Market Analysis
The global clinical data analytics market is touted to touch USD 11,853.6 million at a whopping 30.90% CAGR over the assessment period (2016-2022). Clinical data is an approach to transform patient care by enhancing health outcomes, improving healthcare professional and patient experiences and lowering cost. In the healthcare sector, this plays a crucial role to predict and cure diseases, that boosts up the quality of care along with nullifying preventable deaths which occur owing to negligence of few chronic diseases.
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Clinical data analytics help in upgrading patient outcomes along with minimizing the unnecessary readmissions in hospitals. This approach is shifting towards novel payment models along with the right amount of clinical data present in the EHR (Electronic Health Records). Today, a good number of healthcare experts are turning to analytics solutions for the population management solutions. With the increase in digital channels and platforms due to massive amounts being invested into security by key market players along with significant investments that are streaming into the healthcare domain constantly, the use of clinical data analytics will gain momentum during the assessment period, thereby augmenting market growth.
There are quite a lot of factors that is propelling the growth of the clinical data analytics market. These factors according to MRFR (Market Research Future) report include increasing need for cost-effective and improved healthcare, increasing advancements in technology in IoT and mHealth, increasing initiatives undertaken by the government, growing focus of people towards health management, cost benefits, the opportunity to offer patients with better quality services, the value-based care concept and pressure to reduce healthcare costs. On the contrary, factors such as software associated security and privacy issues, fragmented end-user market, unwillingness to share health information with third parties, power backup issues related to big data accessing smart devices and regulatory requirements may impede the growth of the clinical data analytics market.
Major Players:
Key players leading the global clinical data analytics market include
- Cerner
- Athenahealth
- International Business Machines Corporation
- Xerox
- McKesson
among others.
Market Segmentation
The MRFR report offers a complete segmental analysis of the clinical data analytics market on the basis of deployment model, application and end user.
Based on deployment model, it is segmented into cloud based and on-premise. Of these, on-premise will have the largest share in the market over the assessment period.
Based on application, the clinical data analytics market is segmented into precision health and reporting, compliance, clinical detection support, population health management and quality care. Of these, quality care will dominate the market over the assessment period.
Based on end-user, it is segmented into academics and research institutes, healthcare providers, pharmaceutical companies and others.
Global Clinical Data Analytics Market – Geographical Analysis
The clinical data analytics market in the North American region accounts for the largest market, globally. Factors that drive the market growth in the region include early emergence of clinical data analytics, increased focus on clinical data management and analysis for better clinical tests, the establishment of healthcare policies by federal government, and rapid technological advancement. The market is further expected to reach expected to reach USD 6,293.2 MN by 2022.
Additional factors that are propelling the growth in the regional market include increasing digital advancements in medical technology, extensive uptake of clinical data analytics, and the presence of healthcare IT companies that are quadrupling by numbers. Also, the augmenting demand for user-friendly systems alongside the importance of clinical data contributes to market growth. Simultaneously, the increasing rate of ongoing clinical trials in this region is driving the clinical data analytics market in the region.
The European region heading with the augmenting demand for useful analytics across the growing number of CMOs and CTOs, accounts for the second-largest market for clinical data analytics, globally. The market is growing with the resurging economy in the region which is undoubtedly playing an important role in increasing the size of the pharmaceutical and healthcare industries. Besides, the increasing government funding for a rising numbers of R&D activities provides impetus to the market growth in the region.
The Asia Pacific clinical data analytics market is rapidly emerging as a promising market, globally. The burgeoning healthcare sector along with the spreading awareness about the use of IT in clinical data management defines the market landscape in the region. Also, rapidly improving economic conditions along with the market penetration of healthcare technology in the region provide impetus to market growth. The region is expected to grow at a whopping CAGR of 31.42% throughout the forecast period (2018 to 2022).
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