Medical Document Management Systems Market

Medical Document Management Systems Market: By Solution, Application, Mode of Delivery, End-user, and Region

Market Synopsis:

Global Medical Document Management Systems market is valued at USD 602.46 Million in 2022 and is projected to attain a value of USD 1534.87 Million by 2030 at a CAGR of 12.40% during the forecast period, 2022–2028. Medical records are important documents that contain sensitive information about individual patient's health history. It is necessary to ensure that medical records remain accurate and available so doctors can access them whenever they need them. If one can't find the record, it might be difficult for the doctor to provide the correct treatment. A new trend has emerged in recent years of storing patients' medical documentation on electronic database systems instead of paper filing system. The main reason behind this shift is the increased demand for mobile technologies, cloud computing and High Definition (HD) displays which require higher bandwidth than what standard printers support.

Shifting Preferences of End-Users from Paper Based to Digital Mode Projected to Drive growth of MDMS Market

Medical record storage options continue to evolve as digital methods help doctors to store and access crucial information with ease. Paper charts are still the most preferred form of storing medical records but they lack speed and accuracy when compared to digital systems. A new trend has emerged in recent years of storing patients' medical documentation on electronic database systems instead of paper filing system because it is less expensive than conventional paper storage methodologies and provides greater ease of retrieval during emergencies or diagnostic situations where immediate access is required for proper course of treatment. The main reason behind this shift is the increased demand for mobile technologies, cloud computing and HD displays which require higher bandwidth than what standard printers support.

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Market Segmentation:

Global Medical Document Management Systems market is segmented by solution (document scanning software, document management software), application (medical records management), mode of delivery (web-based, cloud-based), end-user (hospitals) and region.

Hospitals are the Largest End-User in the Medical Document Management Systems Market

Hospital is a place where a lot of changes happen. Every day, a person gets admitted to a hospital for one or another issue, thus being in hospital means different doctors to diagnose and treat the patient from time to time. In this process various documents have to be sent from one department/doctor to another, which involves paper work. In today's world where everything has become computerized, hospitals also do prefer to use electronic mediums in order to handle their day-to-day operations. One such electronic medium is Medical Document Management Systems.

Therefore, they are preferred by hospitals as they can store and distribute clinical documents between different departments, doctors and patients. Medical Document Management Systems help in maintaining the patient's health record including diagnosis, treatment progress notes, drug/treatment history etc. These records include data such as demographic information about a patient e.g., name, date of birth, blood group etc., past medical history such as allergies or known diseases, present medications prescribed by a doctor and treatments provided during an emergency situation. Thus, these systems prove to be very useful.

By Deployment, Cloud-based Segment is Dominating the Market

Cloud-based system have been gaining considerable attention of the consumers as it represents easy to access, less time consumption and provides excellent support for hospital workflow. Apart from the benefit of mobility document management systems make sure that hospital store data in a secure manner. It provides the feature of quick retrieval of documents by using keywords, name or any other information about patient etc. This helps in an effective medical treatment which results in saving lives and reducing health care costs. These features are helpful for individuals who face problems when it comes to managing vital records like medical reports, insurance claims etc. The demand for this system has increased since its implementation makes several offices paperless and also ensures security over sensitive documents. Cloud based medical document management system provides better visibility to files than normal server- based system and this assists in faster data searches. It also reduces the need of hiring an expert who can handle these systems and thus helps in reducing overall costs.

The current scenario of medical industry is such that most hospitals and clinics prefer cloud-based document management system to maintain their patient records since it provides a number of benefits which include easy accessibility, less time consumption, better security over vital documents, efficient workflow management etc.

North America to Continue Dominating Medical Document Management Systems Market

Currently, North America is holding a prominent share of the global Medical Document Management Systems market. The first reason is a large number of hospitals that are present in the region. Wherein, more than 40 percent of medical institutions worldwide are located on this continent. In addition, the United States and Canada have a very high level of spending and insurance penetration as compared with other countries. In North America, insurance companies not only pay for some treatments but also make real money from selling policies to those who can afford them. Therefore, virtually every citizen has access to hospitalization. Another reason is that Americans and Canadians spend too much time at their work, which does not allow them enough sleep and rest. As a result, they often fall ill and need to visit doctors and use medical services.

Key Players:

3M Company (U.S.), McKesson Corporation (U.S.), GE Healthcare (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), Toshiba Medical systems Corporation (Japan), Kofax Ltd. (U.S.), Hyland Software (U.S.), and EPIC Systems (U.S.).

The Medical Document Management Systems is Segmented as Follows: