Technology advancement in medical document management systems
Medical document management systems have gained remarkable importance in the healthcare industry over the past few years. The global Medical Document Management Systems Market is estimated to be worth around $220 Million in 2014 and $424.5 Million by 2019. The medical document management systems market is poised to grow at a 13% - 14% CAGR during the next five years, driven by factors such as the need to reduce healthcare costs, ensure regulatory compliance, and improve clinical efficiency and patient care. The market has reaped significant opportunities from the healthcare sector, mainly because of this sector’s paper-intensive nature, and its need for efficient management of information while ensuring security and privacy. Primary factors responsible for the growth of this market are the need for electronic document management with the increasing adoption of EMR systems & HIM systems, and the need to retain patient data securely according to state, federal and local laws. Moreover, a lot of data is being generated due to the increasing number of patients being treated and the rising number of medical facilities. Management of this data and the need to minimize the use of paper to reduce operational costs and storage issues is also driving the market for medical document management systems. However, the high costs of implementation, confidentiality concerns, and the reluctance of medical, nursing, and other staff to change their traditional ways are restricting the growth of this market to a certain extent. Geographically, North America dominates market, mainly due to the presence of regulations such as HIPPA and ARRA. Factors such as the need for cost containment in healthcare and to improve patient care are further propelling market growth in this region. There are number of small and mid-size players specialized in this market which intensifies competition and thus poses a challenge to big players and new entrants. In order to increase their market share, mid-size and small players are continuously upgrading existing products and launching new ones, while the big players are acquiring small firms to expand and strengthen their product portfolios. Prominent players in the global medical document management systems market are 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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