Healthcare information governance solutions enable the management of healthcare information by implementing processes, controls, metrics, and retrievals of information from storage in a suitable format whenever demanded. Healthcare information governance systems aim at making information a business asset available in a cost-efficient way to ensure compliance and reduce the cost of non-compliance. The rising cost of legal risks and increasing stringency of regulations have been the strong driving factors behind the growth of healthcare information governance solutions. Compliance reduces the legal risks associated with the poor and inconsistent information. Another goal of information governance is to centralize the data which is fragmented across different domains into one place to increase its accessibility and flow speed. Information governance treats data as a flow which needs to be controlled and managed but needs to be accessible at any time quickly. This results in benefits to the organizations in times of events such as a lawsuit, compliance audit, or corporate merger not to mention its benefits in capturing increased market share and revenue for the company.
The market for healthcare Information Governance Solution (IGS) is driven by factors such as growing biotechnology and pharmaceutical sectors, increasing costs of noncompliance, rising expectations from data management and information technology, and advancements in processing power, capturing power, selectivity, etc. of information technology systems. The U.S. is the largest market for biopharmaceuticals and accounts for one-third of the global market. Moreover, it is estimated that the U.S. biopharmaceutical sector accounted for around 17% of all the domestic R&D funded by the U.S. businesses and added an estimated USD 1.2 trillion in the economic output of 2014. The constraints on the market are the high costs of the information governance system, cultures of secrecy, traditional organization structures, fragmented data structures, etc.
Considering all these factors, the market for healthcare Information Governance Solution (IGS) diagnosis and treatment is to grow at a CAGR of ~16.7 % during 2017 to 2023.
Segmentation
The global healthcare Information Governance Solution (IGS) market is segmented on the basis of type, deployment, application, and end-user. Based on type, the market has been segmented as content management, analytics, information archiving, eDiscovery, information security, and others. Based on deployment, the market has been segmented as web and cloud and in-premise. Based on application, the market has been segmented as financials, records, customer support, and others. Based on end-user, the market has been segmented into pharmaceuticals and biotechnological industries, hospitals and clinics, consulting companies, research and academics, and others.
Key Players in the Healthcare Information Governance Solution (IGS) Market
The key players in the healthcare Information Governance Solution (IGS) Market are electronic Medicines Compendium (U.S.), HP Autonomy (England), Symantec Corporation (U.S.), Information Governance Solutions, LLC. (U.S.), FTI Consulting, Inc. (U.S.), Google (U.S.), Microsoft (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Veritas Technologies (U.S.), NovaDigm Therapeutics (U.S.), iDiscovery Solutions, Inc. (U.S.), and others
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