The Worldwide Healthcare eDiscovery Market has a dynamic scope in the healthcare industry. eDiscovery can be a stand-alone software hand In hand with data base services. Key factors driving the global Healthcare e-discovery market include increasing adoption of predictive coding, growing risk mitigation activities in organizations, increase in criminal prosecutions and civil litigation and growth of record management across various industries.
Hence the demand for keeping data base secured and confidential will be a key market growth influencer and will lead to huge potential in the market. The Global Healthcare eDiscovery Market was about is expected to grow at a CAGR of 11.5% during forecast period 2018 to 2023.
The Global Healthcare eDiscovery Market is segmented on the basis of deployment, application, and end-user. On the basis of deployment, the market is segmented into the on-premise system and cloud system. On the basis of application, the market is segmented into application audit trail via metadata, communication, EHR-hosting, and other applications. On the basis of end-users, the market is segmented into healthcare IT companies, hospitals, clinics, pharmacy and others.
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Global Healthcare eDiscovery Market – Competitive Analysis
The current trends in this field are to make data available at large and with no time bound. The advancement in IT technology are leading the market. The healthcare e-discovery has benefits that reduce the cost of data storage and access to it and the problems during the audit are minimized. Moreover, the ease of handling and operating the data is also one of the major factor that is leading to the market. Furthermore, other advantage is that the individual’s data is stored easily and for longer period of time. The healthcare industry has been made compulsory to record all the data and maintain it for longer period of time.
Allscripts is a publically traded company providing healthcare professionals with electronic health records technology and practice management solution. Its solutions include care coordination, clinical and patient engagement.
IBM Corporation is a multinational technology company which manufactures computer hardware and software and also offers consultation services. Software solutions by the company in healthcare are EMR, digital hospital framework and population health insights and care management. In January 2017, the company announced the use of block chain technology for security exchange of healthcare data.
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Healthcare eDiscovery Market Regional Analysis:
Globally, healthcare eDiscovery market consists of four regions North America, Europe, Asia Pacific and Middle East & Africa. The Americas hold the largest market share whose growth is attributed to increasing emphasis on storage and retrieval of clinical data, and demand for quality healthcare.
North America is the largest market whose growth is attributed to the extensive use of software solution for healthcare management and data storage, emphasis on improving healthcare quality, demand of authentic software solution, and growing awareness about eDiscovery and clinical data sharing. Additionally, increase in demand and awareness for storage and archival of healthcare data also fuel the market growth.
Europe is the second largest market for healthcare eDiscovery owing to the increasing use of data management solutions and regulations governing the use of healthcare information by hospitals and health insurance companies.
Asia Pacific is the fastest growing region with India and China being the largest contributors to the market growth. Increasing patient pool, awareness regarding the importance of medical records in legal matters and rising demand for cost-effective healthcare IT solutions for management are the major reasons for the growth of the market. Additionally, government incentives and initiatives to promote healthcare IT, and technological advancements among others are some of the other drivers of the market in Asia Pacific. Additionally, rising healthcare expenditure and extensive growth of medical device industry also influence the use of medical devices for diagnosis of various diseases such as cardiovascular diseases, diabetes, cancer, and others.
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