The report, compiled by MarketsandMarkets in London, theorized the reason for the growth is because of record retention requirements and other regulations, pressure to reduce costs and the operational efficiency of the market. However, it would grow faster if the implementation costs were lower and healthcare organizations less resistant to new technologies, according to the report.
The market is currently worth approximately $220 million and is expected to reach $424.5 million by 2019. Medical document systems include EHRs, PACs, RISs and practice management systems, as the researchers define them.
The major players include McKesson, 3M Company, Siemens Medical Solutions U.S.A., GE Healthcare, Allscripts Healthcare Solutions, Toshiba Medical Systems Corp., Cerner Corp., Kofax Ltd., Epic Systems and Hyland Software, according to the report. Many of these are global; Epic holds the largest market share in the U.S.
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