The medical document management industry is forecasted to reach USD 0.63 billion by 2025, is forecasted to grow at a 10.2% CAGR during the period (2016-2025). The medical sector has experienced rising growth in past years, and there is an increasing burden of paper management and storage issues which leads to high costs on maintenance as well as a lack of time for clinicians with more patients. Medical document management solutions are being widely adopted across industries such as healthcare, education, law enforcement & public safety, finance, etc. Docupile is one such solution that helps organizations meet their business objectives through document automation and workflow optimization.
Medical document management software is available in services and product formats, typically catering to specific medical sectors such as hospital information systems, patient monitoring systems, or Electronic Medical Record (EMR) software. These methods help doctors and patients work together to manage records, including insurance information and laboratory results. With the rising need to manage large amounts of healthcare data, there is an increased demand for easy solutions. There is a growing demand for Electronic Health Records (EHR) and Clinical Trial Management systems (CTMS).
All over the world, government initiatives are being developed to develop healthcare IT and clinical document managing software. World Health Organization (WHO) has urged delegates at the 58th general assembly to promote electronic health records, reduce paper documentation and increase awareness of the negative effects of medical documents on human health.
Numerous programs focusing on improving healthcare systems and encouraging the adoption of IT are working in South Africa.
The key findings from the research include-
The drive for creating a paperless environment, as well as reducing manual errors, will cause future market growth.
The cloud-based system is growing fastest over the period, with an expected CAGR of 10.2%.
There has been a rise in the number of hospital admissions. Due to this, there is increased demand for medical document management systems.
North America was the largest revenue-generating location within the medical document management system market. The presence of a well-developed healthcare infrastructure led to increased enterprise growth and regulatory framework, which attributed to total revenue generation.
The Asia-Pacific region has redirected funding to e-health implementation, which is leading the market with rapid growth. The growing need for information technology development, funding, and storage will drive this market in the near future.
Healthcare is a challenging sector to enter. In recent years, providers have had more paper management and storage challenges from the rise in demand. Those who presently have a strong position in the market are iHealth Solutions Inc, Athena Health Inc., Cerner Corporation, Siemens AG, and GE Healthcare.
If you’re looking for a fully customized medical document management system, then head to the docupile and request a demo.