Medical document management systems are software with the capacity of storing, management, and retaining of patient documents. The changes in the healthcare sector, investments in healthcare IT, and inflow of patients are factors discussed in detail in the global medical document management systems market report by Market Research Future (MRFR). The COVID-19 pandemic and its impact on the market are explored as well.
The global medical document management systems market size is touted to expand at a momentous growth rate owing to the increasing volume of data to be acquired in the coming years. The large influx of patients, shift to electronic health records, and the prevalence of various diseases are all main factors driving market growth. Maintenance, continuous updates, and a bid to curb rising healthcare costs can fuel the market demand in the coming years.
Supportive government policies encouraging its use in the healthcare sector and a surge in interest has led to investments and fundraising in the industry. The motive to lower human errors in billing, regulatory compliance, and a sharp dip in reimbursement premiums can bode well for the market.
But lack of infrastructure, skilled personnel, and funds can hamper the market growth.
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The global medical document management systems market has been segmented by product, application, delivery model, and end-user.
By product, it is divided into services and solutions. Solutions are expected
By application, it is segmented into admission registration, billing records, medical records, and others. Medical records are predicted to garner huge revenues owing to its ability to being assist in diagnosis and preventive care of patients.
By delivery model, it is segmented into on-premise, cloud-based, and web-based.
By end-user, it is segmented into insurance agencies, healthcare providers, hospitals clinics, and nursing homes. The healthcare providers segment is expected to be one of the biggest end-users of the global medical document management systems market owing to its need to lower data entry errors. The lowering of revenue losses due to medical billing errors can support the segment growth over the forecast period.
Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RW) are regions covered with respect to the prospects of the global medical document management systems market.
North America is projected to be highly lucrative for the market owing to establishment of healthcare facilities, modernization of infrastructure, and shift to digital modes of record-keeping and maintenance. Healthcare insurance programs for the public such as Medicaid and Medicare, new coding standards for the medical industry, and insights gleaned from consumer data can drive the global medical document management systems market demand. Integration of analytics software to improve patient outcomes can fuel its demand.
APAC is touted to showcase a phenomenal growth rate during the forecast period due to a large patient pool and need for technology to lower the burden on healthcare staff. The boom in medical tourism, switch to electronic medical records, and subsidies for public welfare are incentives likely to work in favor of the market.
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Kofax Ltd., Toshiba Corporation, EPIC Systems Corporation, 3M Company, McKesson Corporation, Nextgen Healthcare Information Systems, LLC, Allscripts Healthcare Solutions Inc., Athena Health Inc., Hyland Software Inc., Siemens Medical Solutions USA Inc., GE Healthcare, and Cerner Corporation are prominent names in the global medical document management systems market.