Rapid proliferation of disparate clinical and non-clinical information systems in care settings is creating growth opportunities, finds Frost & Sullivan
SANTA CLARA, California, May 30, 2019 /PRNewswire/ -- Healthcare organizations' urgent need to digitally consolidate administrative, operational, financial, and clinical content is expected to propel the global enterprise content management (ECM) market for healthcare from $584.0 million in 2017 to $1,330.5 million by 2023, at a compound annual growth rate (CAGR) of 14.7%. Following the rise in the number of governmental and regulatory stipulations, there has been greater demand for integrated ECM solutions that can improve data protection and increase resilience to data breaches, hackers, and cybercrimes.
"ECM has expanded into clinical areas, supporting EMR/EHR and patient portals by bringing multimedia content, unstructured clinical data, images, videos, and PDFs into enterprise workflow," said Siddharth Saha, Vice President of Medical Imaging. "Going forward, healthcare ECM systems will transition to enterprise content service platforms. These data-driven platforms will be powered by smart application programming interfaces (APIs) and web services, leveraging advanced services like artificial intelligence (AI), machine learning (ML), deep learning (DL), big data analytics, and intelligent text-mining features."
Frost & Sullivan's recent analysis, Global Enterprise Content Management Market for Healthcare, Forecast to 2023, covers key market trends and industry dynamics as well as examines the potential of ECM solutions in healthcare. It analyzes the current market scenario and the impact of external trends on each business segment. It also presents the solutions and services, product features, capabilities, and technical specifications of current offerings.
For further information on this analysis, please visit: http://frost.ly/3g4.
"Eventually, the healthcare ECM sector will gradually evolve from the on-premise model featuring thick clients to a completely web/cloud-based model featuring thin/smart clients and robust interoperability capabilities," noted Saha. "Hybrid ECM is anticipated to emerge a popular option among large healthcare enterprises."
There will be significant growth opportunities for enterprise file sync and share as a service (EFSS) solution vendors, especially in emerging markets. For additional opportunities, ECM vendors can:
- Develop an information governance strategy to aid providers with compliance, audit, security, legal, IT, finance, and business operations.
- Target countries with a high digital maturity index with content service platforms that have the potential to optimize the overall healthcare enterprise using cloud, analytics, AI, mobile, and collaborative technologies.
- Align with strategic local, regional, national, and global healthcare IT system vendors and device OEMs to gain market share, especially in countries with medium to high EMR/EHR penetration.
- Bundle a healthcare data exchange and interoperability services component with content service platforms. These services may be focused on non-structured clinical data handling and transactions, integrations with third-party systems, managing overall workflow, clinical process automation, and digital transformation in the care setting.
Global Enterprise Content Management Market for Healthcare, Forecast to 2023 is part of Frost & Sullivan's global Digital Health Growth Partnership Service program.
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Global Enterprise Content Management Market for Healthcare, Forecast to 2023
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SOURCE Frost & Sullivan