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Clinical Data Analytics Solutions Market Trends and Growth Outlook 2024
Clinical Data Analytics Solutions Market Trends
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According to The Business Research Company's, The clinical data analytics solutions market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to growth in demand for mitigating the risk of failures in clinical studies, adoption of clinical data analytics, growth in focus on personalized medicine, and increased volume of clinical data, and increasied number of drug approvals.
The clinical data analytics solutions market size is expected to see rapid growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to the increasing need for advanced technologies, the growing number of clinical trials, the rising prevalence of chronic diseases, the increasing focus on population health management, the rise in personalized patient care, rising demand for new diagnostic tests and medical treatments. Major trends in the forecast period include clinical data analytics solutions, the introduction of AI-powered clinical data analytics systems, innovative technologies for patient care, and innovation in medical imaging technology.
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Market Drivers and Trends:
The increasing number of cardiovascular disease patients is expected to propel the growth of the cardiovascular information system market going forward. Cardiovascular disease (CVD) refers to a group of conditions that involve narrowed or blocked blood vessels, which can lead to various complications such as heart attacks, chest pain (angina), or strokes. Cardiovascular disease, encompassing a range of heart and blood vessel issues, has become a prevalent health concern globally. The leading cause of the increase is the presence of risk factors such as high blood pressure, high cholesterol levels, smoking, obesity, diabetes, and a sedentary lifestyle. Cardiovascular information systems (CVIS) efficiently manage patient data, enhance communication among healthcare professionals, and support quicker and more informed decision-making in diagnosis and treatment. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based governmental organization, the prevalence of coronary heart disease among adults aged 18 and over was 4.6% in 2020, showing a slight increase to 4.9% in 2021. Therefore, the increasing number of cardiovascular disease patients is driving the growth of the cardiovascular information system market.
Major companies operating in the clinical data analytics solutions market are focusing on the introduction of innovative solutions, such as SaaS-based platforms, to bring modern data and analytics approaches to clinical trial data processes. The SaaS-based platform automates the delivery of data intelligence to clinical trial workflows, empowering stakeholders to make smarter decisions about study design, site selection, site risk, and targeted deployment of monitoring resources. For instance, in June 2021, Iqvia Holdings Inc., a US-based healthcare company, launched the Clinical Data Analytics Suite (CDAS), a new SaaS-based platform that combines structured and unstructured data from clinical trials into a single, standardized setting for easier access and use. This produces a scalable repository that helps meet regulatory requirements, enabling stakeholders to investigate operational and clinical data. CDAS automates the transmission of data intelligence to clinical trial workflows, allowing stakeholders to make more informed decisions about study design, site selection, site risk, targeted deployment of monitoring resources, and other factors.
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Major Key Players of the Market:
UnitedHealth Group, Alphabet Inc., McKesson Corporation, Microsoft Corporation, Optum Inc., Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Hewlett-Packard Company, Siemens Healthineers, Koninklijke Philips N.V, GE Healthcare Technologies Inc., Dassault Systemes SE, Change Healthcare, SAS Institute Inc., Hitachi Vantara Corporation, Teradata, Cotiviti Inc., Allscripts Healthcare LLC, Inovalon Holdings Inc., Keyrus Life Science, Health Catalyst Inc., Komodo Health, MedeAnalytics Inc., arcadia.io, Inspirata Inc., Truven Health Analytics Inc.
Clinical Data Analytics Solutions Market 2024 Key Insights:
• The clinical data analytics solutions market size is expected to see rapid growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• The Impact of Chronic Disease Prevalence On The Clinical Data Analytics Solutions Market
• Rise Of SaaS-Based Platforms In Data Analytics Solutions
• North America was the largest region in the clinical data analytics solutions market in 2023
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