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(Wireless-NewsWire.Com, May 12, 2017 ) Management of critical information necessitates the deployment of a reliable and accessible document management system. Publisher€™s market research analysts project revenues for the global medical document management systems market to reach around USD 527 million by 2019.
Rising demand for advanced health monitoring system drives the growth of this market. As a result of the growth of the global IT healthcare market, the demand for advanced monitoring systems for patients in hospitals and clinics is likely to increase. Medical DMS provides information about patients and helps maintain the record of their medical history. With the help of this system, physicians and medical staff can increasingly focus on patients' health eliminating the process of manual preparation of medical records. During the forecast period, the market is predicted to witness an increase in spending on healthcare BI and analytics solutions.
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DMS is a part of electronic content management (ECM) solution. Based on component types, ECM solution consists of the following segments:
Segmentation of the global medical documentation management market by application
Billing systems
Record management
Admission registration
Document imaging management
The records management market is expected to reach close to USD 134 million by 2019. The market is evolving thanks to paper-based transactions shifting to electronic mediums. However, the lack of proper standards in developing countries can act as an impediment to the growth of this market.
During the forecast period, the growing need to streamline billing systems will drive the market for billing systems. The market is witnessing a substantial increase in the number of hospitals and clinics. With this, the need to track all treatment-related expenses of patients has become a key priority for the healthcare sector. Thanks to these positive trends, the billing systems segment is expected to expand significantly over the next four years.
Segmentation of the global medical documentation management market by technology
Services
Product
The DMS services segment focuses on updates, support, maintenance, and training expenses. The market revenue of this segment is slated to increase as more healthcare organizations start realizing the benefits of investing in updates rather than making new purchases. With investments in R&D, many new products are expected to be launched in this segment during the forecast period.
Segmentation of the global medical documentation management market by deployment model
Cloud-based
On-premise
On-premise is ideal for mid-sized enterprises that do not have the same requirements as large organizations. On-premise solutions are usually dependent on in-house IT administration and takes a longer timespan for implementation.
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Many vendors have started delivering medical document solutions on the cloud to cater to the growing demand from enterprises. As the software is maintained at the vendor's data center, corporate IT departments of hospitals and care centers incur lower costs on services available on a subscription basis. It eliminates all complexities involving software installation at the premises of the user. The cloud-based segment is expected to grow rapidly until 2019.
Segmentation of the global medical documentation management market by end-users
Hospitals
Care centers and specialty homes
Healthcare insurance providers
Healthcare insurance providers are key end-user of DMS. Insurance providers use DMS tools for scanning, storing, and retrieving documents. Implementation of DMS helps agencies save space, time, and money. It also helps health insurers in effectively managing content and streamlining the insurance process while meeting all compliances and security regulations. This segment accounted for a market share of nearly 13% in 2014.
Geographical segmentation of the global medical documentation management market
APAC
Americas
EMEA
Presently, the US represents the largest market for healthcare, worldwide. Its growth is augmented by the growing demand for in-vitro diagnostics and research activities in advanced areas of biotechnology such as proteomics and glycomics. However, the Americas region is expected to witness a slow market growth rate because of the reduction in spending on the adoption of DMS during the forecast period.
Leading vendor analysis in the global medical documentation management market
Cerner
GE
McKesson
Siemens
Other prominent vendors in this market include 3M, Allscripts, EPIC, Hyland Software, Kofax, Nextgen Healthcare, Toshiba, Treeno, Henry Schein Medical Systems, and docSTAR.
The integration of mobile with medical DMS is expected to emerge as a key prospect for the leading market vendors over the next four years. Healthcare organizations are expected to scale up their investments on mobile DMS during the forecast period.
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