In 2023, the solutions segment will account for approximately 60% of the market.
According to an S&S Insider report, the medical document management system (MDMS) market is expected to reach $1.81 by 2032, growing at a compound annual growth rate (CAGR) of 12.48% from 2024 to 2032.
The report points out that the rapid growth of the market is related to the growing need to effectively manage large amounts of medical data, including electronic health records (EHR) and diagnostic reports.
By product, the solutions segment will account for approximately 60% of the market by 2023, driven by growing demand for integrated platforms.
By end-use, the hospitals and clinics segment emerged as the largest (MDMS) market, accounting for approximately 51% of the total revenue in 2023.
Furthermore, the insurance provider segment is expected to grow at the highest CAGR of 13.75% owing to the growing need for insurance companies to effectively manage medical claims and patient data.
At the same time, the services segment is expected to grow at the fastest CAGR of approximately 13.54% due to the growing demand for consulting, implementation and ongoing support services.
In 2023, North America led the MDMS market, accounting for approximately 44% of the revenue share, while the Asia-Pacific region is expected to grow at the fastest CAGR of approximately 13.75%.
As countries such as China and India modernize their healthcare infrastructure, demand for scalable and cost-effective MDMS solutions is driving market expansion in this region.
