Medical Document Management Systems Market Size, Business Revenue Forecast, Leading Competitors and Growth Trends 2027
The increasing patient pool, rising health care expenditures
and expanding healthcare sector has intensified the need for the adoption of
medical document management systems for achieving clinical efficiency. These
systems offer a reduction in costs and ensure patient safety, which has
accelerated the revenue creation for the market players. Furthermore, the
growing demand for modernization, digitalization, and automation in the
healthcare sector is another major factor responsible for the expansion of the
market.
global medical
document management systems market is projected to expand at a healthy pace
in the foreseeable future. The increasing number of healthcare reforms coupled
with rising government funding in healthcare technologies are likely to augment
the global market over the next couple of years.
The growth trajectory of the market is guided by the
technological innovations added to the product portfolios by the key vendors.
Investments are likely to flow towards the development of technology in the
upcoming years. This, in turn, is expected to catalyze the proliferation of the
medical document management systems market. The swift adoption of Electronic
Health Records (EHRs) in the healthcare sector and the development of cloud
technology is currently favoring the market growth. It is likely to continue
benefitting the market over the next few years. However, a lack of IT
professionals and rising data privacy concerns are projected to hold the market
expansion in the foreseeable future.
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Global Market for Medical Document Management Systems –
Competitive Dashboard:
Some of the key players operating in the global medical
document management systems market are EPIC Systems Corporation, 3M Company,
Siemens Medical Solutions USA Inc., GE Healthcare, Kofax Ltd., Nextgen
Healthcare Information Systems, LLC, Cerner Corporation, Athena Health Inc,
Toshiba Corporation, EPIC Systems Corporation, Hyland Software Inc., Allscripts
Healthcare Solutions Inc., and McKesson Corporation.
Global Market for Medical Document Management Systems –
Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the
global market based on product type, application, delivery model, and end-user.
By product type, the medical document management systems market has been
segmented into services and solutions. By application, the market is segmented
into medical records, billing records, admission & registration, and
others. By delivery model, the market has been segmented into web-based,
cloud-based, and on-premises. By end-user, the market has been segmented into
hospitals & clinics, healthcare providers, nursing homes, and insurance
agencies.
Regional Outlook:
The global medical document management systems market, by
region, has been segmented into North America, Europe, Asia Pacific, and the
Rest of the World. North America is a significant market and is likely to
exhibit substantial growth over the next couple of years. The technological
advancements coupled with developments in the healthcare sector has fueled
demand for medical document management systems in the regional market. The
trend is prognosticated to perpetuate in the foreseeable future. Furthermore,
the favorable regulatory enforcements coupled with healthcare reforms are
likely to catapult the market on an upward trajectory. The major country-level
markets of the region are the U.S. and Canada.
Europe is an important growth pocket and is expected to
remain highly lucrative in the forthcoming years. The factors that have paved
the way for rapid adoption of the technology include increased government
funding in healthcare technologies, developed healthcare IT infrastructure, and
the need for better quality of healthcare services. Meanwhile, Asia Pacific is
poised to show a steep rise in the growth of the market. The exponential
patient pool, adoption of EHRs, increased research & development
activities, booming medical tourism industry, etc. are some of the factors that
are responsible for favoring the expansion of the regional market. India,
China, and Japan are anticipated to contribute substantially towards the
proliferation of the medical document management systems market in the upcoming
years.
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