January 31, 2022 04:58 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 31, 2022 (GLOBE NEWSWIRE) — The Global Medical Document Management Systems Market is estimated to reach USD 1223.88 Billion by 2028, displaying a compound annual growth rate (CAGR) of 12.5% for the duration of the forecast period from 2022-2028. The rise in the number of patients visiting hospitals owing to increasing disease prevalence is the major factor witnessing the market growth. Correspondingly, the adoption of healthcare IT is increasing in addition to the need for medical records retention is further anticipated to propel the market growth. Also, the rising government initiatives in healthcare IT sector are some of the major factors which is anticipated to drive the Medical Document Management Systems Market over the forecast period, states Vantage Market Research in a report, titled “Medical Document Management Systems Market by Solution (Document Scanning Software, Document Management Software), by Application (Medical Records Management, Documentation, Others), by Mode Of Delivery (Web-Based, Cloud-Based), by End-User (Hospitals, Clinics, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”. The market size sticks up at USD 536.63 Million in 2021.
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List of Prominent Players in the Medical Document Management Systems Market:
The Report on Medical Document Management Systems Market Highlights:
Increase in Adoption of Healthcare IT and Need for the Medical Records Retention
Since past few decades, healthcare IT sector is increasing enormously at its unprecedented level. Demand for electronic document management is increasing tremendously owing to increasing number of patients, to minimize enormous quantity of data generated, medical records retention, among others. Thus, the need to minimize the use of paper to reduce operational costs and storage issues is projected to propel the Medical Document Management Systems Market growth in near future over the forecast period. However, owing to high cost of installing and maintaining may hamper the growth of the market over the forecast period.
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Increasing Disease Prevalence and Population across the Globe
Since past few decades, the population across the globe is increasing tremendously. Thus, owing to the rising disease prevalence the number of patients suffering diseases is also increasing. Consequently, increasing number of patients visiting hospitals. This is increasing the demand for healthcare IT and increasing adoption of technology such as Health Information Management (HIM) and Electronic Medical Records (EMR) systems is increasing at its wildest level along with the rising need for retain patient data securely according to state, federal and local laws. With the increasing number of patients, the data generated is enormous. Thus, increasing the demand for medical document management system as well as its need for efficient management of information while ensuring security and privacy and further augmenting the market growth.
The COVID-19 outbreak has affected various industries worldwide. The organic acid market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, lower raw material supply further affected the demand organic acid manufacturing across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
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North America to Rule the Medical Document Management Systems Market
North America is estimated to hold the largest share for Medical Document Management Systems Market. Some of the factors driving the market in North America region are, well-developed and established healthcare industry and higher penetration rate of such systems into healthcare practices. Moreover, the presence of major key players in the region is further fuelling the market growth in the region. Furthermore, the heavy investments in research and Development (R&D) from government and several major players is anticipated to further boost the market growth.
Asia Pacific is anticipated to grow at fastest CAGR over the forecast period. The market growth in the region is attributed to the presence of emerging economies such as India and China among others. Also, the large bae of population is further propelling the market growth in the region.
Recent Developments in the Industry:
1. In March 2020, Hyland added new capabilities to its Document Filters product offering, launching three separate updates in the last six months. Each release aims to add additional file formats – pursuing its goal of providing the most complete filtering toolkit that can process all the files that an organization encounters in a typical day. With the recent releases, Hyland now supports more than 550 file formats, of which, over 75 are supported for high-definition renditions.
2. In February 2020, Agiloft announced the addition of its new Agiloft AI Engine, complete with prebuilt AI capabilities for contract management and an open AI integration that allows customers to incorporate custom-built AI tools into the no-code-platform.
Browse market data Tables and Figures spread through 196 Pages and in-depth TOC on “Medical Document Management Systems Market by Solution (Document Scanning Software, Document Management Software), by Application (Medical Records Management, Documentation, Others), by Mode Of Delivery (Web-Based, Cloud-Based), by End-User (Hospitals, Clinics, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/medical-document-management-systems-market-683339
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