Global Medical Document Management Systems Market Size

Medical Document Management Systems Market Analysis

The Global Medical Document Management Systems Market size is estimated at USD 0.66 billion in 2024, and is expected to reach USD 1.15 billion by 2029, growing at a CAGR of 11.84% during the forecast period (2024-2029).

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.