Market Insights
The global healthcare eDiscovery market size is expected to witness and above-average CAGR of 7.4% during the forecast period of 2023 to 2030. This projection has been made in Market Research Future's (MRFR) latest market report on the subject. Presently, healthcare organizations do not have a cost-effective method by which to address increasing data storage and retrieval requirements. The strong need for such efficiency in the healthcare sector is a key driver for the growth of the global healthcare e-discovery market.
Increasing demand for an information system which effectively manages electronic health record is expected to drive demand for eDiscovery. Moreover, strict regulations surround the storage of clinical and patient data leading to the requirement or information governance solutions with a purpose-built eDiscovery platform. Data Management Software and the advent of IoT & AI in healthcare have highlighted the need for sophisticated healthcare eDiscovery, thus allowing the healthcare sector to keep up with current innovations while optimizing services and being cost efficient.
Various challenges plague this burgeoning market due to it being in its initial stages. Use of pirated software, data security risks, the threat of cyber attacks and the overall lack of awareness among medical professionals are expected to pose challenges to market growth. However, market leaders are playing a key role in mitigating these challenges. Innovations in the technology and rapid adoption of modern data management systems are likely to boost the healthcare e-discovery market significantly during the forecast period.
Key Players
The competitive landscape in the report has been analyzed and prominent players such as IBM, Google and Allscripts have been included to provide a comprehensive understanding. Other key players included in the report are Global Relay Communications Inc., Microsoft Corporation, Commvault, Barracuda Networks Inc., Actiance, Inc., and others.
Market Segmentation
The global healthcare eDiscovery market outlook has been segmented based on deployment, application, and end user. By deployment, the market has been segmented into on-premise system and cloud-based system. The cloud-based segment is expected to grow significantly during the forecast period due to the efficiency of these systems and the reduced risk of data loss.
By application, the market has been segmented into audit trail via metadata, communication, EHR-hosting, and other applications.
By end-users, the market has been segmented into healthcare IT companies, hospitals, clinics, pharmacy, and others.
By region, the global market has been segmented into North America, Europe, The Asia-Pacific and the Rest of the World.
Regional Analysis
North America accounts for the largest market with its considerable growth attributed to the extensive use of software solutions and the presence of several leading market players. The region, in keeping with the above, has a strong adoption rate for deployment of software solutions for healthcare management. Growing healthcare expenditures and a dedicated emphasis on improvement of the existing system are some drivers of growth for the region. Growing awareness regarding eDiscovery, the demand for clinical data sharing and archival healthcare data is expected to fuel growth for the region during the assessment period.
Europe, which accounts for the second largest market, is witnessing increasing use of data management solutions. The E.U has several supportive regulations supporting the use of healthcare information by hospitals and insurance companies.
The Asia-Pacific is expected to witness the fastest growth due to the presence of countries such as India and China. The region has a vast patient population which is continually growing and is increasingly aware of medical records and the importance of archiving the same. Rising demand for cost-effective healthcare IT solutions, and favorable government policies & initiatives are expected to promote the growth of the healthcare IT industry in the region.
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