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(MoneyNewsWire.Net, March 27, 2018 ) The medical document management systems market recorded a healthy rate of growth throughout a previous couple of years, primarily attributed to the necessity for digitization and automation within the healthcare sector, rising need to adjust to rules and laws to avoid penalties, and also the need to improve the standard of care and increase clinical efficiency. Government initiatives and funding to bring e-Health to the healthcare sector across the world has driven the adoption of EMR systems and different healthcare IT systems.
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Medical Documents Management Market size was around USD 226 million in 2016. It is expected to grow at a CAGR of 13.7% to approach USD 429.45 million by 2021. Factors like the necessity to curtail healthcare delivery prices and build a paperless setting to cut back medical errors are expected to drive this market in the next few years.
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Various medical organizations notice it difficult to take care of electronic medical records, as they are pricy and complicated to implement. Medical records document management systems offer ease to use, quickness to implement, and good process systems that improve application effectiveness and lower the retention prices of medical records. These systems facilitate workflow and improve the standard of patient care and patient safety. Medical document management systems eliminate paper-based processes in healthcare organizations.
Patient medical records management is predicted to grow at a profitable rate attributable to rising demand for merged laboratory reports & notes with electronic medical images to make a composite file. Increasing necessity for patient safety by reducing lost data or use of misinformation and fast access to patient records are also amongst few factors that are expected to positively reinforce the market growth.
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As of now, North America with its developed healthcare system dominates the global market share. The increasing variety of multi-specialty hospitals, modernization in care, and improved clinical studies through digitalized patient files in Asia will fuel the Asia-Pacific Market growth.
The top companies in the global market include McKesson Corporation (U.S.), Toshiba Medical systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), and Hyland Software (U.S.).
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