Medical Documents Management Market size was around USD 292.17 million in 2018. It is expected to grow at a CAGR of 13.7% to reach USD 555.19 million by 2023. For several medical organizations, it is challenging to keep electronic health records because their implementation is expensive and complicated. Document management systems for medical records are easy to use, quick to implement, and intelligent processing systems that improve the effectiveness of the practice, and reduce the cost of keeping medical records. These systems facilitate workflow and enhance the quality of patient care and safety. They eliminate paper-based processes in healthcare organizations, manage patient information, and promote the decision-making of clinicians and administrators in treatment and hospital processes.
Market Drivers and Restraints:
This market is primarily driven by improved patient care and cost containment in healthcare, the need for regulatory compliance and accurate, secure, & fast systems to manage critical information. Furthermore, the paperless environment created by document management systems causes a streamlined workflow, thereby improving the operational efficiency of healthcare organizations.
But still, the high cost of maintenance and implementation of these systems, and the hesitation by healthcare professionals to change their traditional methods is anticipated to hamper the growth of this market to a certain extent.
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Report segmented as
By Mode of Delivery:
- Document Scanning Software
- Document Management Software
- Medical Records
By Disease Indications:
Management of medical documents. Market segmentation to Latin America, North America, Europe, Asia-Pacific, Middle East, and Africa. North America was the largest regional market in 2013, followed by Europe, the Asia-Pacific region and the rest of the world. The growth of this market in North America and Europe is mainly due to regulatory requirements for medical records and health insurance. Asia and the Pacific region is the fastest growing market, with the government’s focus on the adoption of labor facilitation, the modernization of the health care system and the investment of governmental and private entities in the deployment of technology of I.T. for health care. Besides, improved clinical research and studies through organized and stored patient information in document management systems offer significant growth opportunities for this market.
Important Market Players:
Some of the major Medical Documents Management Market leaders are McKesson Corporation (U.S.), Toshiba Medical Systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), EPIC Systems (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), G.E. Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), and Hyland Software (U.S.).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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