A recent report published by Infinium Global Research on medical document management system market provides in-depth analysis of segments and sub-segments in the global as well as regional medical document management system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical document management system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global medical document management system market. The global medical document management system market was valued at nearly USD 500 million in 2022 and is expected to reach over USD 1200 million in 2030, with a CAGR of around 12% during the forecast period 2023-2030.
Medical document management systems are computer-based systems that store patient information digitally; thereby eliminating paper-based manual processes in healthcare organizations. These systems provide information about the patient and help to maintain the record of their medical history. These systems assist medical staff in making effective decisions about the treatment and hospitalization process for the patients. Furthermore, a medical document management system helps healthcare organizations to automate patient information such as admission cards, insurance cards, insurance claims, invoices, and laboratory results.
A medical document management system model in healthcare delivery emerges with more emphasis on preventive measures, remote care, and substantial technological dependence. The need to comply with regulatory requirements and standards, such as HIPAA, which require the secure and confidential management of patient health information is driving the growth of the market. Additionally, the growing adoption of Electronic Health Records (EHRs) and the need for efficient and accurate management of digital medical records is also propelling the growth of the market. However, the high implementation cost of the systems hampers the market growth. Although, Technological advancement coupled with the need for digitization creates a growth opportunity for the market.
North America holds the largest market share in the medical document management systems market. The well-established healthcare industry and higher penetration rate of such systems into healthcare practices are contributing to the growth of the market in this region. Furthermore, 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 expected to fuel the growing demand for the market. The HIMSS EMR adoption model relates to the management of patient information and was developed by the United States-based Healthcare Information and Management Systems Society (HIMSS). The HIMSS model was developed for hospitals in the United States of America so reflects the way medicine is practiced there and assumes the adoption of specific standards such as the Clinical Document Architecture (CDA) standard.
The report on global medical document management system market covers segments such as product, application, delivery model, and end-user. On the basis of product, the sub-markets include services, and solutions. On the basis of application, the sub-markets include medical records, billing records, and admission & registration. On the basis of delivery model, the sub-markets include web-based, cloud-based, and on-premise. On the basis of end-user, the sub-markets include hospitals & clinics, healthcare providers, nursing homes, and insurance agencies.
The report provides profiles of the companies in the market such as Oracle (acquisition of Cerner), 3M, GE HealthCare, Kofax Inc., NXGN Management, LLC, Allscripts (is now Veradigm), TOSHIBA CORPORATION, Hyland Software, Inc., Epic Systems Corporation, and MCKESSON CORPORATION.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the medical document management system market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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