New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global medical document management systems market is bound to witness a whopping CAGR of 10.4% between 2022 and 2032. It stands at US$ 1 Bn as of now and is expected to reach US$ 2.7 Bn by the year 2032.
With automation and digitization in healthcare vertical, there is a need for compliance with laws and regulations to curtail operational costs of the storage. Also, paperless environment is the need of the hour. These factors are bound to take the medical document management systems market by storm in the near future.
Besides, with growing number of multi-specialty hospitals/polyclinics, real-time database organization, transmission, and analysis are on the anvil. As such, exponential demand for connected healthcare along with growing utilization of smartphones and connected medical devices are contributing toward adopting medical document management systems.
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At the same time, the facts that higher costs of implementation, reluctance on the part of nursing, medical, and the other staff to alter their conventional ways are likely to hinder the medical document management systems market can’t be ignored.
Key Takeaways from Medical Document Management Systems Market
- Web-based systems hold the largest market share. They are expected to be taken over by cloud-based solutions in the near future.
- Solutions (integrated and standalone) hold more than 50% of the market share.
- Hospitals/clinics contribute for more than 60% of the overall market share.
- North America holds the largest market share, followed by the Europe and the Asia-Pacific. The US alone accounts for more than 25% of the market in terms of revenue.
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“With HIM systems and EMR systems being increasingly adopted, and requirement for retaining patient data on a secure note as per local, federal, and state laws, the medical document management systems market is likely to grow persistently in the forecast period”, says an analyst from Persistence Market Research.
Market Competition
Persistence Market Research has highlighted about the key developments in medical document management systems market.
- Oracle Corporation, in June 2022, went on records to state that all the necessary anti-trust approvals regarding its proposed acquisition of Cerner (inclusive of European Commission clearance) had been obtained. It is a known fact that Cerner is amongst the leading providers of digital information systems used in health systems and hospitals for enabling medical professionals to table better healthcare to communities.
- Epic (EHR vendor), in March 2022, came up with new health IT, inclusive of a proactive patient communication tool and software called “Cheers” to serve independent medical groups.
- In March 2022, the Department of Veterans Affairs came up with its new-fangled electronic health record in Columbus (Ohio) at the VA Central Ohio Healthcare System.
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What does the Report Cover?
- Persistence Market Research offers a unique perspective and actionable insights on the medical document management systems market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on the delivery mode (on-premise, cloud-based, and web-based), by product (solutions and services), by application (patient billing document management, patient medical record management, and admission and registration document management), and end-user (hospitals and clinics, government organization and Third Party Administration, nursing homes, and others).
- For additional insights on how growth of the medical document management systems market will unfold over the next decade, write to the analyst at media@persistencemarketresearch.com
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