Global Medical Document Management Systems Market 2024-2031

Global Medical Document Management Systems Market 2024-2031

Global Medical Document Management Systems Market Size, Share & Trends Analysis Report by Solutions (Standalone Medical Document Management Solutions, Document Scanning Software, Electronic Document Management Software, and Integrated Medical Document Management Solutions) by Services (Medical Record Scanning and Management Services, Product Support Services, Implementation & Integration Services, Maintenance, Support, and Optimization Services, and Training & Education Services) and by End-User (Hospitals and Clinics, Insurance Providers, and Others) Forecast Period (2024-2031)

The global medical document management systems market is anticipated to grow at a CAGR of 11.9% during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for use of medical document management systems to update obsolete processes and infrastructure, the healthcare sector occurs through a technological transition that can enhance patient outcomes. For instance, in April 2023, GRM Information Management launched a new Safety Station Compliance solution for one of its largest clients. The healthcare industry's expertise and enterprise content management platform, visual vault, jointly address various data management, process management, and compliance applications in their solution.

Segmental Outlook

The global medical document management systems market is segmented by solutions, services, and end-user. Based on the solutions, the market is sub-segmented into standalone medical document management solutions, document scanning software, electronic document management software, and integrated medical document management solutions. Based on the services, the market is sub-segmented into medical record scanning and management services, product support services, implementation & integration services, maintenance, support, and optimization services, and training & education services. Furthermore, on the basis of end-users, the market is sub-segmented into hospitals and clinics, insurance providers, and others. The hospitals and clinics subcategory is expected to capture a significant portion of the market share within the end-user segment. The growth can be attributed to the strategy that focuses on small medical facilities and private clinics, identifying specific demands and concerns and developing solutions that complement their heterogeneous healthcare environment. For instance, in December 2022, the National Health Authority (NHA) released the beta version of a lightweight, robust, and ABDM-compliant hospital management information system (HMIS). This HMIS solution is envisioned to provide a digital platform for healthcare providers, particularly focusing on private clinics and small health facilities.

The Insurance Providers Sub-Segment is Anticipated to Hold a Considerable Share of the global Medical Document Management Systems Market

Among the Applications, the insurance providers sub-segment is expected to hold a considerable share of the global medical document management systems market. The segmental growth is attributed to the growing demand for industry-specific data management. The insurance and healthcare sectors utilize enormous volumes of delicate and complicated data. Developed specifically for these industries, MongoDB Atlas can provide unique data management capabilities that ensure effective medical document and insurance-related data storage, retrieval, and analysis. For instance, in October 2023, MongoDB has launched MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance, aimed at helping healthcare and insurance companies accelerate innovation and provide data-driven applications. These initiatives include expert-led workshops, technology partnerships, and knowledge accelerators.

Regional Outlook

The global medical document management systems market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to improved patient safety and care through competition among various healthcare organizations.

The North American Region is Expected to Grow at a Significant CAGR in the global Medical Document Management Systems Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the demand for infrastructure of technology and resource challenges. The challenges that low-income nations have implementing national EHR systems into place are indications of challenges associated with technology infrastructure and financial resources. An effective EHR deployment can be hampered by insufficient resources and technology. According to the BCM Health Services Research, in March 2022, the adoption of EHR has increased by 46% over the past five years. However, it is worth noting that more than 50% of EHR projects have not successfully delivered their intended benefits. This is especially prevalent for low-income nations, where just 15% of healthcare institutions have national EHR systems in place, underscoring the continued challenge these nations face in implementing EHRs.

Market Players Outlook

The major companies serving the global medical document management systems market include Carestream Health, Inc., FUJIFILM Holdings Corp., McKesson Corp., NextGen Healthcare, Inc., Siemens Healthineers Co., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2024, Accruent acquired RedEye, to accelerate its strategy with a next-generation engineering document management system. It reflects Accruent’s ongoing commitment to providing differentiated, cloud-enabled solutions to drive business productivity.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global medical document management systems market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.