NEW YORK, Nov. 15, 2022 /PRNewswire/ — The Global Medical Document Management Systems Market share is set to increase by USD 412.45 million from 2022 to 2027. Moreover, the market’s growth momentum will accelerate at a CAGR of 12.13% as per the latest market forecast report by Technavio. The market will also record a 12.05% Y-O-Y growth rate during the forecast period.
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Global Medical Document Management Systems Market – Parent Market Analysis
Technavio categorizes the global medical document management systems (MDMS) market as a part of the global systems software market within the global IT software market. The super parent global systems software market covers companies engaged in developing and producing applications and systems software. It also includes companies offering database management software. The global systems software market covers organizations that are engaged in developing application development and management software, cloud computing software, data center and hosting software, IT management software, mobility software, networking software, security software, and storage software. It excludes companies classified in the development and production of home entertainment software.
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Global Medical Document Management Systems Market Characteristics with Five Forces–
The Global Medical Document Management Systems Market is fragmented and the five forces analysis by Technavio gives the accurate vision –
Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
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Global Medical Document Management Systems Market– Customer Landscape
The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.
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Global Medical Document Management Systems Market– Segmentation Assessment
Geography Segment Overview
Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Medical Document Management Systems Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Medical Document Management Systems Market Size and actionable market understandings.
Regional Highlights:
North America is the fastest-growing region in the global Medical Document Management Systems Market compared to other regions. 39% growth will originate from North America. The US, Canada, and Mexico are the three countries that provide the most income for the MDMS market in North America. In North America, there is a growing need for accessible, individualized healthcare systems, which has prompted more doctors and hospitals to employ MDMS products. The US and Canada are leading North American nations when it comes to the adoption of MDMS and other cutting-edge healthcare information systems.
Type Segment Overview
The Global Medical Document Management Systems Market as per Deployment segmentation is categorized into On-premise and Cloud.
Revenue Generating Segment – The market share growth by the on-premise segment will be significant during the forecast period. This is because more small and medium-sized businesses (SMEs), including hospitals and clinics, around the world are implementing on-premise MDMS. In the global medical document management systems (MDMS) market, these factors are anticipated to fuel the on-premise segment’s expansion during the course of the forecast period.
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Global Medical Document Management Systems Market– Market Dynamics
Major Driver Boosting the Market
Key elements fueling the expansion of the global market for medical document management systems include MDMS’s greater efficiency and productivity. Medical document management systems (MDMS) assist in the management of patient demographic data, spend analysis, overheads, inventory management, insurance claims, patient analysis, regulatory and compliance data, license information, and emergency management.
Additionally, the program creates clinical and administrative performance data that can be used in plans for improving medical documents. It assists medical professionals with every part of company optimization, such as setting up fee schedules, managing accounts receivables, providing support, covering overhead, doing marketing analyses, and calculating returns on investment (ROI).
The program keeps track of corporate operations and finds financial abnormalities that can be reported to management for remedial action. As a result, healthcare organizations are looking for MDMS that can boost productivity and efficiency while also lowering expenses and accelerating the organization’s growth.
Major trends influencing the growth of glamping
The demand for detailed and customized reporting will drive the expansion of the global market for medical document management systems. Physicians rely on the reporting features of their software systems to give them access to accurate data and statistics that may help them gauge the effectiveness of their practices.
Daily reports from MDMS give information about unassigned credits, completed appointments, and post-op calls. To learn more about administrative activities such as prescriptions, deleted transactions, past-due accounts, unpaid claims, and credit distribution audit trails of medical records, the reports can be checked daily or weekly. Therefore, the above-mentioned factors are anticipated to propel the growth of the worldwide MDMS market.
Major Challenges interrupting the market growth
A major challenge to the expansion of the global market for medical document management systems is the threat posed by open-source MDMS. A variety of business analytics tools and applications are offered by open-source suppliers in the worldwide MDMS industry.
Many small- and medium-sized organizations (SMEs) and individual users favor open-source technologies, which are freely available on the Internet because the purchasing and licensing expenses of commercial MDMS are exorbitant.
Demand will decline due to the availability of subscription-based MDMS solutions, including cloud-based and on-premises MDMS solutions, as well as open-source MDMS solutions, and these factors may restrain the expansion of the worldwide MDMS market during the course of the projected period.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19-impacted market research reports.
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Medical Document Management Systems Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist the Medical Document Management Systems Market growth during the next five years
Estimation of the cloud data warehouse market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the Medical Document Management Systems Market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of Medical Document Management Systems Market vendors
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Medical Document Management Systems Market Scope
Report Coverage
Details
Page number
120
Base year
2022
Historical year
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 12.13%
Market growth 2023-2027
$412.45 million
Market structure
Fragmented
YoY growth (%)
12.05
Regional analysis
North America, Europe, APAC, the Middle East and Africa, and South America
Performing market contribution
North America at 39%
Key consumer countries
US, Japan, China, Germany, and UK
Competitive landscape
Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled
3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Canon Inc., Compulink Management Center Inc., Epic Systems Corp., Exela Technologies Inc., General Electric Co., Hyland Software Inc., International Business Machines Corp., Konica Minolta Inc., McKesson Corp., Microsoft Corp., Open Text Corp., Oracle Corp., Siemens AG, Thoma Bravo LP, Thomson Reuters Corp., NextGen Healthcare Inc., and Pericent BPM and DMS Software Pvt. Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global medical document management systems market 2017 – 2021
4.2 Deployment Segment Analysis 2017 – 2021
4.3 End-user Segment Analysis 2017 – 2021
4.4 Geography Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Deployment
6.1 Market segments
6.2 Comparison by Deployment
6.3 On-premise – Market size and forecast 2022-2027
6.4 Cloud – Market size and forecast 2022-2027
6.5 Market opportunity by Deployment
7 Market Segmentation by End-user
7.1 Market segments
7.2 Comparison by End-user
7.3 Hospitals and clinics – Market size and forecast 2022-2027
7.4 Nursing and home healthcare – Market size and forecast 2022-2027
7.5 Others – Market size and forecast 2022-2027
7.6 Market opportunity by End-user
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America – Market size and forecast 2022-2027
9.4 Europe – Market size and forecast 2022-2027
9.5 APAC – Market size and forecast 2022-2027
9.6 Middle East and Africa – Market size and forecast 2022-2027
9.7 South America – Market size and forecast 2022-2027
9.8 US – Market size and forecast 2022-2027
9.9 Germany – Market size and forecast 2022-2027
9.10 Japan – Market size and forecast 2022-2027
9.11 UK – Market size and forecast 2022-2027
9.12 China – Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 3M Co.
12.4 Allscripts Healthcare Solutions Inc.
12.5 Athenahealth Inc.
12.6 Canon Inc.
12.7 Compulink Management Center Inc.
12.8 Epic Systems Corp.
12.9 General Electric Co.
12.10 Hyland Software Inc.
12.11 McKesson Corp.
12.12 NextGen Healthcare Inc.
12.13 Oracle Corp.
12.14 Pericent BPM and DMS Software Pvt. Ltd.
12.15 Siemens AG
12.16 Thoma Bravo LP
12.17 Thomson Reuters Corp.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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