Market size: USD 369.28 million 2019, Market growth: CAGR of 10.4%, Market Trends: Mobile accessibility for medical document management.
Growing acceptance of health information management and electronic medical records systems, rising awareness for curtailing healthcare costs and minimum use of paper, and increase in clinical efficiency are some significant factors boosting medical document management market growth
The global Medical Document Management (MDM) Market is foreseen to rise from USD 369.28 million in 2019 to USD 855.04 million by 2027, with a substantial CAGR of 10.4% through the forecast period.
MDM system records documentation and provides support for operational, administrative activities, and performance of hospitals. MDM system looks after the records for electronic storage by the official staff of hospitals and excludes paper-based documentation to keep a record in the healthcare industry. These systems contain a database of the patient’s medical history and enable the doctors as well as the administrators to make decisions regarding the treatment for injury and the processes associated with the hospitalization.
These systems are designed to create and manage electronic documents and safeguards them. Document scanning, retrieving, archiving, and accessing are some of the features provided by these systems. The primary factor driving the market is the need for electronic document management and the need to retain patient data securely. It cuts short paper maintenance costs, increases productivity, and makes data organization easy.
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It is assumed that the incorporation of such systems with the existing systems such as PACS, HIS, EMR, etc., will improve the work efficiency of clinics and patient care. These systems not only offer a systemic compilation of documents but also help in creating a paperless environment.
The growing digitalization and automation in the healthcare field are expected to boost the growth of the medical document management market. The use of MDM has increased due to initiatives taken by governments to support EMR and adopt e-health into the healthcare sector.
Major challenges for the market are the incorporation of MDM systems with existing information technology software, high costs, and confidentiality concerns.
Medical Document Management Market Size, Share And Analysis, By Product (Solution, Services) By Delivery Mode (On-premises, Web-based, Cloud-based) By Treatment Type By End-Use Forecasts to 2026, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/medical-document-management-market
Key findings from report:
- On the basis of product type, the Integrated solution sub-segment is expected to rise at a steady pace during the forecast period as these solutions offer benefits, including data integration and provision for a one-stop solution for managing data, and are more popular in hospitals.
- Standalone solution tools have added advantages over integrated solutions as they have offline facilities.
- Based on end-user, the hospital sub-segment holds 54% of the market share due to the increase in hospital admissions.
- Asia Pacific region is expected to grow at the fastest CAGR of 11.5% owing to increasing initiatives, such as the application of e-health or funding for infrastructural development taken by governments, which is expected to boost market growth during the forecast period.
- North America accounted for the largest share of 40% of the global medical document management market by 2019 due to the region’s highly established healthcare infrastructure and precise regulatory framework.
Key players in the medical documentation management market:
- 3M Company
- Allscripts Healthcare Solutions
- Epis Corporation System
- Athena Health
- Cerner Corporation
- Kofax Ltd.
For the purpose of this study, Reports and Data has segmented the Medical Document Management Market based on product type, delivery mode, application, end-use, and region:
Product Type Outlook (Revenue, USD Million; 2017–2027)
- Planning and Management Services
- Product Support Services
- Implementation & Integration Services
- Maintenance, Support, and Optimization Services
- Training & Education Services
Delivery Mode Outlook (Revenue, USD Million; 2017–2027)
Application Outlook (Revenue, USD Million; 2017–2027)
- Patient Medical Records Management
- Patient Billing Documents Management
- Admission & Registration Document Management
- Document Scanning Software
- Electronic Document Management Software
End-Use Outlook (Revenue, USD Million; 2017–2027)
- Insurance Providers
- Nursing Homes and Long-term care
- Other Healthcare Organizations
Regional Outlook (Revenue in USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Rising needs to curtail healthcare costs
3.2. Need to minimize the use of paper
Chapter 4. Medical Document Management Segmentation & Impact Analysis
4.1. Medical Document Management Segmentation Analysis
4.2. Medical Document Management Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Medical Document Management Market Impact Analysis
4.4.1. Market driver analysis
18.104.22.168. Need for Medical records retention
22.214.171.124. Growing healthcare reforms
126.96.36.199. Need to increase clinical efficiency and improve patient care in a healthcare organization
4.4.2. Market restraint analysis
188.8.131.52. Limited adoption of medical document management systems
184.108.40.206. High Implementation Costs
4.5. Key opportunities prioritized
4.6. Medical Document Management Pricing Analysis
4.7. Industry analysis – Porter’s
4.8. Medical Document Management PESTEL Analysis
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