Upsurge in number of patients visiting hospitals to Thrive the Market
In the past few decades, the disease prevalence across the globe is increasing at an unprecedented level. Thus, the rise in the number of patients visiting hospitals due to various health disorders worldwide is increasing. Medical Document Management System helps to manage, track and store all the documents and records. Also, the need to reduce the healthcare cost, and improve clinical efficiency and patient care is further boosting the market growth. Moreover, the paper-intensive nature, ensuring regulatory compliance are some other factors responsible for driving the Medical Document Management Systems market.
Furthermore, the demand for electronic document management is increasing tremendously. In the past few years, the adoption of technology such as Health Information Management (HIM) and Electronic Medical Records (EMR) systems is increasing at its wildest level along with the rising need for retaining patient data securely according to state, federal, and local laws. Additionally, owing to the increasing number of patients, the data generated is in enormous quantity. Thus, the need to minimize the use of paper to reduce operational costs and storage issues is projected to propel the Medical Document Management Systems market growth in the near future over the forecast period.
What will be the Market Performance by 2028?
Our report on the Medical Document Management Systems market has covered the study of the latest development and investment in the market. In addition, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for Medical Document Management Systems Market. Furthermore, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, forecasts & predictive analysis. The global Medical Document Management Systems Market valued at USD 536.63 Million in 2021 and expected to reach USD 1223.88 Billion in 2028 at CAGR of 12.5%.
Some of the key players in the Medical Document Management Systems Market include - 3M Company (U.S.), McKesson Corporation (U.S.), GE Healthcare (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), Toshiba Medical systems Corporation (Japan), Kofax Ltd. (U.S.), Hyland Software (U.S.), and EPIC Systems (U.S.).
North America is estimated to hold the largest share of the Medical Document Management Systems market. The market growth is attributed to factors such well-developed and established healthcare industry. Additionally, the higher penetration rate of such systems into healthcare practices is also further fuelling the market growth in the region. Also, the presence of major key players in the region is further fuelling the market growth in the region.