According to the latest report by IMARC Group, titled “Clinical Data Analytics: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global clinical data analytics market reached a value of US$ 10.8 Billion in 2021. Clinical data analytics refers to the process of collecting, analyzing, reporting, and transforming structured and unstructured medical data into a standardized, single ecosystem in real-time. It is widely adopted across healthcare organizations to retrieve data concerning different aspects of system performance, such as population health, patient outcomes, and clinical quality. The implementation of clinical analytics in organizations has led to reduced medication errors, improved population health, and cost savings for many organizations. Clinical data analytics also assists healthcare providers in offering clinical decision support, enhancing care coordination, and improving population health and patient wellness.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Clinical Data Analytics Market Trends:
The widespread utilization of electronic health records (EHRs) due to the rising digitization in the healthcare industry across the globe is creating a positive outlook for the market. Clinical data analytics is widely used to improve care, enhance patient outcomes, streamline information, and minimize human errors. In line with this, the introduction of m-health apps, in confluence with the rising emphasis on high-quality personalized care in hospitals and clinics, is further favoring the market growth. Apart from this, the rising demand for cloud-based solutions, owing to their intuitive advantage that enables archiving and the use and analysis of patient records, information, and history with ease, are providing an impetus to the market growth. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) to discover patterns and offer predictions about patient preferences is positively influencing the market growth. Other factors, including the increasing prevalence of chronic diseases, the implementation of various government initiatives to improve the overall quality of patient care, and the significant growth in healthcare infrastructure, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 77.3 Billion by 2027, exhibiting a CAGR of 38.7% during 2022-2027.
- On the basis of the solution, the market has been bifurcated into software and services.
- Based on the deployment mode, the market has been divided into cloud-based and on-premises.
- On the basis of the application, the market has been categorized into quality improvement and clinical benchmarking, clinical decision support, regulatory reporting and compliance, comparative analytics and precision health.
- Based on the end user, the market has been divided into pharmaceutical companies, healthcare, research and government organizations.
- On the basis of region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Allscripts Healthcare Solutions Inc., CareEvolution LLC, Cerner Corporation, Health Catalyst, International Business Machines Corporation, InterSystems Corporation, Koninklijke Philips N.V., Medeanalytics Inc., Sisense Inc., UnitedHealth Group Incorporated and Xerox Holdings Corporation.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal