The analysis report on medical document management systems market size and trend analysis report mode of Delivery (Web-based, Cloud-based), By Product (Solutions, Services), By End-user and Segment Forecasts by 2025.
As per the research report by Grand View Research, Inc. global medical document management systems market size is estimated to reach USD 0.63 billion by 2025. A CAGR of 10.2% is estimated to be registered during the period. The medical sector has experienced a rising growth in the past years, bringing the growing burden of paper management and storage.
Medical document management solutions involve hospital information systems, patient monitoring system, Electronic Medical Record (EMR), and e-prescribing methods. These methods facilitate easy management of medical records like insurance cards/ claims, admission forms, invoices and records of laboratory results. There is a rising need for the ease of managing large amounts of healthcare data. There is an increasing demand for Electronic Health Record (EHR) and Clinical Trial Management System (CTMS).
There are various government initiatives to develop healthcare IT and clinical document managing software sector globally. The WHO has urged to promote EHR, health documentation and awareness of the same in the 58th world health assembly.
Various region-specific initiatives are promoting and adopting these services. The Health Department Republic of South Africa set guidelines for healthcare IT strategy in the region.
The key findings from the research include-
- The need for creating a paperless environment while reducing manual errors is the drive for future market growth.
- The cloud-based system is the fastest growing segment over the period. The cloud-based system ensures low cost of installation, implementation and set up of these systems.
- Hospitals and clinics are generating the highest revenue share. The increase in the number of hospital admissions, driving increased demand for medical document management systems.
- North America is the largest revenue-generating geography. A highly developed healthcare infrastructure needs a well defined regulatory framework attributing a high growth in the sector.
- E-Health implementation of health has been initiated in the Asia-Pacific region making it the fastest growing market in the near future. With huge funding flowing in the development of healthcare and IT would fuel the market growth in the near future.
- Key players in the healthcare solution sector are- Allscripts Healthcare Solutions Inc, Athena Health Inc, Cerner Corporation, Siemens AG and GE Healthcare.
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