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Latin America Medical Document Management Market Analysis Report – Segmented By Application, Solution, Mode of Delivery, End-User and Country (Mexico, Brazil, Argentina, Chile and Rest of Latin America) - Industry Analysis, Size, Share, Trends & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 4368
Pages: 145
Formats: report pdf report excel report power bi report ppt

Latin America Medical Document Management Market Size (2023 to 2028)

The size of the Latin American Medical Documents Management Market was worth USD 32.73 million in 2023. It is expected to grow at a CAGR of 12% to reach USD 57.68 million by 2028. It captures 10% of the global medical document management market.

The rising use of healthcare IT, the requirement for medical records retention, and government initiatives are key factors driving the expansion of the medical document management market in Latin America. The Latin American market for medical document management is further expected to be driven by changing healthcare practices and the rising adoption of health information management systems and electronic medical records systems.

Electronic miscellaneous documents (EMDS) solution suppliers abound in Mexico. As a result, health information management systems such as the electronic medical record (EMR), health information management (HIM), radiology information system (RIS), and picture archiving and communication system (PACS) are becoming more widely used, contributing to the growth of the Latin American medical document management market.

Health information management and electronic medical record systems are gaining popularity. The growing awareness of the need to reduce healthcare expenses and the use of the least amount of paper possible and again in clinical efficiency. The Government initiatives to assist EMR and e-health adoption in the healthcare industry and growing digitization and automation in the healthcare profession are a few other significant factors driving the market forward.

Medical records document management systems are one of the essential factors because they provide easy-to-use, quick-to-implement, and smart process solutions that improve practice effectiveness and reduce medical record retention costs. In addition, these solutions aid workflow while also improving the quality and safety of patient care.

As the use of the electronic medical record (EMR) has risen, there have been security concerns concerning data privacy. Many companies' data management systems have been noted to be opaque. Furthermore, government agencies have established several regulations to address data security issues and security breaches, requiring life sciences organizations to implement several controls over their electronic signatures (ERES) Using electronic records to assure healthcare data's authenticity, integrity, and confidentiality. This has remained a major stumbling block for large pharmaceutical and biotechnology organizations, causing them to be hesitant to adopt web and cloud-based solutions, limiting the market's growth.

This research report has been segmented and sub-segmented the Latin American medical document management market into the following categories.

By Product:

  • Medical Document Management Solutions Market                             
    • Standalone Medical Document Management Solution   
      • Medical Record Scanning Software
      • Electronic Medical Document Management Software
    • Integrated Medical Document Management Solution    
  • Medical Document Management Services Market               
    • Documents Scanning and Management Services              
    • Product Support Services             
      • Implementation and Integration Services
      • Maintenance, Support & Optimization Services
      • Education & Training Services

By Mode of Delivery:

  • Web-Based Solutions
  • Cloud-Based Solutions
  • On-Premise Model

By Application:

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

By End-Users:

  • Hospitals & Clinics
  • Nursing Homes/ Assisted Living Facilities/ Long Term Care Centres
  • Insurance Providers
  • Other Healthcare Institutions

By Country:

  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America

During the forecast period, the Latin American regional market is estimated to register a prominent share in the global market due to its well-developed and established healthcare facilities and greater penetration rate of medical document management into healthcare practices. However, administrative costs for hospitals and healthcare facilities account for more than 25% of overall expenditure in Mexico and Brazil. As a result, over the last several years, there has been a spike in medical document management systems throughout the country and the area to reduce these enormous costs.

In Latin America, the Brazilian market is expected to lead during the forecast period. Brazil is a country where many MDM products seamlessly link with EMR, practice management, accounting, coding, and various other tools, enhancing staff productivity. MDM systems store a database of a patient's medical history and allow doctors and administrators to decide treatments and processes related to hospitalizations.

KEY MARKET PLAYERS:

Companies playing a vital role in the Latin American medical documents management market are McKesson Corporation (U.S.), Toshiba Medical Systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd. (U.S.), EPIC Systems (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.) and Hyland Software (U.S.).

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