UK Electronic Records Management Solutions Market Analysis

UK Electronic Records Management Solutions Market Analysis


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The UK electronic records management solutions market size was valued at $xx Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Mn in 2030. The market is segmented by solution and deployment. UK’s Electronic Records Management Solutions market will grow to promote the adoption of electronic records management tools in healthcare organizations, the UK government has launched a number of programs. The key market players are Access Intelligence (GBR), Agile ECM (GBR), Cleardata UK Ltd (GBR), EDM Group (GBR), ELO Digital Office (DEU)others.

ID: IN10GBDH069 CATEGORY: Digital Health GEOGRAPHY: UK AUTHOR: Chandani Patel

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UK Electronic Records Management Solutions Market Executive Summary

The UK electronic records management solutions market size was valued at $xx Mn in 2022 and is estimated to expand at a CAGR of xx% from 2022 to 2030 and will reach $xx Mn in 2030. Electronic Records Management Solutions are programs for efficiently, securely, and legally managing electronic records (ERMS). With ERMS software, businesses may store, manage, and retrieve electronic records while protecting the accuracy and integrity of the data. Better security, cost savings, increased efficiency, and regulatory compliance are the key benefits of ERMS.

In the UK, several provinces employ different Electronic Records Management Systems (ERMS). Despite the fact that ERMS systems are being adopted at a faster rate and with more breadth across the country, there are still noteworthy regional differences. Compared to other parts of the country, Eastern UK, which is made up of Quebec and the Maritime provinces, has been slower to implement ERMS solutions. Language hurdles play a role in this, as many ERMS systems are created with English-speaking consumers in mind. Yet, there has been a rise in the demand for ERMS solutions in Quebec as businesses realize the value of becoming digital and the necessity of adhering to laws like Quebec's Bill 64, which mandates the adoption of privacy management programs.

Market Dynamics

Market Growth Drivers

To promote the adoption of electronic records management tools in healthcare organizations, the UK government has launched a number of programs. For instance, the Paper Switch-Off initiative of NHS Digital seeks to do away with paper-based patient data by the year 2020.

Growing demand for effective data management: UK healthcare organizations are under pressure to securely handle and keep massive volumes of patient data. Solutions for managing electronic records efficiently and in conformity with data protection laws are available.

Moreover, patients are becoming more active in their healthcare and expect to have access to their health information and be able to connect with their healthcare providers online, which is driving up demand for patient engagement. Patients may access their information online, make appointments, and connect with their healthcare providers thanks to electronic records management technology.

Market Restraints

  1. Lack of interoperability: It is challenging for healthcare organizations to exchange data and work successfully together since electronic records management solutions from various manufacturers frequently do not connect.
  2. Cost: Especially for smaller healthcare organizations with tighter resources, implementing electronic records management systems can be expensive.
  3. Resistance to change: If a healthcare organization has been using paper-based records for a long time, it may be reluctant to change and prefer to continue with it.

Competitive Landscape

Key Players

  • Access Intelligence (GBR)
  • Agile ECM (GBR)
  • Cleardata UK Ltd (GBR)
  • EDM Group (GBR)
  • ELO Digital Office (DEU)
  • Iron Mountain (USA)
  • OpenText (CAN)
  • Ricoh UK (JPN)
  • Storetec Services Ltd (GBR)
  • Veritas Technologies LLC (USA)

Recent Developments

Focus on compliance with privacy regulations: There is a growing focus on compliance with privacy regulations such as PIPEDA and Quebec's Bill 64. This has led to an increased demand for ERMS solutions that can ensure compliance with these regulations.

Healthcare Policies and Regulatory Landscape

The Data Protection Act 2018, sets out rules for the processing of personal data and requires organizations to ensure that electronic records are accurate, up-to-date, and secure. The Freedom of Information Act 2000, the act provides public access to information held by public authorities, including electronic records. The Public Records Act of 1958, this act requires public authorities to preserve public records, including electronic records, for historical and research purposes. The General Data Protection Regulation (GDPR), this regulation, which is part of the EU data protection framework, sets out rules for the processing of personal data by organizations operating within the EU, including the UK.

The Electronic Communications Act 2000, provides legal recognition for electronic signatures and electronic records. The Digital Economy Act 2017, provides for the creation of a digital infrastructure and framework to support the management and preservation of electronic records. These regulations and laws require organizations to ensure that electronic records are managed and maintained in a secure and compliant manner and that appropriate measures are taken to protect the privacy and security of personal data. Electronic Records Management Solutions can help organizations comply with these regulations by providing tools for managing, storing, and securing electronic records, as well as ensuring that records are retained for the required periods of time.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

UK Electronic Records Management Solutions Market Segmentation

By Solution

The Electronic Records Management Solutions market can be segmented by solution into software, services, installation & integration, consulting, and training. Software solutions include ERMS software that manages electronic records across their lifecycle. Services include a range of offerings related to ERMS solutions, including implementation, customization, maintenance, and support. Installation & integration includes services related to the installation and integration of ERMS solutions with existing IT systems. Consulting services include needs assessment, business process analysis, and solution design. Training services include end-user training and system administrator training

  • Software
  • Service
  • Installation & Integration
  • Consulting
  • Training

By Deployment

On-premise solutions involve the installation and use of ERMS software on the organization's own servers and hardware infrastructure. This deployment method provides organizations with greater control over their data and systems, as well as the ability to customize the software to meet their specific needs.

Cloud-based solutions involve the use of ERMS software that is hosted on the vendor's servers and accessed over the internet. This deployment method offers organizations greater flexibility, scalability, and cost-effectiveness, as they do not need to invest in their own hardware infrastructure and can access the software from anywhere with an internet connection.      

  • On-premise
  • Cloud-based

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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  • Qualitative, acute and result oriented market analysis
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Last updated on: 19 May 2023
Updated by: Riya Doshi

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