Medical Document Management Market to rise to USD 0.94 billion by the end of 2030
The Global Medical Document Management Market size is estimated to be USD 0.35 billion in 2019 and is predicted to reach USD 0.94 billion by 2030 with a CAGR of 9.5% from 2020-2030. Medical documents are related to the medical history of a patient which describes any disease condition and allergies. Since last decade, medical documents are managed in the digital form which enables the proper management of the medical history of a patient. Digital medical documents can be easily shared over various modes f delivery. It can be shared easily and carefully to diagnostic centers and medical practitioners. Medical documents can be handled by the nurses and other related medical professionals and also ensures safety of the data.
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Market Dynamics and Trends:
Digital medical documents are less likely to be tampered. Global medical document management market is likely to prosper during the forecast period 2020–2030 owing to the availability of sophisticated healthcare facilities and growing awareness level among people regarding importance of medical history while undergoing any medical procedure.
Other factors likely to fuel the global medical document management market growth are increase in prevalence of chronic conditions worldwide, rising physical disabilities due to the leaning trend towards adventurous life, and growing demand of digitalization.
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The factors such as increasing trend of automation & digitalization in the healthcare industry and surge in number of patients due to increase in the prevalence of chronic diseases are driving the global medical document management market. Moreover, rising need of minimizing errors in the document management & creating paperless environment are the other factors supporting the global medical document management market growth. The factors like technological advancements taking place in the IT healthcare sector and worldwide presence of sophisticated healthcare infrastructures are boosting the global medical document management market growth during the forecast period 2019–2030.Additionally, increasing trend of using smartphones and subsequent connected healthcare & medical devices is likely to support the global medical document management market growth in the near future.
However, growing environment of hacking of the digitalized documents and scarcity of the IT healthcare professionals globally are the factors which may slow the global medical document management market growth over the forecast period 2020–2030.
Market Segmentations and Scope of the Study:
Global medical document management market share is analyzed into mode of delivery, products, and end users. Based on mode of delivery the global medical document management market is segmented into on-premises, web-based, and cloud-based. In terms of products the global medical document management market is segmented into solution and services. Solution is further segmented into standalone and integrated. Services are sub-segmented into medical planning and management services and support services. Based on end user, the global medical document management market is segmented into Hospital/Clinics, Nursing Homes, Insurance Providers, and Other Healthcare Organizations. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.
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Key players in the global medical document management market are: Allscripts Healthcare SolutionsInc., 3M Company, Cerner Corporation, Siemens AG, Athena Health Inc., EPIC Systems Corporation, GE Healthcare, Nextgen Healthcare Information Systems, Kofax Ltd and among others.