Healthcare Archiving and eDiscovery Market

Market Overview

The global healthcare archiving and eDiscovery market size was valued at USD 1.095 billion in 2022. It is estimated to reach USD 1.952 billion by 2031, growing at a CAGR of 9.5% during the forecast period (2023–2031).

An eDiscovery system may contain emails, patient files, images, and social media communications, among other data types. Most healthcare organizations and related businesses contract or outsource file retention and organization to cloud-based eDiscovery platforms due to the volume of data eDiscovery is essential in the healthcare industry because it provides a reliable and secure method for sharing sensitive or private information. In medical civil cases, court proceedings are frequently lengthy and complex. A system for electronic discovery reduces the duplication of sensitive data and restricts access to those who need it and are legally permitted to view it.

In addition to its security and efficiency benefits, eDiscovery reduces the costs and time required for the discovery process. Because everything is digital, plaintiffs and defendants can rapidly share PDFs and TIFF files with the courts and opposing counsel; there is no need to print or transport countless physical copies. eDiscovery also improves the accuracy of evaluations by eliminating the need for attorneys to search through obsolete or duplicate files. With electronic files and expert file management, customers can reduce the amount of discovery repetition.

Market Dynamics

Global Healthcare Archiving and eDiscovery Market Drivers

Increasing Volume of Healthcare Data

The healthcare sector uses paper-based records (PBR) and electronic health records (EHR) to manage patient data. The EHR has become integral to medical care, transforming healthcare services' quality, enhancing clinicians' satisfaction, and facilitating patients' decision-making. EHR data accuracy enables physicians to enter orders and measures clinical validity, enhancing patient care quality. This functionality is essential for diagnosis and treatment, benefiting the medical and legal professions. In addition, digital healthcare data has multiplied since electronic health records became widely used. Archiving solutions aid healthcare providers in effectively storing and managing voluminous data, assuring fast and secure access for patient care or legal purposes. Such factors drive market growth.

Cost and Space Optimization

Data archiving solutions can reduce storage costs by archiving only essential data, automatically removing no longer required data, and removing duplicate information. Archiving and eDiscovery solutions assist healthcare providers in optimizing storage space, reducing physical recordkeeping, and removing the need for expensive on-premise infrastructure. Cloud-based archiving services offer scalability, flexibility, and cost-effectiveness by eliminating the necessity for costly hardware investments and maintenance.

A solution for medical record archiving simplifies the procedures for data archiving, backup, and recovery by mandated regulatory requirements. Now, healthcare organizations can store low-priority data on less expensive storage while ensuring that the most up-to-date information is readily accessible. Archiving medical records increases utilization, decreases costs, and reduces IT demands. It incorporates best practices for storing and backing EMRs, medical images, and all other forms of digital health information, driving the global market.

Global Healthcare Archiving and eDiscovery Restraint

Data Privacy and Security Concerns

There are ongoing worries about privacy violations and data protection even though archiving and eDiscovery solutions improve data security. Legal compliance is necessary for data storage and transfer. Maintaining the patient's trust and avoiding legal liability is important, and businesses should implement data encryption, access control, and secure transmission. In addition, cybersecurity is one of the most essential factors for business operations to run smoothly. According to a news agency, between January 2021 and November 30, 2022, the National Cyber Crime Reporting Portal received 884,863 complaints about online financial fraud.

Global Healthcare Archiving and eDiscovery Opportunities

Advancement of Artificial Intelligence and Machine Language

Developing AI and ML is crucial to expanding the Healthcare archiving and eDiscovery market. With the aid of AI and ML, large volumes of unstructured data can be analyzed and classified according to their significance. The advancements in AI and ML contributed to the transformation of healthcare archiving and eDiscovery by expediting the process, augmenting the search filter, improving decision-making, and protecting data. The advantages have resulted in a significant demand for healthcare archiving and eDiscovery.

Regional Analysis

Based on region, the global healthcare archiving and eDiscovery market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant global healthcare archiving and eDiscovery market shareholder and is predicted to grow significantly during the forecast period. The healthcare archiving and eDiscovery market is growing in the United States and Canada because the governments of these nations have made it mandatory for the healthcare sector to maintain records. There is extensive use of laboratory information systems, image archiving systems, and radiology information systems, and corresponding data is recorded. In addition, the increasing volume of unstructured healthcare data and rapid technological advancements in North America has increased the demand for secure, dependable, and cost-effective storage infrastructure. Data storage is mandated by stringent regulations in the United States, which contributes to the expansion of the market in the region. The regional market expansion is also influenced by the integration of Electronic Health Records (EHR) in a significant number of hospitals.

