The global clinical data analytics market size was around USD 10.9 Bn in 2022 and is likely to reach USD 77.5 Bn by 2031, expanding at a CAGR of 38.8% during 2023 – 2031. The market growth is attributed to the increasing healthcare costs and the rise in the endorsement of electronic health records (EHRs).
Clinical data analytics is the procedure of observing ongoing and historical data to improve outreach, predict trends, and prevent the advancement of diseases. It aims to decrease medication expenses for patients; thus, they visit the hospital without any second thought.
Clinical data is essential for administrators to learn more about their service. It helps practitioners to estimate which area of their service needs to improve. Furthermore, it offers detailed information regarding success rates and treatment effectiveness.
The COVID-19 pandemic has affected the daily life of people and several businesses. Nonessential medical care is closed down, due to the outbreak of the pandemic. Customized healthcare for serious disease monitoring, fitness measurements, and health tracking devices have high demand globally. The clinical data analytics market is expected to face loss, due to the lockdown and several restrictions imposed by the government to prevent the outbreak.
Clinical Data Analytics Market Dynamics
Key Trends
The launch of mHealth apps in combination with the growing significance of high-grade individualized care in hospitals is boosting the market. According to NCBI, data analytics and artificial intelligence are applied to m-health for providing an efficient healthcare system. Currently, around 40,000 medical-based mobile apps and more than 500 projects are available for m-health globally.
As per Healthcare Information and Management Systems Society (HIMSS), clinical data is not only forthcoming from electronic health records (EHR) anymore, as patient portals, apps, and other techniques help in collecting valuable data.
Major Drivers
The rising cases of cardiac diseases are anticipated to drive market growth during the forecast period. The expansion of electronic data recording systems and the increasing participation of doctors, patients, and systems that the market is experiencing also contributes to the market expansion. Clinical data analytics is useful to prevent diseases by recognizing it at the initial stage and early treatment is made easy for organizations and doctors.
Existing Restraints
Privacy concern is the main disadvantage in clinical data analytics. Adjusting patient data, monitoring them, and tracking medical inventory is expected to affect the market growth, as it visualizes delicate information about the patient. Moreover, data security concerns and the inadequacy of skilled individuals are expected to restrain market growth. Managing clinical data needs special skills and statistical knowledge, thus lack of qualified professionals is anticipated to hamper the market growth.
Emerging Opportunities
Rising requirements for specialized medicine and growing awareness about health issues are likely to create lucrative opportunities for the market players. The demand for the clinical data analytics market is increasing, owing to less cost of healthcare services and the rapid growth of quality services.
Scope of Clinical Data Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Clinical Data Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023–2031
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Segmentation
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Deployment Mode (Cloud-based and On-Premise), Type (Predictive, Prescriptive, Diagnostic, and Cognitive Analytics), and End-user (Research Organizations, Pharmaceutical Companies, Government Organizations, and Healthcare Organizations)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sisense Inc.; InterSystems Corporation; Cerner Corporation (Oracle); IBM; CareEvolution, LLC; and Veradigm LLC
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Clinical Data Market Segment Insights
Based on the deployment mode, the clinical data analytics market is divided into cloud-based and on-premises. The on-premise segment is projected to expand at a significant growth rate during the projection period. All hospital data that is stored on a physical server and is only accessible within the healthcare organization is called the on-premise segment.
Cloud-based analytics allows flexibility and scalability. It simplifies technology that benefits healthcare such as mobile apps, electronic medical records, patient portals, big data analytics, and others. Healthcare professionals require to expand data storage and network demands as per the service requirements. Cloud-based analytics can increase or decrease the data storage needs as per the clinical data analytics requirement. Thus, the growing requirement for healthcare cloud-based analytics boosts the market growth in the coming years.
On the basis of type, the global clinical data analytics market is segregated into predictive, prescriptive, diagnostic, and cognitive analytics. The predictive segment is projected to register a considerable CAGR during the forecast period. Predictive analytics depends on artificial intelligence and big data. It collects a huge amount of patient data from electronic health records (EHR), and insurance claims, and processes it by searching for patterns.
With the help of predictive analytics, healthcare organizations receive new patients through individualized campaigns. Healthcare Predictive analytics identifies patients with ideologies stating a huge possibility of readmission, owing to that doctors are expected to set aside further resources and look into individualized discharge protocols to avoid immediate turnaround.
A healthcare network facility named UnityPoint Health tried to figure out why every patient is readmitted to the hospital. When asked the same question, the answer differs from not being able to book follow-up appointments to not having the means to buy medicines. UnityPoint Health combined these answers into a predictive analytic model that allows readmission risk scores for all visiting patients. UnityPoint Health is expected to cut down readmissions by 40% within 18 months by opening predictive analytic tools.
Based on end-user, the clinical data analytics market is segmented into research organizations, pharmaceutical companies, government organizations, and healthcare organizations. The pharmaceutical companies segment is expected to register a rapid growth rate during the forecast period. Pharmaceutical companies are adopting clinical data analytics to improve their digital marketing strategies.
Based on consumer requirements, several companies manufacture products for that particular field of audience. It is contributing to predictive analytics which is a very evolving technique, which identifies drugs with the ability to get approved and developed.
In terms of region, the global clinical data analytics market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market, during the projection period. This growth is attributed to the presence of significant companies in the region and the rising number of diseases.
According to NCBI, North America shows significant market growth for medical devices, followed by Asia Pacific. Medical devices generate huge clinical data which is differentiated by the help of clinical data analytics. Moreover, the universal growth in health consciousness among consumers and the expansion of chronic diseases led to the adoption of cloud analytics to upgrade efficiency.
The market in Asia Pacific is expected to register a considerable CAGR during the forecast period, due to the rapidly growing healthcare sector in the region. The rapid growth in the adoption of advanced technology to gain better diagnostics approaches and insurance planning concerning patient health. Governments in emerging economies such as India and China are heavily investing in medical devices for better treatment of patients can drive the global market in the coming years.
Segments
The clinical data analytics market has been segmented on the basis of
Deployment mode
Type
- Predictive
- Prescriptive
- Diagnostic
- Cognitive Analytics
End-user
- Research Organizations
- Pharmaceutical Companies
- Government Organizations
- Healthcare Organizations
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Sisense Inc.
- InterSystems Corporation
- Cerner Corporation (Oracle)
- IBM
- CareEvolution, LLC
- Veradigm LLC
Competitive Landscape
Key players competing in the global clinical data analytics market are Sisense Inc.; InterSystems Corporation; Cerner Corporation (Oracle); IBM; CareEvolution, LLC; and Veradigm LLC.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide.
- In May 2022, IBM offers a safe and secure platform experience through Watson Analytics. Moreover, IBM Watson provides a cloud-based platform to enhance clinical trial processes and drug discovery.
- In April 2022, Cerner Corporation executed more than 161 new and extended contracts. This includes 11 new clients who chose Cerner technology and products. Cerner Corporation is one of the leading Healthcare IT service providers offering retail pharmacies, hardware, and software to medical centers, and long-term care facilities.
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