According to Future Market Insights (FMI), the global clinical data analytics is anticipated to grow at a CAGR of 25.7% during the forecast period, totaling a market valuation of US$ 15.1 Bn in 2022 and US$ 150.6 Bn by the end of 2032.
Clinical data analytics plays a prominent role in healthcare institutions by reducing medication errors, improving population health, and saving costs. It makes use of real time medical data to generate insights, make decisions, increase revenues, save costs, and eventually improve patient care.
Healthcare organizations and practitioners can obtain thorough models for reducing costs and patient risk through the application of predictive and prescriptive analytics. In addition to the advantages for patients, health data analytics can lower fraud and stop equipment malfunctions.
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Any information about a patient’s or population’s health is considered to be health information. This data is acquired from various health information systems (HIS) and other technical tools used by government agencies, insurance providers, and healthcare professionals. In recent years, the process of gathering data in healthcare settings has been streamlined.
In addition to assisting in bettering daily operations and patient care, the clinical data analytics may now be used more effectively in predictive modelling. Providers can utilize datasets to track trends and make forecasts rather than just looking at historical or current data.
Organizations can now take preventative action and monitor the results. The cost of healthcare is high and the overall cost of those expenses just keeps rising. Such factors are expected to fuel the demand for clinical data analytics solutions.
Key Takeaways: Clinical Data Analytics Market
- By solution, the services segment is expected to grow at a CAGR of 6% during the forecast period of 2022-2032.
- Based on application, the clinical decision support segment accounted for 3% share in the clinical data analytics market.
- By end users, the adoption of clinical data analytics solutions from payers is anticipated to grow at a CAGR of 3% between 2022 & 2032.
- North America is expected to lead the market while South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
- Sales in India are anticipated to grow a 6% CAGR during the forecast period.
- The U.S. accounted for around 6% share of the North America clinical analytics market in 2021.
“Clinical data analytics assist doctors in better understanding the health status of the people they are treating as well as in providing better care for their medical issues. Depending on the data involved, the information’s users, or the actions taken at the discretion of the decision-maker, the technology may change. This is expected to fuel the demand for clinical data analytics solution” says FMI analyst.”
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Rise in Adoption of Big data in Healthcare Organizations
Big Data Analytics (BDA) is receiving a lot of attention as a result of its creative influence on strategic development and decision-making in the healthcare industry. Due to the employment of cutting-edge technology, the volume of data pertaining to healthcare organizations has increased significantly in recent years and is anticipated to do so in the coming years.
Pay-for-performance is a new factor in the contemporary healthcare environment, and healthcare reimbursement mechanisms are also changing. Big data includes features like variety, speed, and veracity. The vast amount of patient-related medical data currently available can be used with BDA approaches to analyze results and enhance the healthcare industry.
Who is Winning?
Leading clinical data analytics solution providers are adopting strategies such as new product launches, mergers, acquisition, partnerships, and collaborations to expand their customer base as well as to improve their revenue share.
McKesson Corporation, Optum, Inc., IBM, Oracle, SAS Institute, Inc., IQVIA, Verisk Analytics, Inc., Elsevier, Medeanalytics, Inc., Truven Health Analytics, Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Medical Information Technology Inc., Qsi Management LLC, and CareCloud Corporation are some of the ley players operating in clinical data analytics space.
More Valuable Insights on Clinical Data Analytics Market
FMI’s report on the clinical data analytics industry research is segmented into four major sections – by solution (platform (cloud-based, and on-premise) and services (consulting services, integration and implementation services, and support and maintenance services)), application (clinical decision support, precision health, quality improvement and clinical benchmarking and regulatory reporting and compliance), end users (payers, providers, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the clinical data analytics demand outlook.
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Clinical Data Analytics Outlook by Category
By Solution:
- Clinical Data Analytics Platform
- Cloud-Based
- On-Premise
- Services
- Consulting Services
- Integration and Implementation Services
- Support and Maintenance Services
By Application:
- Clinical Decision Support
- Precision Health
- Quality Improvement and Clinical Benchmarking
- Regulatory Reporting and Compliance
- Others
By End Users:
- Payers
- Providers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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