According to the latest report by IMARC Group, titled “Clinical Data Analytics Market: 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. Looking forward, IMARC Group expects the market to reach US$ 77.3 Billion by 2027, exhibiting at a CAGR of 38.7% during 2022-2027.
Clinical data analytics modifies structured and unstructured medical data into a single, standardized ecosystem in real-time. It includes collection, retention, and analysis of sensitive clinical data to improve its effectiveness, thus assisting caretakers in providing preventive and customized care to patients, thereby improving overall patient health. It offers numerous advantages, including enhanced medication selection and targeted therapy, increased patient compliance, helps in developing novel therapeutic strategies and promotes consistency in treatment and optimal outcomes. It also assists in the early detection of diseases, prevents unnecessary doctor visits, provides precise results of patient tests, minimizes medication errors and reduces administrative costs while increasing revenues. It is extensively utilized by health organizations across the globe to retrieve data concerning different aspects of health system performance, such as population health and clinical quality.
The increasing adoption of electronic health records (EHRs) across the healthcare sector is driving the global market. Along with this, the growing initiatives and support by the governments of several countries to increase the adoption of EHR is propelling the market. Moreover, the rising investments in clinical studies of new drugs due to the growing prevalence of chronic diseases are fuelling the demand. Apart from this, the penetration of big data in the healthcare industry, a growing focus on collecting and analysing data, technological innovations and the impact of social media on the healthcare industry are supporting the overall demand for clinical data analytics. Besides this, the rising demand for new therapies is favorably impacting the clinical data analytics market.
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Furthermore, continuous technological advancements, such as the introduction of mHealth and the escalating utilization of cloud-based analytics and the internet of things (IoT) that enable patients to track their health records, thereby impacting the market growth favorably. Apart from this, several health organizations are integrating clinical data analytics to address the challenges of changing governmental regulations while lowering healthcare costs and improving the overall quality of patient care, this providing a thrust to the market. Moreover, numerous leading players are leveraging advanced technologies to develop highly sophisticated and effective tools is creating a positive market outlook. Other factors, such as extensive research and development (R&D) activities, increasing healthcare expenditures, and inflating disposable incomes of the masses, are also influencing the market.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles 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
- Xerox Holdings Corporation.
Breakup by Solution:
Breakup by Deployment Mode:
Breakup by Application:
- Quality Improvement and Clinical Benchmarking
- Clinical Decision Support
- Regulatory Reporting and Compliance
- Comparative Analytics
- Precision Health
Breakup by End User:
- Pharmaceutical Companies
- Healthcare Organizations
- Research Organizations
- Government Organizations
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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