Clinical Data Analytics Market Size Is Projected to Reach USD 26,586 Million at a 30.9% CAGR By 2025

Clinical Data Analytics Market Analysis

The Global Clinical Data Analytics Market is projected to reach USD 11,853.6 million at a 30.9% CAGR over the assessment period. Clinical data is an approach to transform patient care by enhancing health outcomes, improving healthcare professional and patient experiences and lowering cost. In the healthcare sector, this plays a crucial role to predict and cure diseases, that boosts up the quality of care along with nullifying preventable deaths which occur owing to negligence of few chronic diseases. Clinical data analytics help in upgrading patient outcomes along with minimizing the unnecessary readmissions in hospitals.

This approach is shifting towards novel payment models along with the right amount of clinical data present in the EHR (Electronic Health Records). Today, a good number of healthcare experts are turning to analytics solutions for the population management solutions. With the increase in digital channels and platforms due to massive amounts being invested into security by key market players along with significant investments that are streaming into the healthcare domain constantly, the use of clinical data analytics will gain momentum during the assessment period, thereby augmenting market growth.

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There are quite a lot of factors that is propelling the growth of the clinical data analytics market. These factors according to MRFR (Market Research Future) report include increasing need for cost-effective and improved healthcare, increasing advancements in technology in IoT and mHealth, increasing initiatives undertaken by the government, growing focus of people towards health management, cost benefits, the opportunity to offer patients with better quality services, the value-based care concept and pressure to reduce healthcare costs. On the contrary, factors such as software associated security and privacy issues, fragmented end-user market, unwillingness to share health information with third parties, power backup issues related to big data accessing smart devices and regulatory requirements may impede the growth of the clinical data analytics market.

Clinical Data Analytics Market Segmentation

The MRFR report offers a complete segmental analysis of the clinical data analytics market based on deployment model, application and end user.

Based on deployment model, the clinical data analytics market is segmented into cloud based and on-premise. Of these, on-premise will have the largest share in the market over the assessment period.

Based on application, the clinical data analytics market is segmented into precision health and reporting, compliance, clinical detection support, population health management and quality care. Of these, quality care will dominate the market over the assessment period.

Based on end-user, the clinical data analytics market is segmented into academics and research institutes, healthcare providers, pharmaceutical companies and others.

Clinical Data Analytics Market Regional Analysis

By region, the clinical data analytics market covers growth opportunities and latest trends across Americas, Europe, Asia Pacific and Middle East and Africa. Of these, North America will have precedence in the clinical data analytics market over the assessment period and is projected to touch USD 6,293.2 million by 2022. The various factors that can be attributed towards the growth of the market in this region include big data emanation in healthcare, rise in clinical data management for improved healthcare outcomes, healthcare policies established by the government, growing R&D for precision medicines and increasing advancements in technology. The clinical data analytics market in Europe will have the second major share. In the APAC region, the clinical data analytics market is projected to expand at the fastest pace owing to rising awareness concerning the utilization of big data analytics via the healthcare providers.

Clinical Data Analytics Key Players

Leading players profiled in the clinical data analytics market include Xerox (U.S.), McKesson (U.S.), Cerner (U.S.), International Business Machines Corporation (U.S.) and Athenahealth Inc. (U.S.).

DrChrono Inc., is offering a novel, comprehensive trial of its cloud based, mobile EHR platform for free. This will also comprise of practice management features to help medical practices of every size to test the full solution of the platform.

UnitedHealth Group is all set to come up with an EHR (electronic health records) system which will be developed internally. This EHR platform will be fully portable and fully individualized by leveraging the company's current mobile wellness platform, Rally.

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