Australia Electronic Records Management Solutions Market Report 2022 to 2030

Australia Electronic Records Management Solutions Market Analysis

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Australia's 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. Australia's electronic records management solutions market is growing as there is a rising need for effective digital data management in businesses across various sectors, including healthcare, government, and financial services. The key market players are Objective Corporation (AUS), RecordPoint (AUS), ELO Digital Office Australia (AUS), DocuWare Australia (AUS), OpenText (AUS), and others.

ID: IN10AUDH069 CATEGORY: Digital Health GEOGRAPHY: Australia AUTHOR: Chandani Patel

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Australia Electronic Records Management Solutions Market Executive Summary

Australia's 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 cost of healthcare accounts for a considerable amount of Australia's GDP. The Australian Institute of Health and Welfare estimates that the total cost of healthcare in 2019–20 was around AUD 201.5 Bn. Spending on hospital services, general healthcare, prescription drugs, and senior care services are all included in this.

In the healthcare sector, electronic records management solutions (ERMS) are essential because they simplify administrative processes, enhance patient care, and guarantee the secure and effective handling of patient data. For a variety of tasks in the healthcare industry, such as electronic health records (EHRs), clinical documentation, patient scheduling, and billing, ERMS systems are employed.

Australia's healthcare industry has seen an increase in the use of ERMS in recent years, with more healthcare organizations and providers adopting these solutions. The growing pressure on healthcare professionals to increase patient outcomes and service quality while lowering costs and boosting efficiency is one of the major factors influencing this trend.

The Australian government has also started a number of programs to encourage the use of ERMS in healthcare. For instance, the National Digital Health Strategy 2018–2022, developed by the government, intends to guarantee that all Australians can access digital health services and that healthcare professionals can access accurate and secure health data. The government has also created the online My Health Record system. The future looks promising for the industry with the continued development of new technologies and attempts to promote the use of ERMS in healthcare.

Market Dynamics

Market Growth Drivers

There is a rising need for effective management of digital data in businesses across a range of sectors, including healthcare, government, and financial services. The National Digital Economy Strategy and the Digital Continuity 2020 strategy, two initiatives by the Australian government to strengthen data management procedures, are also encouraging the adoption of ERMS solutions. Additionally, the market in Australia is expanding as more people become aware of the advantages of ERMS, such as enhanced accessibility, security, and compliance.

Market Restraints

The growth of the ERMS market in Australia is also being constrained by a number of factors. Lack of standardization and compatibility among various ERMS systems is one of the key issues, making it difficult for organizations to communicate data across many platforms.

Another difficulty is the high cost of ERMS solution implementation, which can be an obstacle for small and medium-sized businesses (SMEs) who do not have the resources to invest in such solutions. The use of ERMS solutions in Australia is also being constrained by worries about data security and privacy, as well as by compliance with laws like the General Data Protection Regulation (GDPR).

Competitive Landscape

Key Players

Objective Corporation (AUS)
RecordPoint (AUS)
ELO Digital Office Australia (AUS)
DocuWare Australia (AUS)
OpenText (AUS)
M-Files Corporation (AUS)
HP Australia (AUS)
Fujitsu Australia (AUS)
iCognition (AUS)
InfoTrack (AUS)
Advance Record Management (AUS)
Access Records Management (AUS)
Recall Australia (AUS)
ZircoDATA (AUS)
Grace Information Management (AUS)

Recent Developments

September 2020: To accelerate its growth in the ERMS sector, RecordPoint announced that it had raised AUD 40 million in a fundraising round led by US venture capital company Bailey Asset Management.

Healthcare Policies and Regulatory Landscape

Electronic records management systems (ERMS) are governed by a number of laws and policies in Australia. The following are some of the principal laws that businesses must follow while putting ERMS solutions in place:

The APPs (Australian Privacy Principles): The APPs are a series of 13 guidelines that control how the Australian government and commercial sector organizations handle personal information. Personal information must be gathered, utilized, and shared in compliance with the legislation, and ERMS solutions must be created to comply with the APPs.

The Archives Act of 1983 (Cth) lays out the guidelines for the management of Commonwealth archives, including their creation, upkeep, and destruction. The ability to manage records in compliance with the specifications of the ERMS solutions.

The requirements for the handling of digital information by Australian government agencies are outlined in the Digital Continuity 2020 Policy, which is a whole-of-government directive. The policy must be followed, and ERMS systems must support the long-term preservation of digital documents.

ISO 15489: ISO 15489 is a global standard that offers recommendations for record-keeping procedures in businesses. ERMS solutions should be created in accordance with the standards' guiding concepts and specifications.

The Health Records Act of 2001 (Victoria) lays forth the guidelines for the management of health records in that state. ERMS must be built to adhere to the Act's specifications. The Notifiable Data Breaches Scheme is a law that requires Australian businesses to alert the Office of the Australian Information Commissioner (OAIC) and any impacted individuals if a data breach is likely to cause substantial harm. The identification and reporting of data breaches must be supported by ERMS solutions.

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

Australia 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

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.