Healthcare eDiscovery Market Overview:
According to a report published by Market Presearch Future (MRFR), the global healthcare eDiscovery market is anticipated to grow exponentially at a CAGR of 11.5% over the forecast period of 2017 to 2023.
The global healthcare sector, due to its, litigious and regulated nature, has been facing a need for an intelligent information governance solution, a reliable healthcare data management system such as an eDiscovery platform to maintain the security of information of the patients, such as patients billing, radiological images, and medical history combined with management of healthcare data.
The healthcare eDiscovery market is driven majorly by the growing demand for a data management system for the electronic health records, increasing the use of software for healthcare system for data management, and strict regulation of storage of clinical and patient data on a cloud-based platform. Risks of managing healthcare data comprise of the use of pirated software, data security issues and the threat of cyber-attacks, which restrains the growth of the global market for healthcare eDiscovery platforms. The high expenditure of healthcare data management solutions and lack of awareness among the medical staff may also act as a restraining factor.
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Healthcare eDiscovery Market Key Players:
Some of the key market players of the healthcare eDiscovery market are Google (U.S.), Commvault (U.S.), IBM (U.S.), Actiance, Inc. (U.S.), Microsoft Corporation (U.S.), Barracuda Networks Inc. (U.S.), Allscripts (U.S.) Global Relay Communications Inc. (U.S.), and others.
These macroeconomic expansions attract major medical device & IT companies looking for a geographical extension for growing their sales and achieving market growth. The acquisitions, new product launches, partnerships are various strategic approaches of these market players that subsequently lead to massive market growth .
Healthcare eDiscovery Market Segmental Analysis:
The global market for healthcare eDiscovery solutions is segmented based on deployment, application, and end-user.
Based on deployment, the healthcare eDiscovery market is bifurcated into the on-premise systems, and cloud systems. Based on application, the market is segmented into communication, application audit trail via metadata, EHR-hosting, and other applications. By end-users, the market is segmented into hospitals, clinics, healthcare IT companies, pharmacy, and others.
Based on the region, the global healthcare eDiscovery market has been segmented into North America, Europe, Asia Pacific, and Middle East & Africa.
Healthcare eDiscovery Market Regional Analysis:
North America has been assessed to account for the largest market share, which is attributed to the growing importance of storage and archival, retrieval of clinical data, the rising demand for quality healthcare, extensive use of software solution for healthcare management and data storage, growing demand of genuine software solutions, and growing awareness about eDiscovery platforms and clinical data sharing.
Europe has been assessed as the second largest market for healthcare eDiscovery, due to the growing use of data management solutions and regulations prevailing the use of healthcare information by hospitals and health insurance companies.
The Asia Pacific has been assessed as the fastest growing region with India, Japan, and China being the leading countries towards market growth. Increasing patient pool, awareness concerning the significance of medical records in legal matters and the increasing demand for lucrative healthcare IT solutions for management are the major driving factors for the growth of the healthcare eDiscovery market in this region. Additionally, governments’ focus and initiatives to promote healthcare IT, the increasing use of healthcare software solutions, and technological advancements, among others, are additional drivers of the market in the Asia Pacific. moreover, increasing healthcare expenditure and widespread growth of the medical device industry also influence the use of medical devices for diagnosis of various chronic or serious diseases such as cardiovascular diseases, diabetes, cancer, and others.
The Middle East & Africa is has been estimated to showcase gradual and steady growth in the global healthcare eDiscovery market due to the low technological penetration and comparatively poor healthcare infrastructure, especially in the economically under-developed Africa. In the Middle East, the United Arab Emirates (UAE) and Saudi Arabia are the major contributors to the market growth owing to the increase in the availability of specialty healthcare diagnostics and proper treatment services and increasing demand for software solutions for patient care. But growing regulatory initiatives towards improving the healthcare sector in this region is estimated to be a driving factor for the market over the forecast period.
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