Clinical Data Analytics Market By IBM, CARADIGM, CAREEVOLUTION, CERNER, EXPLORYS, INTERSYSTEMS, MCKENSSON, WELLCENTIVE, ATHENAHEALTH, TRUVEN HEALTH ANALYTICSM

In 2017, the global clinical data analytics market was estimated at around USD 2,900 million. The market is expected to register a CAGR of approximately 35% during 2018-2023 (the forecast period). North America, followed by Europe, accounted for the largest market in the clinical data analytics.

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Increasing Focus towards Population Health Management
Population health management is a process of collecting patient data from multiple resources connected to health information technology (IT related to healthcare services) into a single and actionable patient record. This process is gaining importance, across the globe, for various reasons, such as to identify group population by risk and to identify high-cost conditions, and improve, both, the clinical and financial outcomes. Healthcare databases, like EHR/EMR, records the patient’s clinical information for future analysis and reference. Such patient clinical database can make patients the ultimate owner of their information, in terms of accessibility from anywhere in the world. Additionally, some government agencies require this data to make better and informed policies. In this kind of a healthcare system, both, the payer and the provider (the major end users of the clinical data analytics) can use a single, common platform, and such feasibility is driving the market growth.
The introduction of government policies that mandate the use of electronic data in healthcare settings is likely to contribute to the market growth.

Key Developments in the Market
November 2017: Cerner partnered with the Amazon’s web and cloud services division. The partnership focuses on HealtheIntent, Cerner’s population health product aimed at leveraging analytics on large clinical data sets.
July 2017: IBM introduced Expanded Watson Platform for Health Cloud Capabilities and the Watson Health Consulting Services Unit at HIMSS17.
June 2017: Caradigm launched New Population Health Solutions for Accountable Care Organizations.

Major Players: IBM, CARADIGM, CAREEVOLUTION, CERNER, EXPLORYS, INTERSYSTEMS, MCKENSSON, WELLCENTIVE, ATHENAHEALTH, TRUVEN HEALTH ANALYTICSM, amongst others.

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Low Internet Penetration in the Emerging Economies
In spite of technological advancements, the developing countries are still struggling when it comes to providing better internet access to all citizens. According to a United Nations report, millions of people living in emerging countries do not have access to a broadband internet connection. This population includes 90% of those living in the poorest nations. The UN Broadband Commission reported that around 57% of the world’s population is still offline and unable to take advantage of the enormous economic and social benefits that internet can offer. Clinical data analytics is one such system that is still far from the reach of people of lower economic classes, especially in the developing and poor countries. Video-health consulting, keeping, and transferring of electronic medical records, telehealth, and remote patient monitoring are a few of the healthcare facilities, which require internet with good quality of data transfer. The average internet speed in the developing countries is nowhere near the average speed in already developed economies. Developing countries have poor standards for an internet connection to be termed as broadband, and this vastly affects the healthcare facilities using video conferencing.
There are security and privacy issues in handling and management of clinical data. Security vulnerabilities limit the transaction of clinical data across multiple platforms, which, in turn is restricting the market growth. Also, the end users of clinical analytics data are fragmented, which poses a major challenge for the market, as data collection, modification, and transfer have to be tailored specific to the needs of each end user.

North America to Dominate the Market Growth
North America accounted for the largest share of approximately 55% of the global market share. In North America, due to the availability of robust health care infrastructure, the demand for clinical data analytics is growing. The introduction of government policies on the healthcare data is also fueling the growth of this market. North America is emerging as a leader in the standardization of healthcare data, which is likely to facilitate the seamless transfer and manipulation of clinical data across various platforms.

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