The revenue in the clinical data analytics market was approximately US$ 15,100.1 million in 2022. It’s anticipated to grow to around US$ 18,769.4 million in 2023. Moreover, due to increasing adoption in the healthcare sector, the demand for clinical data analytics is expected to experience significant growth, with a projected CAGR of 25.9% between 2023 and 2033. This growth is estimated to lead to a total market value of US$ 188,305 million by 2033.
Clinical data analytics is growing in importance as healthcare is moving more toward technology. As clinical data and patient records move online, many healthcare organizations are now looking for analytics solutions for efficient client health management.
Clinical data analytics help organizations to save costs and facilitate important healthcare procedures like clinical trials and data management.
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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.
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 from Clinical Data Analytics Market Report:
- 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.
Leading Key Players:
- 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
- CareCloud Corporation
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Clinical Data Analytics Market Segmentation:
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
- The Middle East and Africa (MEA)
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