Soaring Need to Store Radiological Images to Encourage Healthcare Archiving and eDiscovery Market Growth
Global Healthcare Archiving and eDiscovery Market, by types (Archiving and eDiscovery), by deployment ( On-premise system and Cloud system) and by application ( Revenue cycle management, Electronic health record, Practice Management System, laboratory Information System, Radiology Information System, Picture Archiving System and others)- Forecast to 2027
Market Overview
The global healthcare archiving and eDiscovery market, as per a report launched by Market Research Future (MRFR) will register a CAGR of 9.5%, surpassing a valuation of USD 8.4 billion during the forecast period (2017-2023).
The worldwide healthcare industry is highly regulated and litigious, with several organizations unprepared with the right systems to cost-effectively address to the requirements. In this industry, organizations need to comply with several mandates and regulations and thus require an intelligent information governance solution along with a purpose-built eDiscovery platform. E-discovery software assists in preparation, identification, preservation, collection, review, and production of electronically stored information related to technology-assisted review for government and legal proceedings. The software is offered as provided as stand-alone software with cloud-based software or other database services.
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Structured data are numbers, alphabets, and can be stored and processed easily. Unstructured data, on the other hand, are images, emails, video, and audio files. In the healthcare industry, structured data is considered as a patient’s unique identification number and billing information. The healthcare archiving and eDiscovery market is highly fueled by the increased need to store data related to radiological images, patient’s billing, management of healthcare data, and medical history. The market is all set to boom owing to the surging awareness regarding using information management system, coupled with the importance of medical data archiving system among the providers of healthcare. E-discovery software can be easily integrated with the existing structure of the organization, which is further estimated to contribute to the market’s growth in the foreseeable future.
Global Healthcare Archiving and eDiscovery Market: Segmental Analysis
The healthcare archiving and eDiscovery market have been segmented on the basis of type, deployment, and application.
By type, the market comprises eDiscovery and archiving.
By deployment, the market is constitutes of the cloud system and on-premise system.
The application segment comprises electronic health record, revenue cycle management, laboratory information system, practice management system, picture archiving system, radiology information system, and others.
Regional Frontiers
Geographically, the healthcare archiving and eDiscovery market span across Europe, North America, Asia Pacific, and the Middle East and Africa.
Considering the global scenario, North America is considered to command the largest market share and will expand at a CAGR of 7.1% by the end of 2023. The regional market is estimated to surpass a valuation of USD 2.25 billion by 2023, mainly due to the rising awareness and demand for archival and storage of healthcare data. Archiving in the healthcare sector is gaining huge prominence as it is crucial to decide how much data is required to be archived.
Europe will acquire the second spot in the global market due to surging expenditure on research and development in HER devices. Meanwhile, the Asia Pacific will register a considerable growth globally due to ever-increasing patient population, along with data security responsible for the use of the archiving system. Moreover, mounting use of radiology management system in India will encourage the market growth in the years to come.
Industry Updates
February 2019: A leader in AI and innovative eDiscovery, Sonasoft Corp. has recently declared an OEM agreement with Globanet. The partnership will enable Sonasoft in the integration of Globanet’s Merge1 into SonaVault Archiving and eDiscovery Software Solution. It will also allow extending SonaVault’s proven archiving and eDiscovery capabilities to over 40 data sources.
Competitive Dashboard
The top players operating in the healthcare archiving and eDiscovery market include Barracuda Networks Incorporation, Actiance Incorporation, Commvault Systems Inc., Bloomberg L.P., Google Incorporation, Global Relay Communications Inc., Microsoft Corporation, International Business Machine (IBM) Corporation, and Allscripts and Siemens.
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