Healthcare eDiscovery Market Size, Design Competition Strategies, Revenue Analysis, Future Prospects and Opportunity Assessment 2023
Market Research Future published a research report on “Healthcare eDiscovery Market Research Report– Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR) reports that the global healthcare eDiscovery market is expected to expand at a phenomenal CAGR of 11.5% during the forecast period (2017-2023). Healthcare, being a highly litigious and regulated industry, is in dire need of an intelligent information governance solution with a purpose-built eDiscovery platform. Therefore, the global market for healthcare eDiscovery is driven by need for data storage regarding patients billing, radiological images, and medical history combined with management of healthcare data. The global Healthcare eDiscovery Market is blooming owing to growing awareness of benefits offered by Information Management System and importance of medical data archiving system among healthcare providers. Moreover, focus on proactive governance with data analytics and emergence of new content sources along with need to reduce operational budget of legal departments give leverage to the market growth. On top of that, accelerated litigations worldwide, proliferation of Internet of Things (IoT) devices across verticals and excess amount of stored data accelerate the market expansion globally. Small and large companies are recognizing the numerous applications of healthcare eDiscovery system, and the global market players are taking note of it as well. The market is also growing on the back of these market players creating waves via technological advancements and other strategic actions.
On the contrary, the market is also marred with some restraining factors that could potentially hamper its growth, including lack of awareness about the system among health professionals. But on the bright side, the market is soaring high on account of the significant benefits offered by healthcare eDiscovery services such as huge cost savings, 24X7 availability of customer service, and support for legal research. With the continuous penetration of big data, IoT, and analytics cloud in big firms, the demand for eDiscovery services is bound to gain a huge traction.
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The key players making their mark in the global healthcare eDiscovery market are Google (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), Commvault (U.S.), Actiance, Inc. (U.S.), and Barracuda Networks Inc. (U.S.).
The global healthcare eDiscovery market is segmented on the basis of deployment, application, and end-user.
By deployment, the market is segmented on the basis of on-premise system and cloud system. The cloud-based healthcare eDiscovery is quite popular with big enterprises due to low cost, flexibility as it can be accessed from anywhere, and independence from on-premise systems. Owing to these factors, the segment is gaining significant traction in the global market.
By application, the market is segmented on the basis of audit trail via metadata, communication, EHR-hosting, and other applications. Audit trail via metadata is picking up immense speed in the market as it enables health professionals to keep track of someone accessing the system, reviewing information, and how long it took to review it.
The end-users in the global market include healthcare information technology (IT) companies, hospitals, clinics, pharmacy, and others. Hospitals form a large part of the global healthcare eDiscovery market due to the healthcare industry being highly litigious and data-centric. Any sort of error could lead to medical malpractice and in order to avoid that, healthcare eDiscovery is used to eliminate any risk and enable access to data at any time.
Geographically, the healthcare eDiscovery market is spread across the regions of North America, Europe, Asia Pacific and Middle East & Africa.
North America possesses the largest market share due to increasing emphasis on storage and retrieval of clinical data, and demand for quality healthcare. Moreover, extensive use of software solution for healthcare management and data storage, emphasis on improving healthcare quality, and demand for authentic software solution have driven the market growth in the region.
After North America, Europe occupies the largest market share owing to the growing use of data management solutions coupled with regulations pertaining the use of healthcare information by hospitals and health insurance companies. In addition, growing number of investors and venture capitalists in the region push the demand for healthcare eDiscovery system. Growing awareness of benefits offered by the system and emerging applications for the software triggers the regional market growth.
However, Asia Pacific is the fastest growing market with countries such as India and China being the largest revenue generators. Burgeoning patient pool, awareness with reference to importance of medical records in legal matters and elevated demand for cost-effective healthcare IT solutions for management have firmly established the market in the region. Giving further push to the market in Asia Pacific are government incentives and initiatives to promote healthcare IT along with technological advancements. Adding to the market growth is the vast use of healthcare software solutions and rising healthcare expenditure combined with extensive growth of medical device industry.
Lastly, the growth in the Middle East & Africa market is slacking due to low technology penetration and substandard healthcare infrastructure, particularly in the African countries. Countries in the Middle East, namely United Arab Emirates and Saudi Arabia, are the prominent contributors to the market growth due to increasing availability of specialty healthcare diagnostics and treatment services and also progressing demand for software solutions for patient care. There have been continuous efforts to improve the economy and standard of living in the region, which could also positively influence the market size.
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- Healthcare eDiscovery system providers
- Cloud platform providers
- Regulatory and compliance agencies
- Investors and venture capitalists
- Government bodies
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