Market Trends of Global Healthcare Content Management System Industry
This section covers the major market trends shaping the Healthcare Content Management System Market according to our research experts:
Document Management System Segment is Expected to Witness Growth Over the Forecast Period
On paper, patient data management is a relatively difficult and time-consuming task. Hence, the healthcare content management system is quite beneficial as it facilitates the process and provides a secure platform where data can be stored safely. Data backup and disaster recovery plans are included in the document management system, resulting in the security of documents against fire, flood, or other natural disasters. In addition, health care providers use data from disease management programs and computerized electronic medical records. According to an article published by the University of Pittsburgh in January 2021 titled "The Role of Data Analytics in Healthcare," data management can lead to better healthcare for patients and better solutions can be provided through data management.
In addition, growth in the number of healthcare service providers such as hospitals is expected to drive the market. For example, according to an article published in Hospital Management in December 2021, the top countries with the maximum number of new projects with new hospitals by the end of 2022 would be China, the United States, and India. The United States is working on 54 new projects, followed by India with 37 new projects. China has a total of 25 new projects. The growth of hospitals will generate large amounts of patient data. Therefore, such instances are anticipated to increase the demand for document management systems over the forecast period.
North America is Expected to Dominate the Healthcare Content Management System Market
North America is expected to dominate the global healthcare content management system market due to high hospital spending in the region. For example, according to the Center for Medicine & Medicaid Services in December 2021, United States federal government spending grew by 36.0% in 2020, significantly higher than the 5.9% growth in 2019. According to the same source, hospital spending also grew by 6.4 % to USD 1,270.1 billion in 2020, slightly faster than the 6.3% growth in 2019. This is expected to lead to increased adoption of healthcare content management systems in North America, thereby growing the market.
In addition, growth in mergers and acquisitions and the presence of key companies such as Microsoft, IQVIA, and IBM among others are expected to drive the regional market. For example, The Berndt Group (TBG), known as a customer experience company specializing in digital transformation in healthcare and with expertise in content management systems, was acquired by Valtech in April 2022. Therefore, considerable market growth is anticipated in this region over the forecast period.
