Global Clinical Data Analytics Market to Reach US$ 253.2 Billion by 2032, Impelled by Significant Growth in Healthcare Industry

July 20, 2022 | Healthcare

According to the latest report by IMARC Group, titled “Clinical Data Analytics Market Report by Solution (Software, Services), Deployment Mode (Cloud-Based, On-Premises), Application (Quality Improvement and Clinical Benchmarking, Clinical Decision Support, Regulatory Reporting and Compliance, Comparative Analytics, Precision Health), End User (Pharmaceutical Companies, Healthcare Organizations, Research Organizations, Government Organizations), and Region 2024-2032," the global clinical data analytics market reached a value of US$ 20.0 Billion in 2023. 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.

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$ 253.2 Billion by 2032, exhibiting a CAGR of 31.6% during 2024-2032.

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Solution, Deployment Mode, Application, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Clinical Data Analytics Market to Reach US$ 253.2 Billion by 2032, Impelled by Significant Growth in Healthcare Industry

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