Additionally, the United States dominates the global market due to its early adoption of healthcare data storage solutions and sophisticated healthcare infrastructure. Hospitals and clinics in North America are constantly searching for innovative patient data management solutions, propelling market growth in the region. As healthcare providers continue implementing digital technologies to enhance patient care and outcomes, the demand for secure, dependable, and easily accessible data storage solutions will only grow.

Europe is anticipated to grow significantly over the forecast period. The primary aspect contributing to the rise in research and development (R&D) expenditure within the healthcare sector is increased funding. The region's electronic health records (EHR) are located in Europe. The European Commission has recommended a European electronic health record exchange format to facilitate cross-border health data exchange. The Recommendation for a European electronic health record exchange format aims to facilitate the interoperability of electronic health records (EHRs) across borders within the European Union. It accomplishes this by assisting EU member states to ensure that residents can securely access and communicate their health data throughout the EU. The electronic health record exchange format will facilitate citizens' access to and sharing of their health information with medical professionals. For instance, consulting a specialist or receiving emergency care in a different EU country drives regional market growth.

The Asia-Pacific region will provide lucrative growth prospects for the market over the forecast period. The management of healthcare data has emerged as a pressing imperative. Safeguarding patient information poses a formidable challenge for healthcare providers. The increasing patient population, demand for healthcare data administration, and healthcare sector development in emerging economies such as Asia-Pacific are propelling market expansion. The rising patient population, demand for information technology by healthcare professionals, and the need for cost-effective storage of patients' medical records are significant market growth drivers.

In addition, India, Japan, and China are anticipated to experience market growth. The use of information systems by healthcare providers for data management, data storage, and data retrieval is a major factor contributing to the expansion of this market. Protecting patient information privacy is crucial for upholding legal standards for medical care. National and international organizations have stipulated minimum storage periods for patient-related data. Most healthcare providers in India, China, and Japan have adopted a photograph archiving system.

Segmental Analysis

The global healthcare archiving and eDiscovery market is bifurcated into type, deployment, and application.

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. This is due to the rising number of medical cases and the necessity of maintaining these medical records. Archiving medical records is crucial because having patient data records is important. Compliance with HIPAA regulations is the primary advantage of archiving health information. One of the most important aspects of the Health Insurance Portability and Accountability Act is the protection of patient privacy, and archiving data helps ensure that patient information is not lost or misappropriated. Another benefit of archiving health data is better patient care. Clinicians can assess a patient's history and make more informed decisions about their care when data is archived because it is easier to access and retrieve.

The research aspect is also crucial, as data archiving can aid in identifying trends and improving patient outcomes. This information helps modify policies and procedures to serve your patients more effectively. The archiving of health data can also reduce IT expenses. Data storage in an archive can free up space on your principal servers, thereby reducing the cost of storage and maintenance. Moreover, data archiving can enhance system performance by reducing the quantity of important data processed.

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. Cloud computing is a developing trend, with many viewing it as a natural progression toward data utilization. With cloud solutions, businesses can more effectively address storage management issues, comply with eDiscovery requests promptly, and archive data at a fraction of the cost. Due to the scalability of a cloud-powered infrastructure, organizations can store an infinite quantity of data in the cloud. In addition, the durability and resilience of cloud technology enable perpetual storage, accessibility, and searchability of all sent and received emails. Once the data has been securely stored in the cloud, it remains in a permanent state, allowing for continued accessibility and retrieval.

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. Healthcare organizations use medical billing software as part of a financial method called revenue cycle management (RCM) to track patients' care episodes from the time of registration and appointment scheduling to the time of payment in full. RCM incorporates administrative data (such as a patient's identity, insurance plan, and other relevant patient demographics) with a patient's care. It helps practices save time and money by reducing the number of denied claims and enabling patients to make online payments.

Computerized medical records provide precise, current, and comprehensive patient information at the point of care when needed by the patient. It facilitates rapid access to patient records for more coordinated and effective care and sharing of electronic information with patients and other clinicians in a protected way. It aids in reducing medical mistakes and adverse events. RCM provides patients with information to help them adhere to their prescribed medication regimens and scheduled appointments.

Recent Developments

• 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.