Medical Document Management Systems Market Overview
Medical document management systems have gained significant importance in the healthcare sector in the past few years. Medical records document management systems provide easy to use, fast to implement, and smart process systems which improve practice efficiency and lower the maintenance costs of medical records. The global Medical Document Management Systems market is expected to grow at high CAGR during the forecast period due to factors such as the need to reduce healthcare costs, ensure regulatory compliance, and improve clinical efficiency and patient care.
Furthermore, medical document management systems manage patient information and facilitate clinicians' and administrators’ decision-making in treatment and hospitalization procedures. Additionally, these systems support health care organizations to automate admission forms, insurance cards, insurance claims, invoices, and laboratory results. The rise in the need to manage the huge information content in health care systems in a cost-effective way and increase in the necessity to improve the quality of the information as well as health care are the prime factors that boost the growth of the Medical Document Management Systems market at a great extent.
On the contrary, the unwillingness of physicians, nurses, and other medical staff to change their traditional methods hinders the adoption of medical document management systems. In addition to this, the high cost of implementation and maintenance of these systems is also impacting negatively on the growth of the medical document management systems market. Apart from this, mobile platforms for document management systems create new opportunities for industry participants. Consolidation in the health care industry is also anticipated to provide notable opportunities for market growth in the forthcoming years.
Covid-19 Impact on Medical Document Management Systems Market
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Medical Document Management Systems Market Segment Overview
In terms of Product Type, the Medical Document Management Systems Solutions is the largest segment in the market. This segment involves patient record planning and management services and supports activities. Medical record planning and management services allow processing and storage of medical information such as lab tests and x-rays, emergency room records, and admitting information. While, support services offer all training, implementation, installation, and support maintenance services. Additionally, the growing demand for paperless data management while reducing manual errors is anticipated to boost the segment’s growth during the forecast period.
Based on the Mode of delivery, the On-premises segment has significant growth in the market. Most of the healthcare organizations with document management systems prefer on-premise software owing to its capability of securing patient data by storing it in private data centers. Additionally, high installation costs along with additional costs related to license renewal are projected to avoid the adoption of these systems in small-scale hospitals.
Medical Document Management Systems Market, By Product Type
- Medical Document Management Systems Solutions
- Medical Document Management Systems Services
- Product Support Services
- Documents Scanning and Management Services
Medical Document Management Systems Market, By Application
· Patient Medical Records Management
· Image Management
· Admission and Registration Documents Management
· Patient Billing Documents Management
Medical Document Management Systems Market, By Mode of delivery
· On-premises
· Web-based
· Cloud-based
Medical Document Management Systems Market, By End-User
· Hospitals & Clinics
· Nursing Homes
· Insurance Providers
· Other (Long Term Care Centers and Rehabilitation Centers)
Medical Document Management Systems Regional Overview
Based on the region, North America dominates the Medical Document Management Systems market. This is because of the implementation of regulations regarding health records and medical insurance. Similarly, the market in the Asia Pacific is estimated to witness rapid growth in the near future. Important factors such as rising government focus on adoption of Electronic Health Record (EHRs), modernization in the healthcare sector, and huge investments by government and private entities to adopt health care IT technologies are remarkably escalating the growth of the market in this region. Moreover, development in clinical research and studies through organized and stored patient information through document management systems is also providing various growth opportunities for the medical document management systems market in the Asia Pacific.
Medical Document Management Systems Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Medical Document Management Systems Market Competitor overview
Some key developments and strategies adopted by manufacturers in Medical Document Management Systems are highlighted below.
· In August 2021, the Delhi cabinet has cleared a budget of over ₹139 crore for its health management system, which will store the complete medical records of every Delhi resident on a cloud, data that will be accessible to doctors of their choice. The plan will initially link Delhi government-run hospitals and later bring private hospitals on board.
Medical Document Management Systems Market, Key Players
· Cerner Corporation
· 3M Company
· GE Healthcare
· Kofax Ltd.
· Nextgen Healthcare Information Systems, LLC
· Toshiba Corporation
· Allscripts Healthcare Solutions Inc.
· EPIC Systems Corporation
· Hyland Software Inc.
· McKesson Corporation
· Siemens Medical Solutions USA Inc.
