Medical Documents Management Market to reach USD 429.45 million by 2021 ? Market
Posted by MDFtrends on January 11th, 2018
Medical Documents Management Market size was around USD 226 million in 2016. It is expected to grow at a CAGR of 13.7% to reach USD 429.45 million by 2021. Several medical organizations find it difficult to maintain e-medical records, since they are expensive and complex to implement. Medical records document management systems are easy to use, fast to implement, and smart processing systems which improve practice effectiveness and reduce the retention costs of medical records. These systems facilitate workflow and enhance the quality of patient care and safety. They eliminate paper-based processes in health care organizations along with managing patient information and facilitating clinicians and administrators’ decision making in treatment and hospitalization procedures.
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This market is primarily driven by improved patient care and cost containment in healthcare, the need for regulatory compliance, and accurate, secure, & fast systems to manage critical information. Furthermore, the paperless environment created by document management systems causes a streamlined workflow, thereby improving the operational efficiency of healthcare organizations.
But still, the high cost of maintenance and implementation of these systems, and the hesitation by healthcare professionals to change their traditional methods is anticipated to hamper the growth of this market to a certain extent.
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Medical Documents Management Market Segmentation by product, applications, mode of delivery, and end user. By product, the market is categorized into medical document management solutions and services. The market is further divided into standalone and integrated solutions. Standalone solutions cover document-scanning software and electronic document management software. Similarly, the market is sub-segmented into document scanning and management services and product support services, like implementation and integration services, support, maintenance & optimization services, and education & training services. By application, the market is categorized into patient medical records management, admission & registration documents management, and patient billing documents management. By mode of delivery, the market is segmented into on premise model, web-based solutions, and cloud-based model. By end user, the market is segregated into hospitals & clinics, nursing homes/assisted-living facilities/long-term care centres, healthcare payers, and other health systems. In 2013, integrated medical document solutions commanded the largest share of the medical document management solutions market. It is due to the need for integration of such systems with existing EHR systems, HIM systems, PACS, and RIS systems to ease the workflow in healthcare organizations and minimize compliance risks. But still, integration with other systems is a big challenge before market players.
Medical Documents Management Market geographical segmentation by Latin America, North America, Europe, Asia Pacific, and Middle East and Africa. North America accounted for the largest regional market in 2013, followed by Europe, Asia-Pacific, and Rest of the World. The growth of this market in North America and Europe is primarily due to the regulatory requirements regarding the health records and medical insurance. The Asia-Pacific region represents the fastest-growing market, due to the government emphasis on adoption of EHRs, modernization in healthcare, and investments by government and private entities to adopt healthcare IT technologies. Furthermore, improved clinical research and studies through organized and stored patient information through document management systems are providing considerable growth opportunities for this market.
2)Mode Of Delivery
Some of the major Medical Documents Management Market leaders are McKesson Corporation (U.S.), Toshiba Medical systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), EPIC Systems (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), and Hyland Software (U.S.).
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