Overview and Scope
Medical document management systems (MDMS) refer to software applications and systems designed to manage the creation, storage, retrieval, sharing, and archiving of medical documents and records within healthcare organizations. These systems aim to streamline the management of patient information, medical records, and administrative documents securely and efficiently.
Sizing and Forecast
The medical document management systems market size has grown rapidly in recent years. It will grow from $0.76 billion in 2023 to $0.87 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to evolving healthcare practices, the need to reduce healthcare costs, the need to improve clinical efficiency and patient care, escalating demand for connected healthcare, and the need for efficient data management tools.
The medical document management systems market size is expected to see rapid growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to better healthcare infrastructure, rising research and development expenditures, increasing adoption of web-based and cloud-based systems, a growing need for digitization and automation in healthcare, and a growing demand for paperless environments. Major trends in the forecast period include web-based solutions for interoperability, cloud-based solutions for lower installation costs and maintenance, machine learning (ML) for automated data processing, blockchain technology for secure data storage, and internet of things (IoT) integration.
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Segmentation & Regional Insights
The medical document management systems market covered in this report is segmented –
1) By Product: Services, Solutions
2) By Delivery Model: Web Based, Cloud Based, On Premise
3) By Application: Medical Records, Billing Records, Admission, Registration
4) By End User: Hospitals And Clinics, Government Organization And Third Party Administration (TPAs), Nursing Homes, Other End Users
North America was the largest region in the medical document management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical document management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising patient pool is expected to propel the growth of the medical document management systems market going forward. The patient pool refers to the total number of patients or individuals within a specific demographic or healthcare setting who require medical care or attention. The rising patient pool is driven by factors such as population growth, aging demographics, and increased access to healthcare services. Medical document management systems are increasingly utilized in response to the growing patient pool to streamline healthcare data handling, improve efficiency in record management, and enhance patient care coordination. For instance, in May 2023, according to a report published by the American Hospital Association (AHA), a US-based healthcare trade organization representing hospitals and health care networks, the total number of admissions in all U.S. hospitals reached 34,011,386 compared to 33,356,853 in 2022. Therefore, a rising patient pool will drive medical document management system market growth.
Key Industry Players
Major companies operating in the medical document management systems market are McKesson Corporation, Oracle Corporation, 3M Company, Toshiba Corporation, Siemens Healthineers, FUJIFILM Holdings Corporation, GE HealthCare Technologies Inc., Epic Systems Corporation, Athenahealth Inc., CompuGroup Medical SE & Co. KGaA, Allscripts Healthcare Solutions Inc, Fortra Inc , Midmark Corporation, NextGen Healthcare Inc, Hyland Software Inc, Tungsten Automation, Kofax Inc, DocuWare GmbH, Laserfiche, Agaram Technologies Pvt Ltd, AimProsoft Inc , Pericent Technologies Private Limited, LogicalDOC Inc , Open Bee, ThoughtTrace Inc
The medical document management systems market report table of contents includes:
1. Executive Summary
2. Medical Document Management Systems Market Characteristics
3. Medical Document Management Systems Market Trends And Strategies
4. Medical Document Management Systems Market – Macro Economic Scenario
5. Global Medical Document Management Systems Market Size and Growth
….
32. Global Medical Document Management Systems Market Competitive Benchmarking
33. Global Medical Document Management Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Document Management Systems Market
35. Medical Document Management Systems Market Future Outlook and Potential Analysis
36. Appendix
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