The European healthcare document management systems market earned revenues of $530.6 million in 2008, and is expected to reach $753.7 million in 2014, according to market research firm Frost & Sullivan.
Although integration, security and privacy pose challenges, document management systems reduce medical errors, promote patient safety and satisfaction and improve the continuity of treatment by saving time, money, space and manpower, the report said.
"The European healthcare document management systems market is characterized by strong demand and high growth rates," noted Frost & Sullivan research analyst Jayapradha Edavalath. "There is considerable scope and opportunity for digital document management system vendors to provide a cost-effective and customized products."
Frost & Sullivan reported that the market is experiencing consolidation, which has introduced a boom of customized, patient-oriented document management solutions with improved compliance and security levels. Also, there has been a steady increase in European government initiatives to promote digital patient records and create a single database of patient information.
With the expansion, growth patterns will vary due to factors such as multiple level security and privacy issues, along with the difficulty of transferring information from paper to digital format. Integrating new systems with legacy systems will constitute pressing challenges for market participants, the report said.
"Healthcare in Europe is increasingly focusing on optimizing patient care," explained Edavalath. "Security and privacy concerns at various levels coupled with the need to effectively integrate technologically sophisticated systems with legacy systems will need to be addressed by healthcare document management systems manufacturers."
To create a mutually beneficial deal that would also benefit buyers, it is necessary to focus on product customization through the development of partnerships with technology vendors, according to the report.