Medical document management is crucial to any practice. medical document management systems (DMS) are the services that are provided for medical offices who seek to become less dependent on paper and more efficient in their day-to-day operations. The medical DMS enables physicians and their staff to store and retrieve all forms of electronic documents. These documents include,word processing documents, scanned images, and any other type of document, image, or electronic file. Medical DMS assists in document indexing, scanning, archiving, retrieving, and accessing.Furthermore, the integration of the systems with existing systems in the healthcare organizations are carried out. The other set of systems that are amalgamated for medical document managementare hospital information system (HIS), electronic medical record (EMR), picture archiving and communication system (PACS), and radiology information system (RIS) streamlines workflows further resulting in improved patient care and clinical efficiency.
COVID-19 scenarioanalysis
Pharmaceutical and biotechnological companies together with governments around the globe are working to combat with the COVID-19 outbreak, from supporting the development of vaccines to schedule for medicines supply chain challenges. Furthermore, there are around 115 vaccine candidates and other 155 molecules that are kept in the R&D pipeline in the coming years. Moreover, commonly used drugs such as hydroxychloroquine have seenhugeboost in demand for the management of COVID-19. Increase in demand for drugs has been witnessed, which is likely to offer lucrative opportunity for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is anticipated to witness a substantial growth in the next few years.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The major factor affecting the industry includes the need to decrease healthcare costs, which would be propelling medical document management market growth. Furthermore, medical document management systems help in ensuring regulatory compliance and improvising clinical efficiency and patient care, which are in need of the hour and hence is anticipated to gain traction in the next few years. MDMShelps in managing information while ensuring privacy and security. In addition, the demand for electronic document management with the surge in the adoption of electronic medical record (EMR) systems &hospital information management (HIM) systems and the current need to retain patient data securely according to state, federal, and local laws propelling the market growth in the next few years. The need to minimize the further use of paper to decrease the operational costs and storage issues is furtherboosting the market for medical document management systems.
Upsurgein healthcare expenditure
The increase in healthcare expenditure is anticipated to propel the growth of the industry. According to the estimates given by Organization for Economic Cooperation and Development (OECD)in 2018, the overall spending on health care in the U.S. was observed to be the equivalent of more than 10,000 dollars for each U.S. resident. There has been a steep growth in the expenditure than the previous years. Furthermore, in 2017, OECD per capita spending on health care grew by an average of 2.0%, which is a remarkable growth in terms of healthcare spending.
Surge in number of mergers and acquisitions
Increase in the number of mergers and acquisitions is anticipated toboost the industrygrowth in the coming years. For instance, in recent years, Agfa-Gevaert acquired HYDMedia GmbH, a document management system provider to hospitals and healthcare centers. The Germany-based company, originally founded by Heydt-Verlags GmbH in Rottenburg, employs around 20 specialists and delivers vendor neutral document management systems to the German speaking healthcare market under the brand name HYDMedia.
HYDMedia GmbH's vendor neutral systems allows Agfa HealthCare's customers to implement it as part of their existing hospital and clinical IT system (HIS/CIS), as part of Agfa HealthCare's comprehensive ORBIS offering, or as a stand-alone solution. HYDMedia's Document Management Systems enable the archiving of medical information such as diagnoses, radiology results, microfilms, and clinical &administrative documentation.
Key benefits of the report:
- This study presents the analytical depiction of the global medical document management marketalong with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical document management market share.
- The current market is quantitatively analyzed to highlight the medical document management market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global medical document management market research report:
- Which are the leading players active in the global medical document management market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in tasking further strategic steps?
Medical Document Management Market Report Highlights
| Aspects | Details |
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 Key Market Players | GE Healthcare,, Toshiba Medical systems Corporation,, Allscripts Healthcare Solutions, Inc.,, EPIC Systems,, 3M Company,, McKesson Corporation,, Hyland Software, Cerner Corporation,, Kofax Ltd.,, Siemens Medical Solutions USA, Inc., |
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