Proper medical document management is crucial for any practice to provide quality care and to streamline operations. Along with medical records scanning service, physicians rely on the reporting capabilities of software systems to ease documentation tasks. According to a report from Technavio, the medical document management systems market will increase by $412.45 million during 2023-2027. The market is expected to grow at a CAGR of 12.13% during the forecast period. It is also predicted to record a 12.05% Y-O-Y growth rate during the forecast period.
Medical document management systems (MDMS) help practices in diverse aspects such as – managing patient demographics information, inventory management, spend analysis, insurance claims, patient analysis, regulatory and compliance information, emergency management, and more. It can also reduce the staffing needs, when activities like billing, medical data entry, and electronic data exchange can be done automatically on an interactive dashboard. DMS also allows physicians and their staff to easily and efficiently store and retrieve all forms of electronic documents, including scanned images, and word processing documents.
MDMS generates daily reports and provides insights into unassigned credits, appointments turned out, and post-op calls.
The Technavio report categorizes the global MDMS market as a part of the global systems software market within the global IT software market.
Key factors that are driving the market growth are –
- increased efficiency and productivity in MDMS
- increasing focus on detailed and customized reporting
Most healthcare organizations are using MDMS to accelerate the growth of the organization, reduce costs, and improve productivity and efficiency. These factors are also expected to drive the growth of the global MDMS market during the forecast period.
However, a major challenge to market growth is the threat posed by open-source MDMS. Due to the availability of open-source MDMS and subscription-based MDMS solutions including cloud-based and premises-based MDMS solutions, the demand will decrease, and such factors may hamper the market’s growth.
MDMS Market Segmentation
This report segments the market by deployment, end-user, and geography.
By deployment, the market is segmented into on-premise and cloud. The market share growth for the on-premise segment will be significant during the forecast period, compared to the cloud segment during the forecast period. The rise in the adoption of on-premise MDMS by small and medium-sized enterprises (SMEs), including hospitals and clinics, globally is expected to drive the growth of the on-premise segment in the global medical document management systems (MDMS) market during the forecast period. In an on-premise deployment model, the software is purchased and installed on the user’s server and is maintained by IT professionals in the organization. On-premises MDMS provides customization, allowing end-users to modify it according to their needs.
By geography, the market is categorized into North America (The U.S., Canada), Europe (The U.K., Germany, France, Rest of Europe), APAC (China, India), South America (Argentina, Brazil, Chile), and the Middle East and Africa (Saudi Arabia, South Africa, Rest of the Middle East & Africa).
North America is the fastest-growing region in the market compared to other regions, and is projected to contribute 39% by 2027. The U.S., Canada, and Mexico are the three countries that provide the most income for the market in this region. The growing need for accessible, individualized healthcare systems has prompted more doctors and hospitals in North America to use MDMS products. The US and Canada are the leading countries in North America that have implemented MDMS and other advanced healthcare information systems.
Key players mentioned in the report are – 3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Canon Inc., Compulink Management Center Inc., Epic Systems Corp., Exela Technologies Inc., General Electric Co., Hyland Software Inc., International Business Machines Corp., Konica Minolta Inc., McKesson Corp., Microsoft Corp., Open Text Corp., Oracle Corp. and Siemens AG. These players are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
With reliable document management solutions, providers can get easy access to important documents any time. Medical document scanning is the first step to digitization, which can be done easily with the support of professional hands.
