“Global medical document management systems market is anticipated to reach USD 1,593.26 Million by 2030”, says Visiongain

29 November 2019
Pharma

Visiongain has launched a new pharma report ‘’Medical Document Management Systems Market Report 2020-2030’’ by Mode of Delivery (Cloud based, Web-based, On Premises), Product {Solution (Standalone, Integrated), Services (Medical Planning and Management, Support)}, End Users (Hospitals and Clinics, Nursing Homes, Insurance Providers, Other Healthcare Organization), and Geography.

The global medical document management systems market is anticipated to grow at a lucrative CAGR of 13.3% and anticipated to reach USD 1,593.26 Million by 2030.

Over the past few years, medical document management systems have gained significant popularity in the healthcare industry. It is projected that the global market for medical document management systems will be worth about ~$1.5 billion in 2020. The demand for medical document management systems is set to grow at ~13% CAGR over the next 10 years, driven by factors such as the need to reduce healthcare costs, ensure regulatory compliance, and improve clinical quality and patient care.

The industry has gained significant opportunities from the healthcare sector, primarily due to the paper-intensive nature of this sector and its need for efficient information management while maintaining security and privacy.

The primary factors responsible for this market's growth are the need for digital document management with the growing implementation of EMR systems & HIM systems, and the need to maintain patient data safely under state, federal and local laws. Also, due to the increasing number of patients being treated and the increasing number of medical facilities, a lot of data is being produced. Managing this information and reducing the use of paper to minimize operational costs and storage issues are also driving the clinical document management systems market.

Nevertheless, the high cost of implementation, privacy issues, and health, nursing, and other staff's reluctance to change their traditional ways hinder this market's growth to some extent.

Growing health care procedures and rising implementation of health information management systems and electronic medical records systems have guided the demand for the management of medical document systems. The U.S. has a wide number of providers of solutions for electronic miscellaneous documents (EMDS). As a result, health information management systems such as Electronic Medical Record (EMR), Health Information Management (HIM), Radiology Information System (RIS), and Picture Archiving and Communication System (PACS) have been increasingly adopted, which has also contributed to the growth of the market for medical electronic document management systems.

However, there have been security concerns related to data privacy with the increasing use of electronic medical records (EMR). Several companies have been observed lacking consistency in their data management activities. Also, government agencies have established several regulations to address data security issues, mandating life sciences organizations to implement multiple controls on their electronic signatures (ERES) and electronic records to ensure the authenticity, integrity, and confidentiality of clinical data.

This has remained a major constraint for the large pharmaceutical and biotechnology industries, as businesses are hesitant to embrace web- and cloud-based solutions, thus restricting the market growth.

Due to the well-developed and well-established healthcare industry and the higher penetration level of such systems into healthcare practices, North America dominated the market for medical document management systems. The administrative costs of hospitals and health care services in the United States account for more than 25 percent of total spending. Consequently, there has been a rise in the adoption of clinical document management systems in the country and the area over the past few years to curb these enormous expenses. Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of health information technology in hospitals and clinics, which also encourages the implementation of medical data organization tools. This factor is also expected to boost the market growth.

Over the forecast period, Asia Pacific is expected to show the fastest growth rate. Increasing R&D to improve patient safety and treatment due to competition among different healthcare organizations. Also, it is expected to drive the regional market by increasing government initiatives such as e-Health implementation and huge investments in infrastructure and healthcare IT growth.

Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global medical document management systems market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Medical Document Management Systems market.

The comprehensive market report features companies such as 3M, Athena health Inc., Kofax Ltd., Nextgen Healthcare Information Systems, Allscripts Healthcare Solutions, Inc, Fujifilm Holding Corporation, CANON MEDICAL SYSTEMS CORPORATION, EPIC Corporation System, McKesson, Cerner Corporation, Siemens AG, GE Healthcare, Billing Dynamix, Optima Healthcare Solutions, CLINICIENT, PT Billing Solutions, MerlinWave, , Inc., Saner Software among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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