Medical Document Management Market

Report Description
Table of Contents

Report Description

The global medical document management market size is estimated to be USD xx billion in 2021 and is expected to witness a CAGR of xx% during the forecast period. Medical records retaining requests and healthcare reforms is a key driver for the growth of the global medical document management market. Additionally, increasing implementation of health information management systems and growing need to limit healthcare costs are some of the other drivers propelling the market growth. Nevertheless, unwillingness of nurses, and other medical staff to change their customary methods and high cost of implementation are expected to restrain the global market growth.

Global Medical Document Management Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Product

Based on product, the market is segmented into services and solutions market. In 2021, the services segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is attributed to ever-increasing demand for paperless data management along with reducing labour-intensive errors worldwide. Solutions segment projected to grow at a profitable CAGR during the forecast period. This is attributed to the various advantages such as integrated software, data integration and facility of a one-stop solution, for data management, makes it prevalent among hospitals.

By Application

Based on application, the market is categorized into image management, patient medical records management, patient billing documents management, and admission & registration documents management. In 2021 , the patient medical records management segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to technical developments in the healthcare industry along with the increasing number of multi-specialty hospitals and polyclinics are creating demand for patient medical records database worldwide. The admission & registration documents management segment is anticipated to grow at a profitable CAGR during the forecast period, due to the automation in the healthcare industry in agreement with regulations and laws.

By Mode of Delivery

Based on mode of delivery, the market is categorized into cloud-based model, web-based solutions, and on-premise model. In 2021, the on-premise segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the availability of features such as data security, easy retrieval, and ease of access of this data within the premises worldwide. The cloud-based segment is anticipated to grow at a profitable CAGR during the forecast period, due to the real-time trailing, incorporation of changes in accordance with the guidelines set by various medical associations.

By End User

Based on end user, the market is categorized into insurance providers, hospitals & clinics, nursing homes/ assisted living facilities/ long term care centres, and other healthcare institutions. In 2021, the hospitals & clinics segment accounted for the substantial revenue share with lucrative CAGR during the forecast period. This is due to the major hospitals having a greater bed capacity and can adopt medical document management system more effortlessly in comparison to smaller hospitals and clinics worldwide. The insurance providers segment is anticipated to grow at a profitable CAGR during the forecast period, due to the increase in insurance coverage being provided by government in various developing regions is driving the market.

Regional Insights

In 2021, North America accounted for the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the favourable repayment scenarios, monitoring requirements related to the health records and medical insurance, accessibility of technological advanced products in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the growing government and corporate investment in the healthcare sector, increase in insurance coverage in various developing countries, and developing IT sector, are the major factors in this region.

Competitor Insights

Some of the key players in the medical document management market are 3M Company (U.S.); McKesson Corporation (U.S.); Siemens Medical Solutions USA, Inc. (U.S.); Allscripts Healthcare Solutions, Inc. (U.S.); GE Healthcare (U.S.); Toshiba Medical systems Corporation (Japan); Kofax Ltd. (U.S.); EPIC Systems (U.S.); Cerner Corporation (U.S.); and Hyland Software (U.S.). The leading players operating in the medical document management industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The medical document management market report is categorized into the following segments and subsegments: