Global Medical Document Management Systems Market Size Exploding at Stellar CAGR of 10.76% to Touch Value of USD 1.24 Billion by 2030

Published | 03 July 2024

Global Medical Document Management Systems Market is booming due to the increasing adoption of healthcare IT, growing need for medical record retention, governments’ supportive initiatives, and widespread use of electronic health records (EHRs).

BlueWeave Consulting, a leading strategic consulting, and market research firm, in its recent study, estimated Global Medical Document Management Systems Market size by value at USD 679.15 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Medical Document Management Systems Market size to expand at a CAGR of 10.76% reaching a value of USD 1,238.53 million in 2030. The growing prevalence of chronic diseases and the need for efficient medical records are projected to drive the market. Digital medical records (DMS) help reduce retrieval time and improve workflow, while electronic health records (EHRs) provide real-time, patient-centered information. Governments are encouraging physicians to adopt EMR, investing in training, and establishing regional extension centers. In March 2021, the European Commission recommended a European electronic health record exchange format to secure data flow across borders. It, in turn, is expected to further boost the growth of Global Medical Document Management Systems Market.

Opportunity – Integration with advanced technologies

Global Medical Document Management Systems Market is forecast to record significant growth with the integration of emerging technologies, including artificial intelligence (AI) and big data analytics, in medical document management systems. Implementation of AI, ML, advanced data analysis, predictive modeling, and decision support is expected to enhance clinical outcomes and operational efficiency.

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Impact of COVID-19 on Global Medical Document Management Systems Market

The COVID-19 pandemic significantly impacted the Global Medical Document Management Systems Market, forcing companies to rethink their business, including document management. Companies have implemented solutions to help emerge from the crisis. As data generation increases, companies are offering electronic medical records (EMR)-based products. Health Gorilla, a leader in clinical data interoperability, made COVID-19 test ordering available through its platform, allowing healthcare providers to place orders and receive test results from LabCorp and Quest. Post pandemic, the positive growth trend for Global Medical Document Management Systems Market is expected to continue.  

Global Medical Document Management Systems Market

Segmental Coverage

Global Medical Document Management Systems Market – By Component

Global Medical Document Management Systems Market, based on component, is split into Solution and Services segments. The solution segment dominates Global Medical Document Management Systems Market by component, primarily due to the growing need for efficient management of medical records and documents. The segment includes software and systems for document creation, storage, retrieval, and management. The shift towards electronic health records and interoperability among healthcare systems further drives the adoption of comprehensive document management solutions.

Competitive Landscape

Global Medical Document Management Systems Market is fiercely competitive. Major companies in the market include 3M, Allscripts Healthcare Solutions Inc., Cerner Corporation, EPIC Systems Corporation, Toshiba Corporation, GE Healthcare, Hyland Software Inc., Kofax Ltd, McKesson Corporation, Nextgen Healthcare Information Systems LLC, and Siemens Healthineers AG. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Medical Document Management Systems Market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Medical Document Management Systems Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Global Medical Document Management Systems Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the Market.

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