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Medical Document Management Systems Market expected to be Valued at $424.5 Million by 2019

Medical Document Management Systems MarketThe Medical Document Management System (DMS) market has recorded a strong growth rate during the last few years. The availability of high quality medical document scanning services has fuelled the growth of the market. According to a Markets and Markets research report, the DMS market will be worth $424.5 million by 2019. A report from Persistence Market Research predicted that the global medical DMS market will grow exponentially over 2015-2021. One of the key trends noted in this market is the increasing number of mergers and acquisitions between various health care IT companies.

Document management systems eliminate paper-based processes in healthcare organizations. End users of medical document management systems include hospitals and clinics, government organizations and Third Party Administrators (TPA), and care centers and specialty homes, and healthcare insurance providers.

Digitization services and computerization in the healthcare sector have improved clinical efficiency as government initiatives and funding in countries across the globe have promoted the adoption of EMR systems and other healthcare IT systems. The demand for advanced monitoring systems for patients in hospitals and clinics is expected to increase along with the growth of the global IT healthcare market.

Markets and Markets reported the key factors responsible for the healthy growth of the medical DMS market as:

  • Need for digitization and automation in the healthcare sector
  • Increasing need to comply with government regulations and laws to avoid penalties
  • Need to improve the quality of healthcare and increase clinical efficiency
  • Widespread adoption of EMR systems and other healthcare IT systems which require implementation of document management systems to streamline the workflow and manage business processes
  • Need to cut healthcare delivery costs and create a paperless environment to reduce medical errors
  • Increasing number of multi-specialty hospitals, modernization in healthcare, and improved clinical studies through computerized patient case notes

However, these reports also note that the global medical DMS market also faces challenges to growth such as:

  • The large number of players
  • Difficulties in integration of document management systems with other existing IT systems
  • Shortage of health care IT professionals
  • Increasing data privacy and security concerns in DMS

The U.S., followed by Canada, is the largest market for medical DMS in North America. Germany, France, and the U.K. hold major shares in the medical DMS market in Europe. The DMS systems market in Asia is also expected to experience high growth over the next five years.

The global medical DMS market segmentation by application covers medical billing systems medical records management systems, medical document imaging management systems and medical admission and registration management systems.

The reports also categorize the medical DMS market by services and products. The largest market share, the service segment is further sub-segmented into the planning of medical records and management support services. Support services include training, education, integration, optimization, maintenance and implementation.

The product segment covers standalone and integrated solutions medical document management solutions. Standalone solutions include electronic document management software and scanning software for medical document scanning. A large number of innovative products are expected to be launched during the next few years.

Based on delivery mode, the report covers two areas: cloud-based and on-premise. The cloud-based segment is expanding because it eliminates all complexities and allows corporate IT departments of hospitals and care centers to gain services for a lower cost. The on-premise option is ideal for middle level organizations that have fewer requirements than large organizations. They take a longer time for implementation and are usually dependent on the in-house administration.

Implementation of medical DMS helps health care providers save space, money and time. The growth of the global medical DMS market is also driving the demand for digitization services. Experienced bulk document scanning service companies provide high quality, timely solutions at affordable rates.

About Rajeev R

Rajeev R

Manages the day-to-day operations of MOS from NY. With an interest in information technology, Rajeev has guided MOS to extensive use of digital technology and the internet that benefits MOS as well as MOS clients.