Increasing adoption of health information management systems and electronic medical records systems, Growing needs to curtail healthcare costs as well as need to minimize the use of paper, and the need to increase clinical efficiency are key factors contributing to a high CAGR of medical document management during the forecast period.
According to the current analysis of Reports and Data, the global Medical Document Management market was valued at USD 334.5 Million in 2018 and is expected to reach USD 774.5 Million by the year 2026, at a CAGR of 10.4 %. The systems eliminate paper-based processes like record management in the health care sector. The system involves the database of patient’s information related to health in clinics and allows doctors and administrators to make well-informed choices in treatment for particular injury and hospitalization procedures. Using the document template utility, medical offices can plan and deploy customized solutions that enable them to customize to their needs. Text templates can be set up for patient information sheets, lab results, prescriptions, and any other type of text that may be looked-for. Each document template allows for several user-defined fields that can assist with indexing and searching. For example, a lab-result text template may consist of a patient id field, a date field, and a lab name field.
Similarly, each text can have user-configurable fields that define numeric values, text or dates. The number of text templates and indexing possibilities are unlimited. Medical record maintenance is one of the segments under this market that keeps a record regarding the health issue of patients. These records can be used further if a person suffers from problems in the future, and the stored data can help the practitioner to treat the problem of patients. It provides workflow and improvement in patient care and patient safety. Electronic document archiving and retrieval is proven to help medical offices to cut short the cost of maintaining paper, increasing productivity, and make day-to-day organization activities much more efficient. With the help of Medical Document Management Systems customizable document templates and built-in workflow platforms, the usage of manual movement of paper becomes a process of the past.
Primary factors driving the growth of the industry are the increasing need for electronic document management, and the need to retain the data of patients securely. Besides, since a huge amount of data is being generated daily due to the growing number of patients and the improving medical facilities, maintenance of this data and the need to reduce the operational cost by minimizing the use of paper supports the market growth during the forecast period. However, the high implementation cost and confidentiality concerns, restrict the growth of this market during the forecast period to a certain extent.
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Further key findings from the report suggest
- The services segment of management allows the processing and storage of medical information such as lab tests, x-rays, emergency room records, and admitting information.
- The cloud-based system is expected to witness lucrative growth during the forecast period 2019-2026 with a CAGR of 10.1 % owing to the low-cost installation, implementation, and set up of these systems
- Hospitals and clinics led the end-user segment with the highest revenue share. The increasing number of hospital admissions is driving the demand in the industry.
- North America accounts for the largest market share of 40% in 2018 attributing to the presence of highly-developed healthcare infrastructure and well-defined regulatory frameworks
- The integrated solutions are expected to grow at a CAGR during the forecast period. Advantages offered by integrated software solutions, such as data integration and provision of the one-stop solution, for data management, make it popular among hospitals.
- Standalone solutions tools have various advantages over integrated solutions as they offer the ability to work offline. However, integrated tools include Electronic Health Record, Picture Archiving, and Communication System, which integrate with other tools to manage data.
- Key participants include 3M Company, Allscripts Healthcare Solutions, McKesson, Epis corporation System, Athena Health, Cerner Corporation, Siemens, Kofax Ltd. Among others
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For the purpose of this study, Reports and Data have segmented the Medical Document Management market based on product type, delivery mode, application, end-use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Medical Planning and Management Services
- Product Support Services
- Implementation & Integration Services
- Maintenance, Support, and Optimization Services
- Training & Education Services
Delivery Mode Type (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
- Patient Medical Records Management
- Patient Billing Documents Management
- Admission & Registration Document Management
- Document Scanning Software
- Electronic Document Management Software
End Use (Revenue, USD Million; 2016–2026)
- Insurance Providers
- Nursing Homes and Long-term care
- Other Healthcare Organizations
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Key Advantages of the Medical Document Management Market Report:
- Detailed analysis of changing dynamics of the global Medical Document Management market
- Valuable insights on key market growth driving trends and monetary competence over the forecast period
- SWOT analysis and Porter’s Five Forces analysis for each key market player to offer competitive advantage to readers and investors
- Comprehensive assessment of competitive landscape and regional analysis
- Assessment of key factors driving and restraining market growth
- Analysis of threats, limitations, growth prospects, opportunities, and barriers in the market
- Strategic recommendations to key market players and new entrants to assist them in gaining a robust footing in the market
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