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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.
Market Summary:
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