The Worldwide Healthcare eDiscovery Market is segmented on the basis of deployment, application and end-user. The Global healthcare eDiscovery Industry is expected to grow at a CAGR of approximately 11.5%.
The Healthcare eDiscovery Market is driven by increasing demand for an information system for the management of electronic health records, strict regulation of storage of clinical and patient data on a cloud-based platform, and increasing use of software for healthcare system for data management. Risks of managing healthcare data include the use of pirated software, data security issues and the threat of cyber-attacks, which retrains the growth of this market. The high cost of healthcare data management solutions and unawareness among the medical staff may restrain the market growth.
The Healthcare eDiscovery Market is fast growing and expected to continue its growth similarly in near future. Demand of information management system for patients’ data safety & maintaining privacy of the patients, restrict regulations governing the use of clinical data and growing importance of medical records for legal cases drive the growth of this market. Drivers for the growth of this market are increasing use of information management system by healthcare providers.
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It is also equally propelled by extensive use of information technology for data storage and growing number of healthcare IT companies across the world. Protecting patient data from misuse by unauthorized persons is a challenging task which also contributes to the demand of strong security system software’s in hospitals. However, there are some factors that inhibiting the growth of the market such as concerns regarding cost of software solutions and data sharing capability. Furthermore, high cost of healthcare software’s and high installation cost may restrain the growth of this market.
Top 10+ Players Business Overview:
Commvault (U.S.), Actiance, Inc. (U.S.), Barracuda Networks Inc. (U.S.), Global Relay Communications Inc. (U.S.), Google (U.S.), IBM (U.S.), Microsoft Corporation (U.S.), Allscripts (U.S.) and others.
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.
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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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