Global Healthcare Archiving and eDiscovery Market Grows Steadily at a CAGR of 9.5%

Introduction

An eDiscovery system is capable of housing various types of data, including but not limited to emails, patient files, images, and social media communications. Due to the substantial amount of data involved, numerous healthcare organizations and affiliated enterprises opt to engage cloud-based eDiscovery platforms for contracting or outsourcing file retention and organization. The utilization of eDiscovery is imperative within the healthcare sector due to its capacity to offer a dependable and secure mechanism for the dissemination of sensitive or confidential data. In the context of medical civil cases, court proceedings often exhibit a protracted and intricate nature. An electronic discovery system effectively mitigates the replication of confidential information and enforces access restrictions exclusively for authorized individuals with legal authorization to access said information.

Market Dynamics

Increasing Volume of Healthcare Data Drives the Global Market

Paper-based records (PBR) and electronic health records (EHR) are the two methods the healthcare industry uses to manage patient data. The EHR has become a crucial part of medical care since it has improved clinicians' satisfaction, transformed the quality of healthcare services, and helped patients make decisions. The quality of patient care is enhanced by the accuracy of EHR data, which allows doctors to enter orders and assess clinical validity.

The legal and medical fields profit from this functionality, which is crucial for diagnosis and treatment. Since the widespread use of electronic health records, there are also more digital healthcare data than ever. In order to ensure quick and secure access for patient care or legal purposes, archiving solutions help healthcare providers manage and store large amounts of data effectively. Such elements fuel market expansion.

Advancement of Artificial Intelligence and Machine Language Creates Tremendous Opportunities

Artificial intelligence (AI) and machine learning (ML) are crucial in expanding the Healthcare archiving and eDiscovery market. Artificial intelligence (AI) and machine learning (ML) enable the analysis and categorization of substantial amounts of unstructured data based on their level of importance. The progressions in AI and (ML have played a substantial role in the evolution of healthcare archiving and eDiscovery. These advancements have facilitated accelerating processes, enhanced search filters, improved decision-making capabilities, and strengthened data protection measures. The benefits associated with healthcare archiving and eDiscovery have led to a notable increase in demand for these services.

Regional Analysis

North America is the most significant global healthcare archiving and eDiscovery market shareholder and is predicted to grow significantly during the forecast period. The United States and Canadian governments have made it mandatory for the healthcare sector to maintain records, driving growth in the healthcare archiving and eDiscovery market. Data from various sources, including laboratory information systems, image archives, and radiology information systems, are routinely collected and stored. In addition, the need for secure, dependable, and cost-effective storage infrastructure has grown in response to the rising tide of unstructured healthcare data and the pace of technological change in North America. The United States has strict regulations regarding data storage, which has helped the market grow in the country. The widespread adoption of EHR systems in hospitals has also contributed to the regional market's growth.

Key Highlights

• The global healthcare archiving and eDiscoverymarket was valued at USD 1.095 billion in 2022. It is estimated to reach 1.952 billion by 2031, growing at a CAGR of 9.5% during the forecast period (2023–2031).
• Based on the type, theglobal healthcare archiving and eDiscovery market is divided into archiving and eDiscovery. The archiving segment is the highest contributor to the market share and is expected to grow at a significant rate during the forecast period.
• Based on the deployment, theglobal healthcare archiving and eDiscovery market is divided into cloud and on-premise. The cloud segment owns the largest market share and is anticipated to expand significantly over the forecast period.
• Based on application, the global healthcare archiving and eDiscoveryis divided into revenue cycle management, electronic health record, practice management system, laboratory information system, radiology information system, and picture archiving system. The revenue cycle management segment dominates the global market and is estimated to grow at a significant rate during the forecast period.
• North America is the most significant global healthcare archiving and eDiscovery market shareholder and is predicted to grow significantly during the forecast period.

Competitive Players

Competitive Players

The key players in the global healthcare archiving and eDiscovery market are Intradyn, Allscripts Healthcare Solutions Inc., Barracuda Networks Inc., Commvault Systems Inc., Global Relay Communications Inc., INFINITT Healthcare Co., Ltd, GE Healthcare, International Business Machine (IBM) Corporation, ZL Technologies, and Harmony Healthcare IT.

Recent Developments

Market News

• In June 2023, GeorgeJon, a partner of RelativityOne Services, developed a novel and comprehensive archiving solution for eDiscovery known as GJ Dossier. The implementation of this novel case management solution facilitates the expeditious and effective archiving of cases within the RelativityOne and Relativity Server platforms.

Segmentation

Global Healthcare Archiving and eDiscovery Market: Segmentation

By Type

• Archiving
• eDiscovery

By Deployment

• Cloud
• On-Premise

By Applications

• Revenue Cycle Management
• Electronic Health Record
• Practice Management System
• Laboratory Information System
• Radiology Information System
• Picture Archiving System

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA