North America Medical Document Management Systems Market Report and Forecast 2024-2032

The North America medical document management systems market size was valued at USD 133 million in 2023, driven by the rising adoption of health information management systems along with the growing advancements in the health information technology sector in the region. The market is expected to grow at a CAGR of 13.80% during the forecast period of 2024-2032, with the values likely to rise from USD 151.4 million in 2024 to USD 425.7 million by 2032.

Key Takeaways

• In November 2023, AdaptX raised a funding of USD 10 million to support the development of its AI-powered medical data analysis technology for healthcare providers. The investment indicates the rising adoption of artificial intelligence driven technologies in the North America medical document management systems market.
• The market is heavily influenced by an influx of investments. In December 2023, Harmony Healthcare IT, a United States-based health data management and platform solutions provider, secured a major investment from a private equity firm, Novacap.
• In November 2023, Thoma Bravo acquired NextGen Healthcare, Inc. in a deal amounting to USD 1.8 billion. Strategic mergers and acquisitions are driving the market value significantly.

North America Medical Document Management Systems Market Analysis

The market is witnessing an increasing adoption of health information management systems and rapid digitization in healthcare organizations to improve efficiency in the workflows and enhance patient care. Medical document management systems include software solutions that can efficiently manage, organize, and store medical information. This shift from paper-based records to digital health records is likely to boost the North America medical document management systems market demand in the coming years.

The market is influenced by the rising investment in the health information technology (HIT) sector to support data-driven innovations in healthcare facilities. In December 2023, Harmony Healthcare IT, a United States-based health data management and platform solutions provider, secured a major investment from a private equity firm, Novacap. This partnership will support the development of data handling and data use innovations, along with the advancement and expansion of the company’s existing data management solutions including HealthData Platform. Such significant investments in the health IT industry are expected to propel market growth in the region.

The North America medical document management systems market growth is driven by rising technological advancements including the integration of artificial intelligence (AI) to analyze digital health records. In November 2023, a Seattle-based technology company, AdaptX, raised an additional funding of USD 10 million to support the development of its AI-powered medical data analysis technology for healthcare providers. The financing round, led by Cercano Management, raised the company’s total amount to USD 20 million. The funding will enable the company to strengthen and expand its technology called self-serve tools which can help detect patterns and trends from electronic medical records, indicating ways to improve patient care. The rising innovation in data management solutions is anticipated to elevate market value.

One of the significant North America medical document management systems market trends is the increased merger and acquisition activities among the key market players. In November 2023, an American cloud-based healthcare technology provider NextGen Healthcare, Inc. was acquired by a leading software investment firm, Thoma Bravo in a deal amounting to USD 1.8 billion. NextGen Healthcare has a diverse portfolio of technology solutions including electronic health records (EHR) and practice management. With this strategic partnership, it plans to accelerate growth and product innovation in the healthcare technology sector. Such partnerships facilitate the sharing of resources and expertise and also contribute to expediting the pace of market growth in the region.

North America Medical Document Management Systems Market Segmentation

The report offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Solutions
• Service

Market Breakup by Application

• Patient Medical Records Management
• Admission and Registration Documents Management
• Patient Billing Documents Management
• Others

Market Breakup by Mode of Delivery

• Cloud-Based
• On-Premises

Market Breakup by End User

• Hospitals and Clinics
• Nursing Homes
• Insurance Providers
• Others

Market Breakup by Country

• United States
• Canada

North America Medical Document Management Systems Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• 3M
• MCKESSON CORPORATION
• Siemens Medical Solutions USA, Inc.
• GE Healthcare
• Veradigm LLC
• Oracle
• Tungsten Automation Corporation
• Epic Systems
• Hyland Software, Inc.
• Midmark Corporation

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

FAQs

What was the North America medical document management systems market value in 2023?
The market attained a value of D 133 million in 2023 driven by the rising adoption of health information management systems in the region.

What is the North America medical document management systems market forecast outlook for 2024-2032?
The market is anticipated to grow at a CAGR of 13.80% during the forecast period of 2024-2032, likely to reach a market value of USD 425.7 million by 2032.

What are the major factors aiding the North America medical document management systems market demand?
The growing advancements in the health information technology sector are fuelling the demand for the market.

What are the major North America medical document management systems market trends?
One of the significant trends in the market is the rising investment in the health information technology (HIT) sector to support data-driven innovations. In November 2023, AdaptX, secured a funding worth USD 10 million to develop its AI-powered medical data analysis technology for healthcare providers.

What is the market segmentation based on the product?
Based on the product, the market is segmented into solutions and services.

What is the market breakup by mode of delivery?
By mode of delivery, the market is divided into cloud-based and on-premises.

What are the major end users of medical document management systems?
End users of the market are hospitals and clinics, nursing homes, and insurance providers, among others.

What are the applications of medical document management systems?
Major applications areas of medical document management systems include patient medical records management, admission and registration documents management, and patient billing documents management, among others.

What is the market segmentation by countries?
The market segmentation by countries includes the United States of America and Canada.

Who are the key players involved in the North America medical document management systems market?
The key players in the market are 3M, MCKESSON CORPORATION, Siemens Medical Solutions USA, Inc., GE Healthcare, Veradigm LLC, Oracle, Tungsten Automation Corporation, Epic Systems, Hyland Software, Inc., and Midmark Corporation.


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