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The medical document management systems market is forecast to increase by USD 412.45 million, at a CAGR of 12.13% between 2022 to 2027. The market's growth hinges on factors like enhanced efficiency and productivity within Medical Document Management Systems (MDMS), strict adherence to healthcare institution compliance standards, and the support of favourable government initiatives. As medical document management systems evolve to streamline processes and ensure regulatory compliance, they become integral to healthcare operations, driving market expansion. Additionally, government initiatives aimed at promoting digital healthcare infrastructure further fuel the market's growth trajectory.
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This report extensively covers market segmentation by deployment (on-premise and cloud), end-user (hospitals and clinics, nursing and home healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is driven by the increasing demand for healthcare IT solutions like electronic medical records systems and health information management systems. Government initiatives and regulatory compliance requirements further propel market growth. Data security breaches highlight the need for robust systems, fostering the adoption of web-based and cloud-based solutions. Challenges include addressing healthcare costs and ensuring clinical efficiency while maintaining patient care standards. Trends indicate a shift towards electronic document management and interoperability across healthcare organizations. Skilled professionals are essential to navigate state, federal, and local laws governing patient data handling. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased efficiency and productivity in MDMS are key factors driving the market growth. Medical document management systems (MDMS) help in managing information on patient demographics, spend analysis, overheads, inventory management, insurance claims, patient analysis, regulatory and compliance information, license, and emergency management.
The software monitors business processes and identifies financial irregularities that can be reported to the management team for appropriate action. Hence, healthcare organizations are looking for MDMS that can accelerate the growth of the organization, reduce costs, and improve productivity and efficiency. Hence, such factors are expected to drive the growth of the market during the forecast period.
The increasing focus on detailed and customized reporting will fuel the market growth. Reporting has become critical in medical document management in order to gain useful insights. Physicians rely on the reporting capabilities of their software systems to provide them with actual figures and data that may assist them in assessing the success of their practices.
MDMS generates daily reports and provides insights into unassigned credits, appointments turned out, and post-op calls. The reports can be reviewed on a daily or weekly basis to gain more information on administrative activities, such as prescriptions, deleted transactions, delinquent accounts, outstanding claims, and credit distribution audit trails of medical documents. However, the reporting capabilities of MDMS go beyond these basic daily and weekly numbers. They provide information on basic finances, important hidden data, and potential sources of revenue. Hence, the above-mentioned factors are expected to fuel the growth of the global MDMS market during the forecast period.
Major Market Challenge
Threats from open-source MDMS are a major challenge to market growth. The global MDMS market has open-source vendors that provide a range of business analytic tools and applications. Open-source MDMS can be downloaded and run on all platforms. As the purchasing and licensing costs of commercial MDMS are high, numerous small- and medium-sized enterprises (SMEs) and individual users prefer open-source products, which are freely available on the Internet.
The basic and common features provided in the propriety MDMS are available in most open-source MDMS. Due to the availability of open-source MDMS and subscription-based MDMS solutions, including cloud-based and premises-based MDMS solutions, demand will decrease, and such factors may hamper the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Athena Health - The company offers medical document management systems namely, athenaClinicals. Also, this product segment offers cloud-based medical records services that aid in organizing patient visits and faster and more accurate documentation. The company's key offering is athenaClinicals.
The report also includes detailed analyses of the competitive landscape of the market and information about 16 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market is driven by increasing demand from the healthcare sector for efficient electronic medical record (EMR) and health information management (HIM) solutions. Government initiatives such as those by the European Commission and the Food and Drug Administration further stimulate market growth. Web-based and cloud-based systems are gaining traction, especially in medical facilities seeking secure medical records retention. Data security breaches underscore the need for skilled professionals adept at implementing Electronic Document Management Systems (EDMS). Pharmaceutical companies and organizations like Google Health and Meditech are pivotal players in shaping the landscape of the market
The market share growth by the on-premise segment will be significant during the forecast period. The on-premise segment in the global MDMS market is expected to witness significant growth in terms of market share when compared to the cloud segment during the forecast period. This is due to the rise in the adoption of on-premise MDMS by small and medium-sized enterprises (SMEs), including hospitals and clinics, globally. Such factors are expected to drive the growth of the on-premise segment in the global medical document management systems (MDMS) market during the forecast period. In an on-premise deployment model, the software is purchased and installed on the user's server and is maintained by IT professionals in the organization. On-premises MDMS provides customization, allowing end-users to modify it according to their needs.
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The on-premise segment showed a gradual increase in market share from USD 207.65 million in 2017 and continued to grow by 2021. Apart from the deployment cost of applications, on-premise MDMS incurs additional expenses to monitor, maintain, upgrade, and provide training and support to the end users. These costs add to the overall operational cost of the medical document management systems (MDMS) and account for 50%-80% of the software's total cost of ownership (TCO). On-premises medical document management solutions involve heavy investments as they offer enhanced security and better control over data. Medical practices and processes that need to comply with regulations, such as Health Insurance Portability and Accountability Act (HIPAA), are increasingly adopting on-premise MDMS. The HIPAA regulation demands secure electronic access to healthcare data and compliance with privacy regulations to reduce the chances of data breaches of electronically protected healthcare-related information.
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We have covered key regions such as North America, Europe, APAC, the Middle East and Africa, and South America that will experience significant growth during the forecast period. North America is projected to contribute 39% by 2027. Technavio’s analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period. The MDMS market is expected to witness significant growth during the forecast period. The major contributor to the MDMS market in North America in terms of revenue are the US, Canada, and Mexico. The MDMS market in the US is more mature than that in other geographic regions in 2022. Hospitals and clinics in countries in North America, such as the US, Canada, and Mexico, have implemented MDMS solutions mainly due to stringent regulatory norms and healthcare policies.
In addition, hospitals and clinics in North America have implemented MDMS solutions to store patient data on web-based systems. There is an increased demand for personalized healthcare systems and affordable healthcare systems in North America, which has encouraged physicians and hospitals to use MDMS solutions. The US and Canada are the leading countries in North America that have implemented MDMS and other advanced healthcare information systems.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
The market is propelled by the increasing demand for efficient Health Information Exchange (HIE) Platforms and Electronic Health Records (EHRs) across the healthcare industry. Solutions such as Picture Archiving and Communication Systems (PACS) and radiology information systems (RIS) play a crucial role in managing patient epidemiology and chronic diseases. Artificial Intelligence (AI) and analytics enhance data processing capabilities, while mobile access facilitates seamless information exchange and collaboration. However, challenges like implementation and maintenance costs, regulatory compliance, and information security remain prevalent. The market witnesses the fastest growth rates driven by the adoption of cloud-based solutions and integrated platforms across hospitals/clinics, nursing homes, insurance providers, and other healthcare organizations, aiming to enhance patient experience and optimize bed capacity.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.13% |
Market growth 2023-2027 |
USD 412.45 million |
Market structure |
Fragmented |
YoY growth (%) |
12.05 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Canon Inc., Compulink Management Center Inc., Epic Systems Corp., Exela Technologies Inc., General Electric Co., Hyland Software Inc., International Business Machines Corp., Konica Minolta Inc., McKesson Corp., Microsoft Corp., Open Text Corp., Oracle Corp., Siemens AG, Thoma Bravo LP, Thomson Reuters Corp., NextGen Healthcare Inc., and Pericent BPM and DMS Software Pvt. Ltd. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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