• John Watson

Global Medical Documents Management Systems Market Size to grow by US$ 995.38 Million in 203

The Global Medical Documents Management Systems (DMS) Market Size is expected to be worth USD 489.32 Million in 2021 and is estimated to reach up to USD 995.38 Million by 2030, at a compound annual growth rate (CAGR) of 11.85% from 2022 to 2030.


Medical Documents Management Systems Market

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The market for medical document management systems has been pushed by evolving healthcare practices as well as rising adoption of health information management and electronic medical record systems. The market for medical electronic document management systems has grown as a result of the rising adoption of health information management systems like the electronic medical record (EMR), health information management (HIM), radiology information system (RIS), and picture archiving and communication system (PACS). For instance, as the healthcare sector transitions to digitization, electronic medical record (EMR) systems are growing in popularity.


Governments from all across the world are collaborating with pharmaceutical and biotechnology businesses to fight the COVID-19 outbreak, from promoting vaccine development to planning for problems with the supply chain for medications. Additionally, 155 compounds and about 115 vaccine candidates are kept in the pipeline for future research and development. Additionally, the demand for regularly used medications like hydroxychloroquine has increased significantly due to the care of COVID-19. There has been an increase in drug demand, which is anticipated to present COVID-19 management drug makers with lucrative business opportunities given the shortage of these medications in many industrialized nations. The demand for COVID-19 vaccines and medications is expected to drive significant growth in the global medical documents management systems market during the forecast period.


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Due to the low cost of installation, implementation, and setup for these systems, the web-based and cloud-based system segment is predicted to develop at the quickest rate. In addition, the development of innovative drugs and the growing usage of cloud-based systems by pharmaceutical businesses are the main drivers of the segment's growth. For instance, Google Health and Meditech collaborated to create a tightly integrated solution in March 2022 that combines the vendor's web-based EHR platform, Meditech Expanse, with the search, contextualization, and data harmonization capabilities of Google Health's Care Studio.


The North America region is expected to dominate the market share owing to the expanding use of electronic medical records (EMRs) in healthcare settings. Moreover, the rising number of product launches, and the nation's rising technological breakthroughs are the main drivers of market expansion in the nation. Furthermore, when compared to other geographical areas, the healthcare information technology sector in the nation is one of the most mature markets. As a result, in the United States, an enormous fraction of the population uses electronic medical records. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the market due to government initiatives and spending on healthcare are rising.


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KEY INDUSTRY DEVELOPMENTS:


June 2022- Oracle Corporation said that Cerner's proposed acquisition had received all necessary antitrust approvals, including European Commission approval. In order for medical personnel to give better care to specific patients and communities, hospitals and health systems use digital information systems from Cerner, a leading provider of such systems.


March 2022- The EHR provider Epic debuted new health IT including Cheers, a software program for autonomous medical groups and a proactive patient communication tool. A cheer was created by the EHR provider in response to requests from numerous Epic clients for tools to improve patient connections, particularly in light of COVID-19's burden on healthcare infrastructure.


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