Product Code: 60488
The medical document management systems market is expected to witness a CAGR of 11.85% during the forecast period.
- Certain factors that are driving the market growth include rising adoption of healthcare IT and the need for medical records retention and government initiatives.
- The changing healthcare practices and increasing adoption of health information management systems and electronic medical records systems have driven the market for medical document management systems. The United States has a large number of electronic miscellaneous documents (EMDS) solution providers. Therefore, there has been an increasing adoption of health information management systems, such as electronic medical record (EMR), health information management (HIM), radiology information system (RIS), and picture archiving and communication system (PACS), which has also helped in the growth of the medical electronic document management systems market.
- However, with the increasing use of the electronic medical record (EMR), there have been security concerns related to data privacy. It has been witnessed that many organizations lack transparency in their data management practices. Moreover, in order to address the data security issues, several regulations have been established by government agencies, which mandate the life sciences organizations to implement several controls over their electronic signatures (ERES) and electronic records to ensure the authenticity, integrity, and confidentiality of clinical data. This has remained a major restraint for the big pharmaceutical and biotechnology companies, due to which the companies are reluctant in adopting the web- and cloud-based solutions, thereby restraining the growth of the market.
Key Market Trends
The Web-based and Cloud-based Segment is Expected to Show Lucrative Growth in the Market
The cloud-based solution is a comparatively new approach and is mostly used by the organizations, who lack the internal infrastructure to support it. The installation cost for these systems is lower than the on-premises systems. Moreover, this software eradicates the need for in-house maintenance, which is likely to be the prime factor driving their demand.
The cloud-based system is anticipated to be the fastest-growing segment, due to the low cost of installation, implementation, and setting up these systems. Mostly, the big pharmaceutical and biotechnology companies are now increasingly adopting cloud-based systems. This increased adoption of cloud-based systems by companies can be attributed to low costs associated with purchasing of servers and installation and validation of applications (and their maintenance).
North America Dominates the Market and Expected to do Same in the Forecast Period
North America dominated the medical document management systems market, owing to the well-developed and established healthcare industry and higher penetration rate of such systems into healthcare practices. In the United States, the administrative costs for hospitals and healthcare clinics constitute more than 25% of the total expenditure. Therefore, there has been a surge in the adoption of medical document management systems over the past few years in the country, and in the region, in order to curb these huge expenses. The Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of health IT, which also encourages the implementation of medical data organization tools in hospitals and clinics. This factor is also anticipated to boost the growth of the market.
The medical document management systems market is highly competitive and consists of a few major players. Companies, like 3M, Allscripts Healthcare Solutions Inc., Cerner Corporation, Hyland Software Inc., Kofax Ltd, McKesson, Nextgen Healthcare Information Systems LLC, and Siemens AG, among others, hold a substantial share in the market studied.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Adoption of Healthcare IT and Need for Medical Records Retention
- 4.2.2 Government Incentives
- 4.3 Market Restraints
- 4.3.1 Security Concerns and Rising Incidences of Data Security Breach
- 4.3.2 Lack of Skilled Professionals
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Solutions
- 5.1.2 Services
- 5.2 Application
- 5.2.1 Patient Medical Records Management
- 5.2.2 Admission and Registration Documents Management
- 5.2.3 Patient Billing Documents Management
- 5.2.4 Other Applications
- 5.3 Mode of Delivery
- 5.3.1 Web-based and Cloud-based
- 5.3.2 On-premise
- 5.4 End Users
- 5.4.1 Hospitals and Clinics
- 5.4.2 Insurance Providers
- 5.4.3 Other Healthcare Institutions
- 5.5 Geography
- 5.5.1 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Mexico
- 5.5.2 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United Kingdom
- 184.108.40.206 France
- 220.127.116.11 Italy
- 18.104.22.168 Spain
- 22.214.171.124 Rest of Europe
- 5.5.3 Asia-Pacific
- 126.96.36.199 China
- 188.8.131.52 Japan
- 184.108.40.206 India
- 220.127.116.11 Australia
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.5.4 Middle-East & Africa
- 126.96.36.199 GCC
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle-East & Africa
- 5.5.5 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 3M
- 6.1.2 Allscripts Healthcare Solutions Inc.
- 6.1.3 Cerner Corporation
- 6.1.4 EPIC Systems Corporation
- 6.1.5 GE Healthcare
- 6.1.6 Hyland Software Inc.
- 6.1.7 Kofax Ltd.
- 6.1.8 McKesson
- 6.1.9 Nextgen Healthcare Information Systems LLC
- 6.1.10 Siemens Healthineers AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS