Medical Document Management Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Medical Document Management Systems Market is segmented by Product (Solutions and Services), Application (Patient Medical Records Management​, Admission and Registration Documents Management, Patient Billing Documents Management​ and Other Applications), Mode of Delivery (Web-based and Cloud-based, and On-premise), End Users (Hospitals and Clinics, Insurance Providers, and Other Healthcare Institutions) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa and South America). The report offers the value (in USD million) for the above segments.

Medical Document Management Systems Industry Overview

medical document management systems market
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 11.85 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Medical Document Management Systems Market Analysis

The medical document management systems market is expected to witness a CAGR of 11.85% during the forecast period, 2022-2027.

The COVID-19 pandemic has significantly impacted the medical document management systems market. As per a February 2021 published article titled, "Document management and Covid-19: When a crisis can become an opportunity", COVID-19 has forced all companies to radically rethink their business, including document management. It is precisely from document management that companies can start to implement solutions that can help us emerge from the crisis. As COVID-19 has led to a huge amount of generation of data, several companies are offering new electronic medical records-based products. For instance, in March 2020, Health Gorilla, a leader in clinical data interoperability, reported that COVID-19 test ordering is now available through its platform. Healthcare providers using Gorilla's web application, a Health Gorilla-partnered developer, or a Health Gorilla-integrated EMR can place COVID-19 test orders and receive test results from LabCorp and Quest. Thus, the COVID-19 pandemic has had a positive impact on the growth of the studied market.

Factors driving the market growth include the rising adoption of healthcare IT and the need for medical records retention and government initiatives.

The changing healthcare practices and increasing adoption of health information management systems and electronic medical records systems have driven the market for medical document management systems. There has been an increasing adoption of health information management systems, such as electronic medical record (EMR), health information management (HIM), radiology information system (RIS), and picture archiving and communication system (PACS), which have also helped in the growth of the medical electronic document management systems market. For instance, Electronic medical record (EMR) systems are becoming increasingly popular as the healthcare industry is moving toward digitization.

A lot of government initiatives, such as encouraging physicians to adopt electronic health records, investing in training the healthcare information technology workers, and establishing regional extension centers to provide technical and other advice, are triggering the EMR market's growth. For instance, in March 2021, the European Commission adopted a recommendation on a European electronic health record exchange format to unlock the flow of health data across borders. This policy helps European citizens securely access and exchange their health data wherever they are in Europe.

Moreover, in April 2022, Food and Drug Administration news reported selecting and implementing Electronic Document Management Systems in the EU Management Report. Furthermore, in March 2022, the Department of Veterans Affairs launched its new electronic health record on April 30 at the VA Central Ohio Healthcare System in Columbus, Ohio, marking the third rollout in VA's modernization effort to replace the more than 30-year-old software that tracks and stores patient information.

However, security concerns and rising incidences of data security breaches, and a lack of skilled professionals are the factors impeding the market growth.

Medical Document Management Systems Industry Segments

As per the scope of this report, medical document management systems allow medical institutes to maintain and organize electronic medical records. Such systems provide easy to use, fast to implement, and smart process systems to improve the effectiveness of practice, lower the retention costs of medical records, facilitate workflow, and improve the quality of patient care and patient safety. The market is segmented by product (solutions and services), application(patient medical records management​, admission and registration documents management, patient billing documents management​, and other applications), mode of delivery (web-based and cloud-based, and on-premise), end users (hospitals and clinics, insurance providers, and other healthcare institutions) and geography(North America, Europe, Asia-Pacific, Middle-East and Africa and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (USD million) for the above segments.

By Product
Solutions
Services
By Application
Patient Medical Records Management​
Admission and Registration Documents Management
Patient Billing Documents Management​
Other Applications​
By Mode of Delivery
Web-based and Cloud-based
On-premise
By End Users
Hospitals and Clinics
Insurance Providers
Other Healthcare Institutions
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Medical Document Management Systems Market Trends

This section covers the major market trends shaping the Medical Document Management Systems Market according to our research experts:

The Web-based and Cloud-based Segment is Expected to Show Lucrative Growth in the Market Over the Forecast Period

The web-based and cloud-based system is anticipated to be the fastest-growing segment due to the low cost of installation, implementation, and setting up these systems.

The major factors propelling the growth of the segment are the increasing adoption of cloud-based systems by pharmaceutical companies and the launch of innovative products. For instance, In addition, in March 2022, Google Health entered into a collaboration with Meditech to develop a deeply integrated solution that marries the search, contextualization, and data harmonization capabilities of Google Health’s Care Studio with Meditech Expanse, the vendor’s web-based EHR platform.

Also, the onset of the pandemic has increased the usage of cloud-based medical records. For instance, in April 2020, Allscripts introduced a package of COVID-19 solutions for hospitals. The Allscripts Hospital Management Package provides a series of COVID-19 workflows that addresses disease-specific needs within SunriseTM EHR, ParagoN EHR, and Allscripts Care Director.

Additionally, the increasing volume of data and growing demand for cloud storage due to COVID-19 are expected to augment the demand globally. In July 2020, Allscripts and Microsoft Corp. extended their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions. The five-year extension will support Allscripts’ cloud-based Sunrise electronic health record.

Hence, owing to the above-mentioned factors, it is expected to drive segment growth over the forecast period.

Health Spending As a Share of Gross Domestic Product (GDP), Global, 2020

North America Dominates the Market and Expected to do Same Over the Forecast Period

Within North America, the United States has held a major share of the market. The major factors fueling the market growth in the country are the growing usage of electronic medical records (EMRs) in healthcare settings, the increasing number of product launches, and rising technological advancements in the country.

The healthcare information technology market in the country is one of the most established markets compared to the other geographical regions. Thus, a major proportion of the population uses electronic medical records in the United States. In the North American region, governments have advised hospitals and clinics to change conventional medical records into an electronic format for better storage of patient data. For instance, as per an October 2020 update by the United States Department of Veteran Affairs, the Federal Electronic Health Record Modernization (FEHRM) program office announced the Department of Veterans Affairs (VA), Department of Defense (DOD), and Department of Homeland Security’s United States Coast Guard (USCG) expanded their joint health information exchange (HIE) network. The joint HIE is a modernized health data sharing capability that enhances the ability of VA, DOD, and USCG to quickly and securely share electronic health record (EHR) data bidirectionally with participating community health care providers.

Therefore, there has been a surge in the adoption of medical document management systems over the past few years in the country, and the region, to curb these huge expenses. In addition, the Health Information Technology for Economic and Clinical Health (HITECH) Act promotes the adoption of health IT, which also encourages the implementation of medical data organization tools in hospitals and clinics. This factor is also anticipated to boost the growth of the market.

Moreover, the launch of new products is also boosting the market growth. For instance, in January 2020, Emprint, a full-service provider of printing and document solutions, launched EmprintWeb, a powerful system that digitally governs healthcare forms. EmprintWeb streamlines access to care documents during system downtime. Its intuitive interface makes it easy for authorized users to find exactly what they need to download, print or share. Forms can be completed electronically or manually, then embedded with real-time patient data.

Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.

Medical Document Management Systems Market - Growth Rate by Region

Medical Document Management Systems Market Competitor Analysis

The medical document management systems market is moderately competitive and consists of a few major players. Companies like 3M, Allscripts Healthcare Solutions Inc., Cerner Corporation, Hyland Software Inc., Kofax Ltd, McKesson, Nextgen Healthcare Information Systems LLC, and Siemens AG, among others, hold a substantial share in the market studied.

Medical Document Management Systems Market Top Players

  1. 3M

  2. Cerner Corporation

  3. CompuGroup Medical

  4. Allscripts Healthcare Solutions Inc

  5. Siemens Healthineers

*Disclaimer: Major Players sorted in no particular order

3M, Allscripts Healthcare Solutions Inc., Cerner Corporation, EPIC Systems Corporation, GE Healthcare, Hyland Software Inc.,  Kofax Ltd.

Medical Document Management Systems Market Recent Developments

  • In June 2022, Oracle Corporation reported that all required antitrust approvals had been obtained for its proposed acquisition of Cerner, including European Commission clearance. Cerner is a leading provider of digital information systems used within hospitals and health systems to enable medical professionals to deliver better healthcare to individual patients and communities.
  • In March 2022, EHR vendor Epic launched new health IT, including a proactive patient communication tool and software for independent medical groups called Cheers. The EHR vendor developed Cheers after several Epic customers requested capabilities to better connect with patients, especially as COVID-19 has strained health systems.

Medical Document Management Systems Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Adoption of Healthcare IT and Need for Medical Records Retention

      2. 4.2.2 Government Incentives

    3. 4.3 Market Restraints

      1. 4.3.1 Security Concerns and Rising Incidences of Data Security Breach

      2. 4.3.2 Lack of Skilled Professionals

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Product

      1. 5.1.1 Solutions

      2. 5.1.2 Services

    2. 5.2 By Application

      1. 5.2.1 Patient Medical Records Management​

      2. 5.2.2 Admission and Registration Documents Management

      3. 5.2.3 Patient Billing Documents Management​

      4. 5.2.4 Other Applications​

    3. 5.3 By Mode of Delivery

      1. 5.3.1 Web-based and Cloud-based

      2. 5.3.2 On-premise

    4. 5.4 By End Users

      1. 5.4.1 Hospitals and Clinics

      2. 5.4.2 Insurance Providers

      3. 5.4.3 Other Healthcare Institutions

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle-East and Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle-East and Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 3M

      2. 6.1.2 Allscripts Healthcare Solutions Inc.

      3. 6.1.3 Cerner Corporation

      4. 6.1.4 EPIC Systems Corporation

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Hyland Software Inc.

      7. 6.1.7 Kofax Ltd.

      8. 6.1.8 McKesson Corporation

      9. 6.1.9 Nextgen Healthcare Information Systems LLC

      10. 6.1.10 Siemens Healthineers AG

      11. 6.1.11 Athenahealth

      12. 6.1.12 PERICENT - The Automation Company

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments
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Medical Document Management Systems Market Research FAQs

The Global Medical Document Management Systems Market is studied from 2018 - 2028.

The Global Medical Document Management Systems Market is growing at a CAGR of 11.85% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

3M, Cerner Corporation, CompuGroup Medical, Allscripts Healthcare Solutions Inc, Siemens Healthineers are the major companies operating in Global Medical Document Management Systems Market.

Global Medical Document Management Systems Industry Reports

In-depth industry statistics and market share insights of the Global Medical Document Management Systems sector for 2020, 2021, and 2022. The Global Medical Document Management Systems research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Global Medical Document Management Systems report PDF.

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