In an era, rife with database breaches, it is absolutely imperative to safeguard confidential patient data as unintended leaks can have devastating consequences for both the patient and their primary healthcare provider. Patient data management systems are Information Systems that store, secure, process, and analyze patient data accurately. Patient data management systems assist medical professionals in diagnosing patient-specific data for therapeutic purposes. In the last few years, clinicians have begun to rely on such systems leading to substantial activity from key players in the market.
Need to comply with regulations and drive down cost key
A few key factors can be directly attributed to the growth of the patient data management systems market in the decade assessed, primarily an ever-increasing need to digitalize patient records along with government healthcare initiatives. There has been a greater acceptance of health information management systems, such as radiology information system (RIS), picture archiving and communication system (PACS), and electronic medical records (EMR), fueling the patient data management systems market. Furthermore, there is a mandate to ensure stringent regulatory compliances while simultaneously reducing healthcare bills, necessitating the adoption of patient data management systems.
Tug of war between North America and APAC – who will race past the finish?
North America is the leader in the patient data management systems market as a result of its long-established healthcare industry and higher willingness to incorporate the latest medical technologies. It is estimated that the administrative cost of hospitals and clinics in the US alone is approximately a quarter of their total expense. Unsurprisingly, there has been an exponential uptake of patient data management systems there to keep a tab on ballooning expenses. The Health Information Technology for Economic and Clinical Health (HITECH) Act promotes such endeavors and helps implement patient data management systems. Along with HITECH, other regulations such as Health Insurance Portability and Accountability Act (HIPPA) and American Recovery and Reinvestment Act, 2009 (ARRA) benefit the development of the North America patient data management systems market. While North America is currently the largest region, it remains to be so how long it can hold the apex position as APAC is demonstrating superb growth. A rising focus on medical R&D driven by the government as well as citizen concerns about their health is anticipated to boost the aPAC patient data management systems market in the days ahead. eHealth initiatives, in particular, play a key role in these emerging APAC economies.
High cost, lack of awareness, and privacy concerns – trifecta stifling patient data management systems market
Nonetheless, certain factors restrict the growth of the global patient data management systems market, with cost being foremost amongst them. While such systems may be affordable in developed markets, it remains to be seen how much the uptake is in relatively poorer emerging economies that lack robust public healthcare systems. In addition, there could be a reluctance of some patients and healthcare professionals to accept newer technologies due to a lack of education. Although the main objective of patient data management systems is the securing of confidential healthcare data, data privacy and security concerns still linger on occasion. Several organizations lack adequate transparency in their data management practices and while government agencies have tried to put controls in place to ensure the authenticity, confidentiality, and integrity of patient data, they can fall short of the benchmark.
Room aplenty in the patient data management systems market
The patient data management systems market is characterized by its intense competition between small-scale and large-scale players. In order to maintain customer mindshare, every player is continually launching new products or tweaking existing ones. There has also been a string of mergers and acquisitions in the patient data management systems market, making it abuzz with activity. Some companies profiled in this descriptive report comprise Boston Scientific, HAEMONETICS, IMDsoft, Elmiko Medical Equipment, Norav Medical, Philips Healthcare, Smiths Medical, UTAS, and West Medica.
UK government caught processing confidential data – should patients worry?
In April 2020, documents accessed by the Guardian newspaper demonstrated that tech firms are processing massive volumes of UK patient data in a mining operation as part of the governmental response to COVID-19. Data is being used to build predictive computer models to assess the impact of the proposed ‘target immunity’ plan. Even though this data is expected to be anonymized, it is highly sensitive, and is almost certainly likely to raise awkward questions for the UK government by privacy experts. Companies in the patient data management systems market will have to reassure their customers that they are not part of such ventures as it could easily backfire on them once the crisis abates – or even before.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?