Medical Document Management Systems Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Medical Document Management Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The medical document management systems market size has grown rapidly in recent years. It will grow from $0.76 billion in 2023 to $0.87 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to evolving healthcare practices, the need to reduce healthcare costs, the need to improve clinical efficiency and patient care, escalating demand for connected healthcare, and the need for efficient data management tools.

The medical document management systems market size is expected to see rapid growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to better healthcare infrastructure, rising research and development expenditures, increasing adoption of web-based and cloud-based systems, a growing need for digitization and automation in healthcare, and a growing demand for paperless environments. Major trends in the forecast period include web-based solutions for interoperability, cloud-based solutions for lower installation costs and maintenance, machine learning (ML) for automated data processing, blockchain technology for secure data storage, and internet of things (IoT) integration.

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Market Drivers and Trends:

The rising patient pool is expected to propel the growth of the medical document management systems market going forward. The patient pool refers to the total number of patients or individuals within a specific demographic or healthcare setting who require medical care or attention. The rising patient pool is driven by factors such as population growth, aging demographics, and increased access to healthcare services. Medical document management systems are increasingly utilized in response to the growing patient pool to streamline healthcare data handling, improve efficiency in record management, and enhance patient care coordination. For instance, in May 2023, according to a report published by the American Hospital Association (AHA), a US-based healthcare trade organization representing hospitals and health care networks, the total number of admissions in all U.S. hospitals reached 34,011,386 compared to 33,356,853 in 2022. Therefore, a rising patient pool will drive medical document management system market growth.

Major medical document management system companies are focused on artificial intelligence, to enhance efficiency and accuracy in healthcare data handling. Artificial intelligence in document management systems transforms healthcare by automating data processing, reducing errors, and streamlining administrative tasks for better patient care. For instance, in April 2024, Andaman7, a Belgium-based software company, launched Andaman7 Personal Health Record v5, integrating artificial intelligence. Patients gain enhanced insights into their data with Version 5 of the app, enabling researchers to harness this heightened patient engagement to conduct studies and post-market research more efficiently, quickly, and with higher quality. The software includes three AI tools to enhance patient understanding of health records such as simplification, which converts medical jargon into plain language; summarization, which provides key insights from lengthy reports; and translation, which ensures information accessibility across languages. These tools aim to empower patients with clearer insights into their health information.

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Major Key Players of the Market:

McKesson Corporation, Oracle Corporation, 3M Company, Toshiba Corporation, Siemens Healthineers, FUJIFILM Holdings Corporation, GE HealthCare Technologies Inc., Epic Systems Corporation, Athenahealth Inc., CompuGroup Medical SE & Co. KGaA, Allscripts Healthcare Solutions Inc, Fortra Inc, Midmark Corporation, NextGen Healthcare Inc, Hyland Software Inc, Tungsten Automation, Kofax Inc, DocuWare GmbH, Laserfiche, Agaram Technologies Pvt Ltd, AimProsoft Inc, Pericent Technologies Private Limited, LogicalDOC Inc, Open Bee, ThoughtTrace Inc

Medical Document Management Systems Market 2024 Key Insights:

• The medical document management systems market size is expected to see rapid growth in the next few years. It will grow to $1.49 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%.
• Impact Of Rising Patient Pool On The Medical Document Management Systems Market
• AI Integration Transforms Medical Document Management Systems
• North America was the largest region in the medical document management system market in 2023

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