Increasing prevalence of various diseases that expedite the need for constantly increasing data generation is one of the primary factors attributing the growth of global medical document management system market. Furthermore, increasing requirement for cost-effective healthcare systems and implementation of regulatory compliance such as HIPPA in healthcare systems are a few factors, which are expected to drive the market. Medical document management systems market is further boosted by factors such as increasing demand for improved clinical efficiency & patient care, rising need for efficient information management while ensuring privacy & security in healthcare systems, and increasing adaptation of EMR systems & HIM systems.
Based on the types of products, the market is segmented into solutions and services. The solution market is further sub divided into standalone medical document management solutions (document scanning software & electronic document management software) and integrated medical document management solutions. In 2014, the integrated medical document management solutions market accounted to have the largest share in terms of revenue owing to increasing demand for integration of document management with other systems such as PACS, RIS, and EHR. Moreover, increasing demand to minimize healthcare costs and growing need for clinical efficiency by practice management systems are few factors, which are responsible for its largest of share. The service market is also sub categorized into medical record scanning & management services, and product support services (implementation & integration services, maintenance, support & optimization services, and training & education services). Global medical document management system is also segmented on the basis of applications into patient medical records management, admission & registration document management, and patient billing document management. Patient medical records management is expected to grow at a lucrative rate owing to rising demand for merged laboratory reports & notes with electronic medical images to create a composite file. Increasing need for patient safety by reducing lost information or use of incorrect information and instantaneous access to patient records are also amongst few factors that are expected to positively reinforce the market growth. Based on the mode of delivery, the market is segmented into on-premise, web-based, and cloud-based markets. In 2014, web-based delivery was reported to be the highest revenue generating segment. Increasing government initiatives and rising funding in order to incorporate e-Healthcare worldwide encourages the adoption of EMR and other IT systems, and these are some factors that are expected to drive the market. On the basis of end-use, the market is segmented into hospitals & clinics, nursing homes/assisted living facilities/long-term care, healthcare payers, and other health systems. Hospital & clinic segment is expected to have majority of share in terms of revenue. Increasing number of multi-specialty hospitals, growing government initiatives for the development of healthcare infrastructure, and increasing modernization in healthcare facilities are expected to boost market growth.
North America, Europe, Asia Pacific, MEA, and Latin America are key regional markets included in the study. In 2014, North America was the largest region in terms of revenue in the global medical document management systems market. Key factors attributing to its large share include presence of compliance solutions such as the HIPPA (Health Insurance Portability and Accountability Act), and the ARRA (American Recovery and Reinvestment Act, 2009). Growing demand for software-based technologies such as OmniDocs, Nuxeo, and LogicalDOC is responsible for its large market share. Moreover, increasing overall operational efficiency of healthcare organizations and rising need for minimization of paper usage to reduce the paper documents storage management in healthcare are amongst few factors that are also attributing for its market growth. However, Asia Pacific region is anticipated to be the fastest growing segment over the forecast period. Increasing government initiatives pertaining to the implementation of e-Health, rising healthcare expenditure, and increasing development in healthcare infrastructure are among few factors attributing to its rapid growth. Furthermore, growing demand for streamlining cash collection process and technologically advanced information management system in order to preserve, manage, and archive data will serve as critical success factors for the growth of medical document management systems market over the forecast period.
Key players in the global medical document management systems market includes McKesson Corporation, GE Healthcare, Allscripts Healthcare Solutions, Inc., 3M Company, Siemens Medical Solutions USA, Inc., Toshiba Medical Systems Corporation, Cerner Corporation, Kofax Ltd., EPIC Systems, and Hyland Software.
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