Global Medical Documents Management Systems Market Size, Share, and COVID-19 Impact Analysis, By Solutions (Standalone Medical Document Management Solutions, Document Scanning Software, Electronic Document Management Software, Integrated Medical document Management Solutions), By Services (Medical Record Scanning and Management Services, Product Support Services, Implementation & Integration Services, Maintenance, Support, and Optimization Services, Training & Education Services), By End Users (Hospitals and Clinics, Insurance Providers, and Other Healthcare Institutions), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Medical Documents Management Systems (DMS) Market Size is expected to be worth USD 489.32 Million in 2021 and is estimated to reach up to USD 995.38 Million by 2030, at a compound annual growth rate (CAGR) of 11.85% from 2022 to 2030.

The use of paper is reduced with the use of a medical DMS which also tracks, maintains, and stores documents. It helps to coordinate the information flow between laboratories and other departments and streamline the billing process. By offering quick access to papers and enabling efficient processing with few errors, it increases productivity. Medical DMS thus has a wide range of uses in hospitals, clinics, nursing homes, and insurance companies all over the world. 

The major drivers for the growth of the medical document management systems market include the increasing prevalence of chronic diseases, rising emphasis on medical devices R&D capabilities and the adoption of cutting-edge IT healthcare technologies, growing demands for the preservation of medical records and healthcare reforms, and rising costs for the construction of healthcare infrastructure, particularly in developing nations.  

COVID-19 ANALYSIS

Governments from all across the world are collaborating with pharmaceutical and biotechnology businesses to fight the COVID-19 outbreak, from promoting vaccine development to planning for problems with the supply chain for medications. Additionally, 155 compounds and about 115 vaccine candidates are kept in the pipeline for future research and development. Additionally, the demand for regularly used medications like hydroxychloroquine has increased significantly due to the care of COVID-19. There has been an increase in drug demand, which is anticipated to present COVID-19 management drug makers with lucrative business opportunities given the shortage of these medications in many industrialized nations. The demand for COVID-19 vaccines and medications is expected to drive significant growth in the global medical documents management systems market during the forecast period. 

TREND

Rising Adoption of Cloud-Based and Web-Based Systems Propel Market Growth

Due to the low cost of installation, implementation, and setup for these systems, the web-based and cloud-based system segment is predicted to develop at the quickest rate. In addition, the development of innovative drugs and the growing usage of cloud-based systems by pharmaceutical businesses are the main drivers of the segment's growth. For instance, Google Health and Meditech collaborated to create a tightly integrated solution in March 2022 that combines the vendor's web-based EHR platform, Meditech Expanse, with the search, contextualization, and data harmonization capabilities of Google Health's Care Studio.

DRIVERS  

Increasing Prevalence of Chronic Diseases Drive Market Growth

Due to the rising incidence of chronic diseases around the world, there is currently a significant increase in the number of people visiting hospitals. This is one of the main drivers behind the market's expansion. Furthermore, in the event of a fire, flood, or other natural disaster, paper medical records are readily lost or destroyed. No matter how big the project or what kind of files is being converted, converting medical papers to a digital format aids in the development of a more effective document workflow. In addition, it takes time to physically retrieve paper documents from archives and transport them to various departments. Utilizing a digitalized medical DMS, however, reduces retrieval time without requiring any physical effort. This is deepening the relationship between the healthcare sector and the digitalization and rising levels of automation, is strengthening the market growth during the forecast period. 

RESTRAINT

Concerns about Data Security and Privacy Hamper Market Growth

Concerns about data security and privacy have increased as a result of the growing use of digital platforms. With the use of modern technology-based medical DMS, new vulnerabilities and issues around information privacy are emerging. A few factors that prevent market expansion include vulnerabilities such as data privacy, security & data breach, identity theft, cyber-attacks, and others. The cost of harm from cyberattacks hit $6 trillion in 2019, according to the Cybersecurity Ventures Report. A rise in cyberattacks in a number of industries, including retail, BFSI, government, and others, could impede market expansion.

SEGMENTATION INSIGHT   

The Global Medical Documents Management Systems Market is segmented by Solutions, Services, End Users, and Region. Based on the Solutions, the market is categorized into Standalone Medical Document Management Solutions, Document Scanning Software, Electronic Document Management Software, Integrated Medical document Management Solutions. Based on Services, the market is categorized into Medical Record Scanning and Management Services, Product Support Services, Implementation & Integration Services, Maintenance, Support, and Optimization Services, Training & Education Services. Based on End Users, the market is categorized into Hospitals and Clinics, Insurance Providers, and Other Healthcare Institutions. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.  

REGIONAL INSIGHTS

The Global Medical Documents Management Systems Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

The North America region is expected to dominate the market share owing to the expanding use of electronic medical records (EMRs) in healthcare settings. Moreover, the rising number of product launches, and the nation's rising technological breakthroughs are the main drivers of market expansion in the nation. Furthermore, when compared to other geographical areas, the healthcare information technology sector in the nation is one of the most mature markets. As a result, in the United States, an enormous fraction of the population uses electronic medical records. For instance, according to the 2019 National Electronic Health Records Survey Public Use File National Weighted Estimates, 89.9 percent of office-based physicians use an EMR or EHR system, whereas only 72.3 percent use one that has been certified. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the market due to government initiatives and spending on healthcare are rising.

LIST OF COMPANIES PROFILED:

• 3M
• Allscripts Healthcare Solutions, Inc.
• Epic Systems Corporation.
• GENERAL ELECTRIC COMPANY
• Hyland Software, Inc.
• Kofax Inc.
• McKesson Corporation
• NXGN Management, LLC
• Siemens Healthcare GmbH
• ThoughtTrace, Inc.
• Laserfiche
• Midmark Corporation.
• Agaram Technologies Pvt Ltd
• athenahealth, Inc.
• FUJIFILM Holdings Corporation
• NXGN Management, LLC

KEY INDUSTRY DEVELOPMENTS:

· June 2022- Oracle Corporation said that Cerner's proposed acquisition had received all necessary antitrust approvals, including European Commission approval. In order for medical personnel to give better care to specific patients and communities, hospitals and health systems use digital information systems from Cerner, a leading provider of such systems.

• March 2022- The EHR provider Epic debuted new health IT including Cheers, a software program for autonomous medical groups and a proactive patient communication tool. A cheer was created by the EHR provider in response to requests from numerous Epic clients for tools to improve patient connections, particularly in light of COVID-19's burden on healthcare infrastructure.

 SEGMENTATION

By Solutions

• Standalone Medical Document Management Solutions
• Document Scanning Software
• Electronic Document Management Software
• Integrated Medical document Management Solutions

By Services

• Medical Record Scanning and Management Services
• Product Support Services
• Implementation & Integration Services
• Maintenance
• Support, and Optimization Services
• Training & Education Services

By End Users

• Hospitals and Clinics
• Insurance Providers
• Other Healthcare Institutions

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa