Medical Document Management Market To Reach USD 774.5 Million By 2026 – Reports and Data

According to the current analysis of Reports and Data, the global Medical Document Management market was valued at USD 334.5 Million in 2018 and is expected to reach USD 774.5 Million by the year 2026, at a CAGR of 10.4 %. The systems eliminate paper-based processes like record management in the health care sector. The system involves the database of patient’s information related to health in clinics and allows doctors and administrators to make well-informed choices in treatment for particular injury and hospitalization procedures. Using the document template utility, medical offices can plan and deploy customized solutions that enable them to customize to their needs. Text templates can be set up for patient information sheets, lab results, prescriptions, and any other type of text that may be looked-for. Each document template allows for several user-defined fields that can assist with indexing and searching. For example, a lab-result text template may consist of a patient id field, a date field, and a lab name field.

Similarly, each text can have user-configurable fields that define numeric values, text or dates. The number of text templates and indexing possibilities are unlimited. Medical record maintenance is one of the segments under this market that keeps a record regarding the health issue of patients. These records can be used further if a person suffers from problems in the future, and the stored data can help the practitioner to treat the problem of patients. It provides workflow and improvement in patient care and patient safety. Electronic document archiving and retrieval is proven to help medical offices to cut short the cost of maintaining paper, increasing productivity, and make day-to-day organization activities much more efficient. With the help of Medical Document Management Systems customizable document templates and built-in workflow platforms, the usage of manual movement of paper becomes a process of the past.

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Primary factors driving the growth of the industry are the increasing need for electronic document management, and the need to retain the data of patients securely. Besides, since a huge amount of data is being generated daily due to the growing number of patients and the improving medical facilities, maintenance of this data and the need to reduce the operational cost by minimizing the use of paper supports the market growth during the forecast period. However, the high implementation cost and confidentiality concerns, restrict the growth of this market during the forecast period to a certain extent.

Further key findings from the report suggest:

  • The services segment of management allows the processing and storage of medical information such as lab tests, x-rays, emergency room records, and admitting information.
  • The cloud-based system is expected to witness lucrative growth during the forecast period 2019-2026 with a CAGR of 10.1 % owing to the low-cost installation, implementation, and set up of these systems
  • Hospitals and clinics led the end-user segment with the highest revenue share. The increasing number of hospital admissions is driving the demand in the industry.
  • North America accounts for the largest market share of 40% in 2018 attributing to the presence of highly-developed healthcare infrastructure and well-defined regulatory frameworks
  • The integrated solutions are expected to grow at a CAGR during the forecast period. Advantages offered by integrated software solutions, such as data integration and provision of the one-stop solution, for data management, make it popular among hospitals.
  • Standalone solutions tools have various advantages over integrated solutions as they offer the ability to work offline. However, integrated tools include Electronic Health Record, Picture Archiving, and Communication System, which integrate with other tools to manage data.

  Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Medical Document Management market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.

Leading companies operating in the market are:

  • 3M Company
  • Allscripts Healthcare Solutions
  • McKesson
  • Epis corporation System
  • Athena Health
  • Cerner Corporation
  • Siemens
  • Kofax Ltd.
  • Nextgen Healthcare Information Systems
  • GE Healthcare

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

  Medical Document Management Market Segmentation:

Type Outlook:

  • Solution
    • Standalone
    • Integrated
  • Services
    • Medical Planning and Management Services
    • Product Support Services
      • Implementation & Integration Services
      • Maintenance, Support, and Optimization Services
      • Training & Education Services

Delivery Mode Type Outlook:

  • On-premises
  • Web-based
  • Cloud-based

Application Outlook:

  • Patient Medical Records Management
    • Patient Billing Documents Management
  • Admission & Registration Document Management
    • Document Scanning Software
    • Electronic Document Management Software

End-Use Outlook:

  • Hospital
  • Insurance Providers
  • Nursing Homes and Long-term care
  • Other Healthcare Organizations

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

Some essential purposes of the Medical Document Management market research report:

  • Vital Developments: Custom investigation provides critical improvements to the Medical Document Management market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
  • Market Characteristics: The report contains Medical Document Management market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
  • Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Medical Document Management market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Medical Document Management market.
  • Convincingly, the Medical Document Management report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Medical Document Management market.

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