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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Clinical data analytics transforms structured and unstructured medical data into a single, standardized ecosystem in real-time. It relies on sophisticated machine learning (ML) analysis to generate predictive and hidden insights. It assists healthcare providers in making informed decisions, providing clinical decision support, improving population health, enhancing care coordination, and improving patient wellness. As a result, it is widely adopted by health organizations across the globe to retrieve data concerning different aspects of health system performance, such as patient outcomes, population health, and clinical quality. Besides this, it can help reduce medication errors, minimize administrative costs, and increase revenues.
Clinical Data Analytics Market Trends:
The increasing usage of electronic health records (EHRs) on account of rapid digitization in healthcare management has led to vast amounts of clinical data. This represents one of the key factors driving the need for clinical data analytics to streamline information and minimize human errors. This can also be attributed to the increasing application of EHR solutions in improving patient care coordination and accessing information in real-time due to a significant impact of coronavirus disease (COVID-19) on healthcare infrastructure worldwide. Apart from this, the emergence of m-health apps, in confluence with the increasing emphasis on high-quality personalized care in hospitals, is contributing to the market growth. Moreover, 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. Besides this, rising investments in clinical studies of new drugs due to the growing prevalence of chronic diseases are anticipated to positively influence the demand for clinical data analytics across the globe.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global clinical data analytics market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution, deployment mode, application and end user.
Breakup by Solution:
Breakup by Deployment Mode:
Breakup by Application:
Quality Improvement and Clinical Benchmarking
Clinical Decision Support
Regulatory Reporting and Compliance
Breakup by End User:
Breakup by Region:
Middle East and Africa
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 and Xerox Holdings Corporation. Key Questions Answered in This Report:
How has the global clinical data analytics market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global clinical data analytics market?
What are the key regional markets?
What is the breakup of the market based on the solution?
What is the breakup of the market based on the deployment mode?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global clinical data analytics market and who are the key players?
What is the degree of competition in the industry?