Global Medical Documents Management Systems Market is Expected to Grow at A CAGR of A Round 14.0%

Date: 2015-08-17

Over the years, medical document management systems market has been experiencing continuous growth owing to the need for making computerized healthcare record systems. The advent of document management systems has revolutionized the management of electronic health records in healthcare. Growth in this market is primarily attributed to the need to improve the quality of the information as well as healthcare services, manage increasing information content in healthcare systems in a cost-effective way, and reduce compliance risks.

In this report, the medical document management market is segmented by product, application, mode of delivery, and end user. By product, the market is segmented into solutions and services. The solutions market is further subdivided into standalone solutions (document scanning software, electronic document management) and integrated solutions. The services market is subdivided into document scanning and management services and product support services (implementation and integration services, support, maintenance & optimization services, and education & training services). By application, the market is divided into patient medical records management, admission & registration documents management, and patient billing documents management. By mode of delivery, this market covers on-premise; web-based; and cloud-based models. The market is further segmented by end users into hospitals & clinics, nursing homes/assisted-living facilities/long-term care centers, healthcare payers, and other health systems. 

The global medical documents management systems market is expected to grow at a CAGR of a round14.0% during the forecast period of 2014–2019. The market is mainly driven by record retention requirements and other regulations, increasing information content in healthcare organizations, need to increase clinical efficiency, and to improve quality of healthcare. Moreover, the need to resolve storage issues of paper records, continued pressure to reduce healthcare costs, and increase overall operational efficiency of organizations are further propelling the growth of this market. Various factors such as increasing consolidation in healthcare, and technology advancements such as mobile platforms for document management systems, are providing significant growth opportunities for the market. However, factors such as the high implementation costs of these systems and reluctance of healthcare employees to adopt new methods are hampering market growth to a certain extent.

The integrated medical document management solutions form the major portion of the medical document management solutions market. This is due to the increasing need of integration of document management systems with other systems such as EHR, PACS, RIS, and practice management systems to increase the clinical efficiency and provide improved patient care. 

Prominent players in the global medical document management systems market are McKesson Corporation (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Toshiba Medical Systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), EPIC Systems (U.S.), and Hyland Software (U.S.).

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