Medical Document Management Systems Market Size, Share & Trends Report

Medical Document Management Systems Market Size, Share & Trends Analysis Report By Mode of Delivery (Web-based, Cloud-based), By Product (Solutions, Services), By End-user, And Segment Forecasts, 2018 - 2025

  • Published Date: Jun, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-2-68038-388-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 99

Industry Insights

The global medical document management systems market size was valued at USD 0.26 billion in 2016 and is projected to expand at a CAGR of 10.2% over the forecast period. The market is primarily driven by the demand for efficient data management tools in healthcare settings.

U.S. medical document management system market

Digitalization & automation in the healthcare industry in compliance with regulations and laws is curtailing the operational cost of storage and need for additional records and maintenance department. Moreover, rising need to create a paperless environment while reducing the number of errors is also anticipated to drive the market growth over coming years.

Other factors such as technological advancements in the healthcare industry and rising number of multi-specialty hospitals and polyclinics are creating demand for database organization, analysis, and transmission in real time. Escalating demand for connected healthcare and increased usage of connected medical devices and smartphones have also contributed toward the adoption of medical document management systems.

Mode of Delivery Insights

Medical document management system market is segmented into on-premises, web-based, and cloud-based on the basis of mode of delivery. Most of the healthcare organizations with document management system prefer on-premise software due to its capability of securing patient data by storing it in private data centers. High installation costs along with additional costs associated with license renewal are expected to prevent the adoption of these systems in small-scale hospitals.

The web-based systems allow healthcare providers to access clinical information from various locations. These solutions allow the interoperability and ease of data handling along with additional information security with two-factor authentication such as login ID and password. Additionally, transmitted information can also be encrypted for further securing patient information. All these benefits offered by the web-based solutions have attributed to their largest revenue share.

Cloud-based solution is a comparatively new approach and is mostly used by organizations who lack the internal infrastructure to support it. Installation costs of these systems is lower than the on-premises systems. These software eradicate the need for in-house maintenance, which is likely to be the prime factor driving their demand. Moreover, need for constant updates associated with on-premises systems are also projected to fuel demand for cloud-based solutions. Thus, this segment is expected to exhibit the fastest growth rate over the forecast period.

Product Insights

The market is segmented into solutions and services on the basis of products. The services segment involves patient record planning and management services and support 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. Whereas, support services offer all training, implementation, installation, and support maintenance services. Escalating demand for paperless data management while reducing manual errors is expected to drive the segment with the fastest growth rate during the forecast period.

The solutions segment includes standalone and integrated solutions. Standalone tools offer advantages such as reduced need for support software and independent operations. These solutions also offer the ability to work offline. Whereas, integrated tools are sophisticated business software such as Electronic Health Record (EHR), Picture Archiving and Communication System (PACS), and RIS; which seamlessly integrate with other tools to manage data and reports. With just a single click, one can search for and process data and files, organize day-to-day tasks and save valuable time using integrated software. Advantages offered by integrated software, such as data integration and provision of one stop solution, for data management makes it popular among hospitals.

End-user Insights

On the basis of end-user, the global medical document management system market is segmented into hospitals/clinics, nursing homes, insurance providers, and other healthcare organizations. Improving the patient experience is one of the major concerns across hospitals and clinics. It is observed that hospitals having a higher bed capacity adopt medical document management system more easily than smaller hospitals and clinics. Thus, this segment is anticipated to witness a strong growth rate over the forecast period.

Global medical document management system market

Insurances industry also deals with heavy paper work on a daily basis and it is very difficult to manage all the data as it includes important documents such as medical reports and tax related documents. Health insurances are mandatory in many developed countries. Governments in the developing regions are also taking initiatives to provide insurance coverage to maximum people. All these factors are expected to drive the insurance provider segment at a steady growth rate during the next few years.

Regional Insights

North America is the most mature market followed by Europe. Strict regulations such as Health Insurance Portability and Accountability Act (HIPPA) and American Recovery and Reinvestment Act, 2009 (ARRA) in healthcare sector in the region are projected to have a major impact on the region’s growth. In addition, the presence of sophisticated healthcare infrastructures and technological advancements in healthcare IT are also likely to boost the growth.

In U.S., administrative costs for hospitals and healthcare clinics are more than 25% of the total expenditures. Thus, to avoid such huge expenses, adoption of these systems has increased in the past few years in U.S. The Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of health IT, which also encourages the implementation of medical data organization tools in hospitals and clinics. This factor is also anticipated to spur the growth of the market.

Asia Pacific is expected to exhibit the fastest growth rate over the forecast period. Rising R&D owing to competitiveness amongst various healthcare organizations to enhance patient safety and care. Moreover, increasing government initiatives such as the implementation of e-Health and huge investments in infrastructure and healthcare IT development are also projected to drive the regional market.

Medical Document Management System Market Share Insights

Key players in the market include 3M Company; Allscripts Healthcare Solutions, Inc.; Athena Health Inc.; Cerner Corporation; Siemens AG; and GE Healthcare. These players have undertaken various strategies such as mergers & acquisitions, partnerships with other companies, product and technological innovations to maintain their market positions. Geographic expansion is also one of the widely adopted strategies for business expansion. Several other private companies include EPIC Systems Corporation; Nextgen Healthcare Information Systems; and Kofax Ltd.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America& MEA

Country scope

U.S., Canada, U.K., Germany, China, Japan, Brazil, Mexico, & South Africa

Report coverage

Revenue, company share, competitive landscape, growth factors, trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global medical document management systems market report on the basis of mode of delivery, product, end-user, and region:

  • Mode of delivery Outlook (Revenue, USD Million, 2014 - 2025)

    • On-premises

    • Web-based

    • Cloud-based

  • Products Outlook (Revenue, USD Million, 2014 - 2025)

    • Solution

      • Standalone

      • Integrated

    • Services

      • Medical Planning and Management Services

      • Support Services

  • End users Outlook (Revenue, USD Million, 2014 - 2025)

    • Hospital/Clinics

    • Insurance Providers

    • Nursing Homes

    • Other Healthcare Organizations

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

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