The global Medical Document Management Systems market size is expected to be worth around US$ 3.63 billion by 2030, according to a new report by Vision Research Reports.
The global Medical Document Management Systems market size was valued at US$ 6.26 billion in 2020 and is anticipated to grow at a CAGR of 12.2% during forecast period 2021 to 2030.
The sector has experienced noticeable growth in the past few years owing to rising burden of paper management and storage.
Medical document management solutions such as hospital information systems, patient monitoring system, Electronic Medical Record (EMR), and e-prescribing methods facilitate managing medical records like insurance cards/claims, admission forms, invoices, and records of laboratory results. Rising need for ease of managing large amounts of healthcare data along with increasing demand for Electronic Health Record (EHR) and Clinical Trial Management System (CTMS) is expected to propel market demand.
Various government initiatives to develop healthcare IT and clinical document managing software sector globally are the key drivers of the market. For instance, the 58th World Health Assembly; where the WHO urged member states to promote EHR and health documentation and create awareness regarding the same. Apart from this, there are many region-specific initiatives that are promoting the adoption of these services. For instance, the Health Department Republic of South Africa set guidelines for healthcare IT strategy in the region.
Medical document management system market is segmented into on-premises, web-based, and cloud-based on the basis of mode of delivery. Most of the healthcare organizations with document management system prefer on-premise software due to its capability of securing patient data by storing it in private data centers. High installation costs along with additional costs associated with license renewal are expected to prevent the adoption of these systems in small-scale hospitals.
The web-based systems allow healthcare providers to access clinical information from various locations. These solutions allow the interoperability and ease of data handling along with additional information security with two-factor authentication such as login ID and password. Additionally, the transmitted information can also be encrypted for further securing patient information. All these benefits offered by the web-based solutions have attributed to their largest revenue share.
A cloud-based solution is a comparatively new approach and is mostly used by organizations that lack the internal infrastructure to support it. The installation costs of these systems are lower than on-premises systems. This software eradicates the need for in-house maintenance, which is likely to be the prime factor driving their demand. Moreover, the need for constant updates associated with on-premises systems are also projected to fuel demand for cloud-based solutions. Thus, this segment is expected to exhibit the fastest growth rate over the forecast period.
The market is segmented into solutions and services on the basis of products. The services segment involves patient record planning and management services and supports activities. Medical record planning and management services allow processing and storage of medical information such as lab tests and x-rays, emergency room records, and admitting information. Whereas, support services offer all training, implementation, installation, and support maintenance services. Escalating demand for paperless data management while reducing manual errors is expected to drive the segment with the fastest growth rate during the forecast period.
The solutions segment includes standalone and integrated solutions. Standalone tools offer advantages such as the reduced need for support software and independent operations. These solutions also offer the ability to work offline. Whereas, integrated tools are sophisticated business software such as Picture Archiving and Communication System (PACS), and RIS; which seamlessly integrate with other tools to manage data and reports. With just a single click, one can search for and process data and files, organize day-to-day tasks, and save valuable time using integrated software. Advantages offered by integrated software, such as data integration and provision of a one-stop solution, for data management, make it popular among hospitals.
On the basis of end-user, the global medical document management system market is segmented into hospitals/clinics, nursing homes, insurance providers, and other healthcare organizations. Improving the patient experience is one of the major concerns across hospitals and clinics. It is observed that hospitals having a higher bed capacity adopt medical document management system more easily than smaller hospitals and clinics. Thus, this segment is anticipated to witness a strong growth rate over the forecast period.
Insurances industry also deals with heavy paperwork on a daily basis and it is very difficult to manage all the data as it includes important documents such as medical reports and tax-related documents. Health insurances are mandatory in many developed countries. Governments in the developing regions are also taking initiatives to provide insurance coverage to maximum people. All these factors are expected to drive the insurance provider segment at a steady growth rate during the next few years.
North America is the most mature market followed by Europe. Strict regulations such as Health Insurance Portability and Accountability Act (HIPPA) and American Recovery and Reinvestment Act, 2009 (ARRA) in the healthcare sector in the region are projected to have a major impact on the region’s growth. In addition, the presence of sophisticated healthcare infrastructures and technological advancements in healthcare IT are also likely to boost growth.
In the U.S., administrative costs for hospitals and healthcare clinics are more than 25% of the total expenditures. Thus, to avoid such huge expenses, adoption of these systems has increased in the past few years in U.S. 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 spur the growth of the market.
Asia Pacific is expected to exhibit the fastest growth rate over the forecast period. Rising R&D owing to competitiveness amongst various healthcare organizations to enhance patient safety and care. Moreover, increasing government initiatives such as the implementation of e-Health and huge investments in infrastructure and healthcare IT development are also projected to drive the regional market.
3M Company; Allscripts Healthcare Solutions, Inc.; Athena Health Inc.; Cerner Corporation; Siemens AG; and GE Healthcare.
Mode of delivery Outlook
Medical Planning and Management Services
End users Outlook
Other Healthcare Organizations
The Medical Document Management Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical Document Management Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical Document Management Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical Document Management Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical Document Management Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical Document Management Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical Document Management Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical Document Management Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical Document Management Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical Document Management Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical Document Management Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Medical Document Management Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical Document Management Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical Document Management Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical Document Management Systems market. These factors have benefited the growth of the global market for Medical Document Management Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical Document Management Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical Document Management Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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