Increasing adoption of health information management systems and electronic medical records systems, Growing needs to curtail healthcare costs as well as need to minimize the use of paper, and the need to increase clinical efficiency are key factors contributing to a high CAGR of medical document management during the forecast period.
According to the current analysis of Reports and Data, the global Medical Document Management market was valued at USD 334.5 Million in 2018 and is expected to reach USD 774.5 Million by the year 2026, at a CAGR of 10.4 %. The systems eliminate paper-based processes like record management in the health care sector. The system involves the database of patient’s information related to health in clinics and allows doctors and administrators to make well-informed choices in treatment for particular injury and hospitalization procedures. Using the document template utility, medical offices can plan and deploy customized solutions that enable them to customize to their needs. Text templates can be set up for patient information sheets, lab results, prescriptions, and any other type of text that may be looked-for. Each document template allows for several user-defined fields that can assist with indexing and searching. For example, a lab-result text template may consist of a patient id field, a date field, and a lab name field.
The Research Report conducted by GlobalBankingandFinance.com reports key players in the Medical Document Management Systems market are 3M Company, Allscripts Healthcare Solutions, McKesson, Epis Corporation System, Athena Health, Cerner Corporation Siemens, Among others. They also report that the cloud-based system is “expected to witness lucrative growth during the forecast period 2019-2026 with a CAGR of 10.1% owing to the low-cost installation, implementation, and set up of these systems.”