Medical Document Management Market

Global Medical Document Management Market Size (2024 to 2029)

The size of the global medical document management market is to reach USD 816.06  million by 2029, from USD 429.46 million in 2024. This market is estimated to grow at a CAGR of 13.7% during the forecast period. 

MARKET DRIVERS

The rapid adoption of EHR systems in healthcare facilities and the growing volume of patients visiting hospitals due to various health disorders worldwide primarily propel the growth of the medical document management market.

Electronic health records (EHR) are vastly used by many end-users now-a-day, accelerating the need for the medical document management market. Also, these systems are highly applicable to managing the patient's correct information and storing the patient’s health records. It is potentially making the market move forward. The growing prevalence of quality treatment procedures drives the medical document management market growth. These systems will also help physicians or doctors evaluate better treatment procedures for the patient by making the right decisions by clearly studying the health records of a particular patient. This attribute promotes the market’s growth rate.In addition, the growing support from government and non-government organizations in healthcare centers and installing the latest equipment at any cost provides opportunities in the market. The surge in healthcare spending and the rise in concern towards health among individuals fuel the demand for the medical document management market. For proper treatment in an emergency, these systems are highly efficient for the doctors to track the patient's complete health records. It is likely to spur the growth rate of the market eventually. 

The growing demand for digitization and automation of healthcare processes, stringent regulatory requirements for maintaining accurate and organized medical records, shift towards paperless operations and reducing reliance on physical documents, growing volume of patient data, and increasing need for centralized storage and retrieval contribute to the market growth. The growing number of advancements in technology, such as cloud computing and artificial intelligence that enable more sophisticated document management solutions, cost savings associated with reduced paper usage and streamlined document workflows and rising demand for remote access to medical records for telemedicine and virtual healthcare services fuel the growth rate of the medical document management market. The growing awareness about the benefits of digital document management in improving patient care and healthcare outcomes, rising emphasis on data analytics and insights derived from medical documents for clinical decision-making and research purposes and rapid adoption of mobile devices and mobile applications for accessing and managing medical documents on the go further support the market growth.

MARKET RESTRAINTS

Concerns regarding data security and privacy breaches in electronic document management systems, resistance to change and reluctance to adopt new technologies among healthcare professionals and limited interoperability and compatibility between different document management systems and healthcare IT infrastructure majorly hamper the market growth. High implementation and maintenance costs associated with implementing document management solutions and challenges in migrating and converting paper-based medical records to digital formats limit the market’s growth rate. Lack of standardized document management practices and processes across healthcare organizations, complex regulatory landscape and compliance requirements for medical document management and limited awareness and understanding of the benefits of document management solutions among smaller healthcare facilities further inhibit the growth rate of the medical document management market.

Impact Of Covid-19 On The Global Medical Document Management Market

COVID-19 is an unmatchable global public health emergency that has affected almost all industries, including healthcare. Governments worldwide imposed severe lockdowns to prevent the spread of the disease. Over the pandemic period, patients stopped visiting hospitals to collect their medical bills and reports. COVID-19 has positively affected the medical document management market. Virtual environments during the pandemic time have gained more popularity. COVID-19 cases have led to a lot of data generated due to growth in the patient population being treated and leveraging medical facilities. The valuable and responsible management of documents is created together to reduce paper usage and limit operational costs and storage issues. These factors are expected to accelerate the market growth over the pandemic crisis. The lack of corresponding data across the patients amid the regularity of electronic health records (EHR) supplements the adoption of such tools.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Medical Document Management Market Analysis By Type

Based on type, the medical document management solutions segment is expected to capture the major share of the global market during the forecast period. The growing adoption of digitalization, rising need for efficient management of medical records in healthcare organizations, increasing need for streamlined data management and compliance with regulatory requirements drive the growth of the medical document management solutions segment in the global market. The cost savings through paperless processes and the integration of data with other healthcare systems further propel segmental growth. Under the sub-segments, the document scanning software segment is estimated to hold the major share of the global market during the forecast period.The medical document management services segment is estimated to witness a healthy CAGR during the forecast period. The growing volume of medical documents, increasing need for digitization and organization of existing paper-based records and rising demand for specialized expertise in document management contribute to the growth of the services segment in the worldwide market.

Global Medical Document Management Market Analysis By Application

Based on the application, the patient medical records management segment is anticipated to account for the leading share of the global market during the forecast period. The growing digitization of healthcare systems, the transition from paper-based records to electronic health records (EHRs) and rising demand for efficient management of patient medical records drive the growth of the patient medical records management segment in the global market.The admission and registration documents management segment is expected to capture a considerable share of the global market during the forecast period owing to the growing need for seamless admission processes and rising emphasis on patient privacy and data security.

Global Medical Document Management Market Analysis By Mode of Delivery

Based on the mode of delivery, the cloud-based segment is predicted to hold the leading share of the global market during the forecast period owing to the rising need to store massive amounts of data and to have hassle-free applications. The scalability, flexibility and cost-effectiveness of cloud solutions contribute to the growth rate of the cloud-based segment. Remote access to medical documents from any location and device and the rapid adoption of cloud computing technologies in healthcare further boost the growth of the cloud-based segment.The web-based segment is expected to grow at a steady CAGR in the coming years. Factors such as easy deployment, user-friendly interfaces, integration possibilities with other web-based applications and control over document management within the local network drive the growth of the web-based segment.

Global Medical Document Management Market Analysis By End-User

Based on end-user, the hospital segment is expected to occupy the largest share of the global market during the forecast period. Large volumes of patient records and the need for efficient document management, rising emphasis on digitization and automation in healthcare and compliance with regulatory requirements and standards promote the growth of the hospital segment in the global market.The clinics segment is estimated to grow at a healthy CAGR during the forecast period due to factors such as streamlining administrative processes, improving operational efficiency, enhanced patient care and accessibility to medical records and cost-effective document management solutions.

REGIONAL ANALYSIS

The North American medical document management market had the largest share of the global market in 2022 and the domination of the North American region in the global market is likely to continue during the forecast period. The availability of advanced healthcare IT infrastructure and high adoption of electronic health records (EHRs) drives the North American market growth. Stringent regulations promoting the adoption of digital documentation and data interoperability and growing demand for efficient healthcare data management and streamlined workflows fuel the market growth in the North American region. The U.S. is expected to account for the major share of the North American market during the forecast period. The Canadian market is anticipated to showcase healthy growth in the coming years. 

The medical document management market in Europe accounted for a substantial share of the global market in 2022 and is expected to grow substantially during the forecast period. The availability of well-established healthcare systems, the increasing number of initiatives of European governments for digitization and interoperability boost the European market growth. Stricter data privacy regulations and an increasing focus on patient-centric care drive the adoption of advanced document management solutions and contribute to the European market growth. The growing need for integrated healthcare information systems and efficient document exchange supports the market growth in Europe.

The Asia Pacific medical document management market has been growing promisingly over the last few years and is anticipated to continue the same flow in foreseen years. The rapidly growing healthcare IT infrastructure, including electronic medical records (EMRs), growing investment in healthcare digitization, telemedicine, and mobile health technologies fuels the adoption of document management solutions and drives the growth of the medical document management market in the Asia-Pacific region. The growing demand for efficient data storage, retrieval, and sharing, particularly in emerging economies contributes to market expansion in APAC.

The Latin American medical document management market is anticipated to hold a considerable share of the global market during the forecast period. The growing number of initiatives from the governments of Latin American countries for healthcare digitization, including electronic health records (EHRs), rising awareness of the benefits of digital documentation and data integration and growing focus on improving healthcare efficiency, patient outcomes, and reducing medical errors fuels market growth in the Latin American market.

The medical document management market in MEA is forecasted to grow at a moderate CAGR in the coming years. Factors such as the growing healthcare infrastructure development, government investments in digitization, rapid adoption of electronic medical records (EMRs) and health information exchange systems contribute to market growth in MEA.

KEY PLAYERS IN THE GLOBAL MEDICAL DOCUMENT MANAGEMENT MARKET

Some of the key players included in the global medical document management market are McKesson Corporation (U.S.), Toshiba Medical Systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), EPIC Systems (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), and Hyland Software (U.S.). 

DETAILED SEGMENTATION OF GLOBAL MEDICAL DOCUMENT MANAGEMENT MARKET INCLUDED IN THIS REPORT

This research report on the global medical document management market has been segmented and sub-segmented based on the application, type, mode of delivery, end-user, and region.

By Type

• Medical Document Management Solutions

  • Standalone Medical Document Management Solutions
    • Document Scanning Software
    • Electronic Medical Document Management Software
  • Integrated Medical Document Management Solution
• Medical Document Management Services
  • Medical Record Scanning and Management Services
  • Product Support Services 
    • Implementation and Integration Services
    • Maintenance, Support & Optimization Services
    • Education & Training Services

By Application

• Patient medical records management
• Admission and registration documents management
• Patient billing documents management
• Others

By Mode of Delivery

• Web-based 
• Cloud-based

By End-User

• Hospitals
• Clinics
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa