Medical Document Management Systems Market Expected to Reach Around $424.5 Million by 2019
January 05, 2015 -- The global medical document management systems market is estimated to be worth around $220 million in 2014 and grow at a CAGR of 13%-14% during the forecast period of 2014 to 2019. This report studies the medical document management systems market over the forecast period of 2014-2019.
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The medical document management systems market recorded a healthy growth rate during the last few years, primarily attributed to the need for digitization and automation in the healthcare sector. Rising need to comply with regulations and laws to avoid penalties and the need to improve the quality of healthcare and increase clinical efficiency. Government initiatives and funding to bring e-Health to the healthcare sector across the globe has driven the adoption of EMR systems and other healthcare IT systems. All these systems necessitate the deployment of document management systems to streamline the workflow and manage business processes. The factors such as the need to curtail healthcare delivery costs and create a paperless environment to reduce medical errors are expected to drive this market in the coming years. Other factors are the increasing number of multi-specialty hospitals, modernization in healthcare and improved clinical studies through computerized patient case notes. However, the large number of players in this market and difficulties in integration of document management systems with other existing IT systems are posing a big challenge to market growth.
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In this report, the market is segmented by products, applications, modes of delivery, end users and region. The report also discusses the key market drivers and restraints of and the opportunities and trends in this market and its sub-markets. The market is expected to grow at a double-digit CAGR from 2014 to 2019.
In 2013, North America was the major market for medical document management systems, followed by Europe and Asia-Pacific. Highly developed healthcare IT infrastructure, number of healthcare reforms and advent of new technologies and favorable regulatory compliance in the North American and European region has led to the major contribution of these regions to the global medical document management market. However, the growth opportunities for this market are highest in the Asia-Pacific and RoW regions. The APAC market is expected to grow at a highest CAGR during the forecast period.
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Prominent players in the medical document management systems market include McKesson Corporation (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Toshiba Medical systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd (U.S.), EPIC systems (U.S.) and Hyland Software (U.S.).
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