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Global medical document management

Global medical document management

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 market is mainly driven by the need for regulatory compliance, improved patient care and cost containment in healthcare, and accurate, secure, & fast systems to manage critical information. Moreover, the paperless environment created by document management systems results in a streamlined workflow, thus increasing the operational efficiency of healthcare organizations. However, the high cost of implementation and maintenance of these systems, and the reluctance by healthcare professionals to change their traditional methods is expected to restrain the growth of this market to a certain extent. The global medical document management systems market is segmented on the basis of product, applications, mode of delivery, end user, and region. Based on type of product, the document management systems market is segmented into medical document management solutions and services. The medical document management solutions market is divided into standalone and integrated solutions. Standalone solutions cover document-scanning software and electronic document management software. Likewise, the document management services market is subdivided into document scanning and management services and product support services, such as implementation and integration services, support, maintenance & optimization services, and education & training services. On the basis of application, the market is classified into patient medical records management, admission & registration documents management, and patient billing documents management. On the basis of mode of delivery, the market is classified into on-premise model, web-based solutions, and cloud-based model. By end user, the market segmentation includes hospitals & clinics, nursing homes/assisted-living facilities/long-term care centers, healthcare payers, and other health systems. The medical document management systems market is further divided into four major regions - North America, Europe, Asia-Pacific, and the Rest of the World (RoW). A country-wise analysis of these regions is also being done for this market. The report discusses key market drivers, restraints, challenges for market players, and the opportunities and trends in the global market.

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Technology advancement in medical document management systems

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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Forecast growth of medical document management systems market worth $424.5 million by 2019

Forecast growth of medical document management systems market worth $424.5 million by 2019

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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