The market for Healthcare eDiscovery 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. Furthermore, due to increase in the demand of software solutions for healthcare management & data storage. 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.
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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) are some of the prominent players at the forefront of competition in the Global Healthcare eDiscovery Market and are profiled in MRFR Analysis.
Global Healthcare eDiscovery Market – Competitive Analysis
The current trends in this field is 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 reduces 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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Global Healthcare eDiscovery Market – Regional Analysis
Healthcare eDiscovery market is segmented into four regions consisting Americas, Europe, Asia Pacific and the Middle East & Africa. Americas is the largest market for healthcare eDiscovery. It comprises of two regions namely North America and South America. Increasing awareness regarding storage, maintenance, and recovery cost of medical image are the key driver of this market in America. North America comprise largest market share in this market. North American region has one of the best medical facilities of the World. Innovative software developed by software development companies for healthcare and technological advancement are responsible for growth of this market in North America. Awareness of healthcare professionals regarding the use of healthcare eDiscovery helpful in saving time and manual efforts while storing a retrieving data also drives this market North America. Other factors responsible for market growth include blooming growth of Healthcare IT. Huge population, increasing awareness about Patient Management and importance use of software for sharing clinical information between healthcare centres are driving the growth for the market in South America. Europe is the second largest market owing to increasing adoption of healthcare IT for management of medical records and improving healthcare system. Asia Pacific is expected to be the fastest growing region for the healthcare e-discovery market. The growth of market is attributed to increasing need for the sophisticated healthcare facilities and increasing acceptance of healthcare IT. For instance countries such as India and China are the major contributor for the growth market. However, The Middle East and Africa has the lowest market for healthcare e-discovery because of limited development in healthcare sector.
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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. Furthermore, increasing use of healthcare software solutions fuel the market growth. 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.
As per the Draft National Health Policy 2015, the rising public health expenditure to 2.5% of the GDP is leading the growth of the medical device sector in India. According to the Indian Government’s budget and expenditure data for the fiscal year 2012–2013, the government spent about USD 17418.64 million on health, which is about 3.68% of the total government expenditure of USD 473692.76 million. In 2016, total health expenditures in China amounted to approximately USD 713.39 billion. These macroeconomic development attract major medical device & IT companies looking for geographical expansion for increasing their sales and achieving growth. The acquisition, new product launches, partnerships are various strategic approaches of these players.
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