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Medical Document Management Systems Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Product Type
- 5.2.1. Medical Document Management Systems Solutions
- 5.2.2. Medical Document Management Systems Services
- 5.2.2.1. Product Support Services
- 5.2.2.2. Documents Scanning and Management Services
- 5.3.1. Patient Medical Records Management
- 5.3.2. Image Management
- 5.3.3. Admission and Registration Documents Management
- 5.3.4. Patient Billing Documents Management
- 5.4.1. On-premises
- 5.4.2. Web-based
- 5.4.3. Cloud-based
- 5.5.1. Hospitals & Clinics
- 5.5.2. Nursing Homes
- 5.5.3. Insurance Providers
- 5.5.4. Other (Long Term Care Centers and Rehabilitation Centers)
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Latin America, Middle East and Africa
6. North America Medical Document Management Systems Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Product Type
- 6.2.1. Medical Document Management Systems Solutions
- 6.2.2. Medical Document Management Systems Services
- 6.2.2.1. Product Support Services
- 6.2.2.2. Documents Scanning and Management Services
- 6.3.1. Patient Medical Records Management
- 6.3.2. Image Management
- 6.3.3. Admission and Registration Documents Management
- 6.3.4. Patient Billing Documents Management
- 6.4.1. On-premises
- 6.4.2. Web-based
- 6.4.3. Cloud-based
- 6.5.1. Hospitals & Clinics
- 6.5.2. Nursing Homes
- 6.5.3. Insurance Providers
- 6.5.4. Other (Long Term Care Centers and Rehabilitation Centers)
- 6.6.1. U.S.
- 6.6.2. Canada
7. Europe Medical Document Management Systems Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Product Type
- 7.2.1. Medical Document Management Systems Solutions
- 7.2.2. Medical Document Management Systems Services
- 7.2.2.1. Product Support Services
- 7.2.2.2. Documents Scanning and Management Services
- 7.3.1. Patient Medical Records Management
- 7.3.2. Image Management
- 7.3.3. Admission and Registration Documents Management
- 7.3.4. Patient Billing Documents Management
- 7.4.1. On-premises
- 7.4.2. Web-based
- 7.4.3. Cloud-based
- 7.5.1. Hospitals & Clinics
- 7.5.2. Nursing Homes
- 7.5.3. Insurance Providers
- 7.5.4. Other (Long Term Care Centers and Rehabilitation Centers)
- 7.6.1. UK
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Italy
- 7.6.5. Spain
- 7.6.6. Russia
- 7.6.7. Rest of Europe
8. Asia Pacific Medical Document Management Systems Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Product Type
- 8.2.1. Medical Document Management Systems Solutions
- 8.2.2. Medical Document Management Systems Services
- 8.2.2.1. Product Support Services
- 8.2.2.2. Documents Scanning and Management Services
- 8.3.1. Patient Medical Records Management
- 8.3.2. Image Management
- 8.3.3. Admission and Registration Documents Management
- 8.3.4. Patient Billing Documents Management
- 8.4.1. On-premises
- 8.4.2. Web-based
- 8.4.3. Cloud-based
- 8.5.1. Hospitals & Clinics
- 8.5.2. Nursing Homes
- 8.5.3. Insurance Providers
- 8.5.4. Other (Long Term Care Centers and Rehabilitation Centers)
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. Australia
- 8.6.5. South East Asia
- 8.6.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Medical Document Management Systems Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Product Type
- 9.2.1. Medical Document Management Systems Solutions
- 9.2.2. Medical Document Management Systems Services
- 9.2.2.1. Product Support Services
- 9.2.2.2. Documents Scanning and Management Services
- 9.3.1. Patient Medical Records Management
- 9.3.2. Image Management
- 9.3.3. Admission and Registration Documents Management
- 9.3.4. Patient Billing Documents Management
- 9.4.1. On-premises
- 9.4.2. Web-based
- 9.4.3. Cloud-based
- 9.5.1. Hospitals & Clinics
- 9.5.2. Nursing Homes
- 9.5.3. Insurance Providers
- 9.5.4. Other (Long Term Care Centers and Rehabilitation Centers)
- 9.6.1. Brazil
- 9.6.2. Saudi Arabia
- 9.6.3. UAE
- 9.6.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Cerner Corporation
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. 3M Company
- 10.6. GE Healthcare
- 10.7. Kofax Ltd.
- 10.8. Nextgen Healthcare Information Systems, LLC
- 10.9. Toshiba Corporation
- 10.10. Allscripts Healthcare Solutions Inc.
- 10.11. EPIC Systems Corporation
- 10.12. Hyland Software Inc.
- 10.13. McKesson Corporation
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
