geography
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Web-based and Cloud-based Segment is Expected to Show Lucrative Growth in the Market

Cloud-based solution is a comparatively new approach and is mostly used by the organizations, who lack the internal infrastructure to support it. The installation cost for these systems is lower than the on-premises systems. Moreover, this software eradicates the need for in-house maintenance, which is likely to be the prime factor driving their demand. The cloud-based system is anticipated to be the fastest-growing segment, due to the low cost of installation, implementation, and setting up these systems. Mostly, the big pharmaceutical and biotechnology companies are now increasingly adopting the cloud-based systems. This increased adoption of cloud-based systems by companies can be attributed to low costs associated with purchasing of servers, and installation and validation of applications (and their maintenance).

Medical Document Management Systems Market_Image 2

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North America Dominates the Market

North America dominated the medical document management systems market, owing to the well-developed and established healthcare industry and higher penetration rate of such systems into healthcare practices. In the United States, the administrative costs for hospitals and healthcare clinics constitute more than 25% of the total expenditure. Therefore, there has been a surge in the adoption of medical document management systems over the past few years in the country, and in the region, in order to curb these huge expenses. The Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of health IT, which also encourages the implementation of medical data organization tools in hospitals and clinics. This factor is also anticipated to boost the growth of the market.

Medical Document Management Systems Market_Image 3

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Competitive Landscape

The medical document management systems market is highly competitive and consists of a few major players. Companies, like 3M, Allscripts Healthcare Solutions Inc., Cerner Corporation, EPIC Systems Corporation, GE healthcare, Hyland Software Inc., Kofax Ltd, McKesson, Nextgen Healthcare Information Systems LLC, and Siemens AG, among others, hold substantial share in the market studied.

Major Players

  1. 3M
  2. Allscripts Healthcare Solutions Inc.
  3. Cerner Corporation
  4. EPIC Systems Corporation
  5. GE healthcare

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Adoption of Healthcare IT and Need for Medical Records Retention

      2. 4.2.2 Government Incentives

    3. 4.3 Market Restraints

      1. 4.3.1 Security Concerns and Rising Incidences of Data Security Breach

      2. 4.3.2 Lack of Skilled Professionals

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Patient Medical Records Management

      2. 5.1.2 Admission and Registration Documents Management

      3. 5.1.3 Patient Billing Documents Management

      4. 5.1.4 Other Applications

    2. 5.2 Mode of Delivery

      1. 5.2.1 Web-based and Cloud-based

      2. 5.2.2 On-premise

    3. 5.3 End Users

      1. 5.3.1 Hospitals and Clinics

      2. 5.3.2 Insurance Providers

      3. 5.3.3 Other Healthcare Institutions

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 US

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 UK

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 3M

      2. 6.1.2 Allscripts Healthcare Solutions Inc.

      3. 6.1.3 Cerner Corporation

      4. 6.1.4 EPIC Systems Corporation

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Hyland Software Inc.

      7. 6.1.7 Kofax Ltd.

      8. 6.1.8 McKesson

      9. 6.1.9 Nextgen Healthcare Information Systems LLC

      10. 6.1.10 Siemens AG

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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