Market Trends of Global Medical Document Management Systems Industry
This section covers the major market trends shaping the Medical Document Management Systems Market according to our research experts:
The Web-based and Cloud-based Segment is Expected to Show Lucrative Growth in the Market Over the Forecast Period
The web-based and cloud-based system is anticipated to be the fastest-growing segment due to the low cost of installation, implementation, and setting up these systems.
The major factors propelling the growth of the segment are the increasing adoption of cloud-based systems by pharmaceutical companies and the launch of innovative products. For instance, In addition, in March 2022, Google Health entered into a collaboration with Meditech to develop a deeply integrated solution that marries the search, contextualization, and data harmonization capabilities of Google Health's Care Studio with Meditech Expanse, the vendor's web-based EHR platform.
Also, the onset of the pandemic has increased the usage of cloud-based medical records. For instance, in April 2020, Allscripts introduced a package of COVID-19 solutions for hospitals. The Allscripts Hospital Management Package provides a series of COVID-19 workflows that addresses disease-specific needs within SunriseTM EHR, ParagoN EHR, and Allscripts Care Director.
Additionally, the increasing volume of data and growing demand for cloud storage due to COVID-19 are expected to augment the demand globally. In July 2020, Allscripts and Microsoft Corp. extended their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions. The five-year extension will support Allscripts' cloud-based Sunrise electronic health record.
Hence, owing to the above-mentioned factors, it is expected to drive segment growth over the forecast period.
North America Dominates the Market and Expected to do Same Over the Forecast Period
Within North America, the United States has held a major share of the market. The major factors fueling the market growth in the country are the growing usage of electronic medical records (EMRs) in healthcare settings, the increasing number of product launches, and rising technological advancements in the country.
The healthcare information technology market in the country is one of the most established markets compared to the other geographical regions. Thus, a major proportion of the population uses electronic medical records in the United States. In the North American region, governments have advised hospitals and clinics to change conventional medical records into an electronic format for better storage of patient data. For instance, as per an October 2020 update by the United States Department of Veteran Affairs, the Federal Electronic Health Record Modernization (FEHRM) program office announced the Department of Veterans Affairs (VA), Department of Defense (DOD), and Department of Homeland Security's United States Coast Guard (USCG) expanded their joint health information exchange (HIE) network. The joint HIE is a modernized health data sharing capability that enhances the ability of VA, DOD, and USCG to quickly and securely share electronic health record (EHR) data bidirectionally with participating community health care providers.
Therefore, there has been a surge in the adoption of medical document management systems over the past few years in the country, and the region, to curb these huge expenses. In addition, 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.
Moreover, the launch of new products is also boosting the market growth. For instance, in January 2020, Emprint, a full-service provider of printing and document solutions, launched EmprintWeb, a powerful system that digitally governs healthcare forms. EmprintWeb streamlines access to care documents during system downtime. Its intuitive interface makes it easy for authorized users to find exactly what they need to download, print or share. Forms can be completed electronically or manually, then embedded with real-time patient data.
Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.
