Clinical Data Analytics market demand to increase rapidly by 2023

Market Scenario

The global clinical data analytics market is considered to garner USD 11,853.6 million with 30.90% CAGR during the forecast period (2016-2022) owing to the surging technological advancements in mHealth, asserts Market Research Future (MRFR). A brand-new approach, clinical data analytics is shifting towards new payment modes and the absolute amount of clinical data stored in Electronic Health Records

(EHR). Healthcare professionals are opting for analytic solutions for population management solutions.

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Drivers and Constraints Impacting the Market

The healthcare sector has experienced a paradigm shift in the last few years owing to the high adoption of electronic health records (EHRs), which has resulted in the integration of the digital world with the physical. This has further resulted to a seismic shift in the quality and volume of clinical data. The integration of analytics has benefitted the healthcare industry in several ways. The healthcare sector has been facilitated with the benefit to record datasets and valuable information ranging from patient preferences, therapies to medical history and procedures which has been proven to be effective in treating injuries and diseases. Additionally, provision of evidence-based treatments offered to the patients, feasibility of preventive care over reactive care, and facility of personalized care are some of the factors considered to push the market growth during the appraisal period. Moreover, clinical analytics minimizes the avoidable readmissions and upgrades patient outcomes, and also enables the hospitals to shift towards value-based quality of care. Such factors are estimated to fuel the market growth in the coming years.

On the flip side, some of the developing countries are still struggling to offer better internet facilities to their citizens, who are unable to take the advantage of the social and economic benefits offered by the internet. People belonging to the lower economic classes in the poor and developing countries are still devoid of clinical data analytics. Moreover, privacy and security issues in managing and handling of clinical data are among the serious concerns likely to slow down the market growth.

Segmental Analysis

The market for clinical data analytics has been segmented on the basis of deployment model, application and end users. By deployment model, the segmentation comprises of on-premise and cloud based. On the basis of application, the market is segmented into population health management, quality care, precision health, clinical detection support, reporting, and compliance. By end user, the market is segmented into healthcare providers, pharmaceutical companies, academics & research institutes and others. The regions encompassed in the study are North America, Europe, Africa, Asia Pacific, and the Middle East.

Regional Insights

Geographically, the clinical data analytics market has been studied under regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.

Among all the regions, the Asia Pacific region is estimated to experience the fastest growth rate at a CAGR of 31.42%. The growth is mainly credited to the adoption of big data analytics by the healthcare providers. China is considered as the hotspot for clinical data analytics in this region owing to the accelerating patient population, augmenting opportunity in the pharmaceutical industry, and rising drug development cost. Contract research organizations, multi-national pharmaceutical companies, service providers, and academic institutions have taken the advantage of the regulatory changes made recently in China in order to establish their presence in the industry. This has highly influenced the market growth in this region.

The North American region occupies the largest market share and is anticipated to garner USD 6,293.2 million by the end of 2022. The growth is credited to the emanation of big data in the healthcare sector, growing clinical data management for improved healthcare outcomes, establishment of healthcare policies the by government, and surging technological developments along with R&D for precision medicines.

Industry Updates

March 2018: MedConnect and Clinigence has recently partnered in order to provide improved value-based programs for clinical data analytics. Such products help in risk mitigation since they keep maturing.

Competitive Dashboard

The prominent players operating the global clinical data analytics market are International Business Machines Corporation (U.S.), Cerner (U.S.), McKesson (U.S.), Xerox (U.S.), Athenahealth Inc. (U.S.), and others.

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Industry Updates:

Aug 2018 Nuance Communications Inc. recently revealed the general availability of a cloud-based version of its mPower Clinical Analytics platform for radiology. The mPower Clinical Analytics will help radiologists improve performance improvement strategies via industry benchmarks and best practices.

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