Medical Document Management Systems Market Size, Share & Trends Analysis Report By Product (Solution, Service), By Application (On-Premise, Cloud based), By Delivery Mode, By End Use, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global medical document management market size was valued at USD 610.0 million in 2023 and is projected to grow at a CAGR of 11.9% from 2024 to 2030. The major factors contributing to the market growth include a multitude of factors such as an increase in the adoption of cloud-based systems, a shift in healthcare practices, and an increase in the adoption of health information management, encouraging government policies, and a rise in investment in training healthcare IT professionals.

The increase in technologically advanced healthcare organizations has created a demand for database organizations and analysis. The increasing usage of medical devices and smartphones is a major contributor to the industry growth. As the healthcare sector is transitioning to digitization the market for medical electronic devices is growing, along with the deployment of health information management, radiology information systems, and electronic medical records. Digitalization and automation combined in the healthcare industry have resulted in controlling the operational cost of storing and maintenance under the bay. The increasing awareness of the paperless environment and reducing human errors are major factors in market growth.

The rise in the prevalence of chronic diseases has resulted in the creation of novel digital devices. Besides, the advancements in IT healthcare systems have triggered the need for record preservation in the healthcare system. Health information management systems such as EMR, HIM, RIS, and PACS are integrated, and a rise in the medical electronic document management systems market is well-supported with the help of the above factors. For instance, Electronic Medical Record (EMR) systems are growing for wider use because the healthcare industry is shifting toward digital technology.

Product Insights

The service segment dominated the market in terms of revenue share of 55.0% in 2023. The medical billing service is the most complex part of the healthcare industry. The service segment includes patient records, management and support services, and activities. Processing medical information such as lab tests, information retrieval, and emergency records occurs under medical services. An increase in the adoption of new technology and changes in governmental policies have been the major drivers for the segment growth.

The solutions segment is anticipated to grow at the fastest CAGR of 12.1% over the forecast period. This segment induces standalone and integrated solutions to work under offline mode. The solutions include software such as electronic health records (HER), picture archiving and communication systems (PACS), and RIS. The major growth drivers are an increase in product development and innovation, solution deployment, strategic partnership, and collaboration. Moreover, increasing investment in research activities to improve the technology and quality also drive the market dynamics.

Delivery Mode Insights

The on-premise segment held majority of the market share of 40.5% in 2023. The driver responsible for the dominance of the segment are due its capacity to store patient’s data in private data centers. The driving factors responsible for the segment growth include the complete ownership and control over the data, lack of data leakages possibilities as the data stored in the organization. The stored data can be accessed anytime as it required no internet connectivity.

The cloud-based segment is likely to be the fastest-growing segment with a CAGR of 12.7% over the forecast period owing to the low cost of system installation and software capacity to eliminate internal maintenance. Additionally, the necessity for updates connected with on-premises systems is contributing to the rising demand for cloud based systems.

Applications Insights

The admission & registration document management accounted largest segment, with a revenue share of 43.2% in 2023. The patient’s overall enrollment process is covered as it involves the centralized system for managing patient data right from admission to enrollment. The adoption by various hospitals, clinics, and healthcare organizations has fueled the market growth.

Patient billing document management is expected to be the fastest-growing segment with a CAGR of 12.5% over the forecast period. Billing documents are the most significant component of any small to large healthcare organization. The major drivers for adopting billing software are an increased capacity to deal with bulk patient data, lack of human errors, proper documentation of bills, and data storage for more duration than paper bills.

End Use Insights

The hospital segment was the most dominant segment with a global share of 40.0% in 2023. Factors such as enhancing the patient’s experience, ease in documentation, and storing accurate data are the major growth factors. Larger hospitals and clinics are implementing medical document management at a higher pace which is a growth indicator.

The healthcare payers segment is anticipated to be the fastest-growing segment with a CAGR of 12.8% during the forecast period. The healthcare instruments include the insurance, procedures, and treatments that are brought by the patients for their health. The growth factors for the segment include the improved healthcare infrastructure and vast digitization across the system. Nursing homes and other health systems are also major contributors to the global medical document management system as they are easy to use and store patient data.

Regional Insights

North America dominated the global medical document management systems market with a revenue share of 45.4% in 2023. Factors such as an increase in research and development expenditure both by the government and private players, increasing awareness about healthcare infrastructure, benefits of digitization in medical billing documentation, and the ease of storing the patient’s data account for its dominance in the market.

U.S Medical Document Management Systems Market Trends

The U.S. medical document management systems market held a significant market share in North America. The prominent factors for the dominance include the technological advancement in the healthcare infrastructure and the presence of major technological corporations in the U.S. which has largely influenced the healthcare industry as they provide easy solutions for improving the patient's convenience.

Europe Medical Document Management Systems Market Trends

Europe medical document management system market held a share of 27.9% in 2023. Europe is among the most technologically enhanced regions with tremendous research activities conducted on a large scale. This has influenced the adoption of advanced software that handles patient data and stores. Technological awareness has eased the billing procedure and data storage for patients.

The UK medical document management systems market is expected to witness a significant growth rate in the coming years. It accounts as the technologically advanced country in Europe due to the presence of major technological and healthcare organizations with substantial investments in healthcare IT. The healthcare organizations in UK are investing in research and developments with a focus on catering to the needs in healthcare industry here. A significant rise in patient population has been the major factor for the popularity of healthcare tools.

Asia Pacific Medical Document Management Systems Market Trends

Asia Pacific medical document management system market is fast-growing with a CAGR of 13.4% over the forecast period. The growing investment in the healthcare and technology sector has largely influenced the growth of the segment and the ready adoption of technologically advanced equipment to improve patient convenience. A rise in the number of healthcare institutes, services involving patient-centric data, and spending on data storage underscores the effectiveness of tools.

China is one of the most important markets in the Asia Pacific and the significance is majorly due to the wide adoption of technologically advanced equipment, the increase in patient population, and the increase in the standards of healthcare infrastructure. The market is evolving with an emphasis on catering to healthcare needs based on a huge generation of medical data. Moreover, installing electronic health records in hospitals is cheaper than in ambulatory care facilities.

Key Medical Document Management Systems Company Insights

Some key players in the medical document management systems market are 3M, GE Healthcare, and Siemens. Organizations are spending on increasing customer base to gain a competitive edge in the industry. Therefore, key players are pursuing several strategic initiatives, such as mergers, acquisitions, and partnerships with other major companies. 

• 3M is an American multinational company that operates in various fields and one of them includes healthcare, which helps in designing the equipment for betterment of the patients and their convenience.

• Epic Systems Corporation is engaged in the healthcare software sector. It has deployed medical software to assess the medical records of patients on global scale.

Recent Developments

• In September 2023, Oracle announced the launching of new generative AI services for healthcare organizations which is Oracle’s electronic health record (EHR) solution that enables the leverage to reduce manual work.

• In April 2023, 3M collaborated its Health Information Systems (HIS) with Amazon Web Services (AWS) to expand the innovation and advancement initiatives for 3M Modal ambient intelligence supported by generative AI services, and machine learning for the delivery of ambient clinical documentation.

• In April 2023, Microsoft Corporation and Epic System Corporation announced their collaboration to expand their use of artificial intelligence in electronic health records which is expected to signify its important role in the healthcare industry.

Medical Document Management Systems Market Report Scope

Global Medical Document Management Systems Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global medical document management systems market report based on product, delivery mode, application, end use, and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

  • Service

• Delivery Mode Outlook (Revenue, USD Million, 2018 - 2030)

  • On-premise

  • Cloud Based

  • Web Based

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Patient Medical Record Management

  • Admission & Registration Document Management

  • Patient Billing Document Management

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Clinics

  • Nursing Homes

  • Healthcare Payers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Mexico

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Spain

    • Denmark

    • Italy

    • Norway

    • Sweden

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • UAE

    • Kuwait

    • South Africa