DUBLIN–(BUSINESS WIRE)–The “Medical Document Management Market Analysis by Product (Services, Solutions), by Application (Image Management, Patient Medical Records Management), by Mode of Delivery (Cloud-Based, Web-Based, On-Premise Model), by End User, and by Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global medical document management market size is estimated to be USD 445.86 million in 2021 and is expected to witness a CAGR of 14.67% during the forecast period.
Companies Mentioned
- 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.)
- Hyland Software (U.S.)
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.
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.
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