Medical Document Management Systems Market Worth $4.5 Million by 2019 - New Research Report by MarketsandMarkets

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Medical document management systems have gained remarkable importance in the healthcare industry over the past few years. http://www.marketsandmarkets.com/Market-Reports/medical-document-management-systems-market-191026305.html

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Toshiba Medical systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), EPIC Systems (U.S.), and Hyland Software (U.S.).

The advent of document management systems has revolutionized the management of electronic health records in healthcare. Growth in this market is primarily attributed to the need to improve the quality of the information as well as healthcare services, manage increasing information content in healthcare systems in a cost-effective way, and reduce compliance risks.

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In this report the medical document management market is segmented by product, application, mode of delivery and end user. By product, the market is segmented into solutions and services. The solutions market is further subdivided into standalone solutions (document scanning software, electronic document management) and integrated solutions. The services market is subdivided into document scanning and management services and product support services (implementation and integration services, support, maintenance & optimization services, and education & training services). By application, the market is divided into patient medical records management, admission & registration documents management, and patient billing documents management. This market covers on-premise, web-based and cloud-based models by mode of delivery. The market is further segmented by end users into hospitals & clinics, nursing homes/assisted-living facilities/long-term care centres, healthcare payers and other health systems.

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The global medical documents management systems market is expected to grow at a CAGR of around 14.0% during the forecast period of 2014 to 2019. The market is mainly driven by record retention requirements and other regulations, increasing information content in healthcare organizations, need to increase clinical efficiency, and to improve quality of healthcare. Moreover, the need to resolve storage issues of paper records, continued pressure to reduce healthcare costs, and increase overall operational efficiency of organizations are further propelling the growth of this market. Various factors such as increasing consolidation in healthcare, and technology advancements such as mobile platforms for document management systems, are providing significant growth opportunities for the market. However, factors such as the high implementation costs of these systems and reluctance of healthcare employees to adopt new methods are hampering market growth to a certain extent.

This is due to the increasing need of integration of document management systems with other systems such as EHR, PACS, RIS and practice management systems to increase the clinical efficiency and provide improved patient care.

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By 2019 North America contributed the largest share to the global medical document management systems market, followed by Europe, Asia-Pacific, and RoW. Developed geographies like North America and Europe are likely to grow at lower CAGRs as compared to the Asia-Pacific market, which is expected to show the fastest growth, largely driven by the increased healthcare spending, government initiatives for e-Health, and rising number of multi-specialty hospitals in the region.

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

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