Market Highlights
As mentioned in the Market Research Future reports, the Global Clinical Data Analytics Market 2020 will be swelling at a healthy growth rate of 30.90% CAGR during the forecast period 2014-2022. Over this period, the market will be appreciated at around USD 26,586.99 million with the growth rate, which will also include COVID 19 pandemic crisis.
Clinical Data Analytics Boomers & Decliners
A clinical data analyst is a healthcare information professional to verify the validity of scientific experiments and gathered data from research. The purpose of these data analytics is to check processes and protocols that are followed that perquisite the quality and efficiency of care. Clinical data analytics in the healthcare industry plays a high-flying role in curing and predicting diseases, which swell the quality of care and nullifies preventable deaths that occur owing to the negligence of some chronic diseases.
The accessibility of new technology and software, such as the Internet of Things (IoT) and mHealth, has provided the patients with the easiness of access to a range of services. With the aid of these solutions, patients can track their health data and share it with their healthcare professionals for any further treatment. These factors have committed to being prime factors leading the market considerably.
MRFR further digs information that the rising number of healthcare groups is currently looking toward analytics solutions for efficient population health management, which is expected to surge the demand for clinical data analytics in the forecast period. In fact, escalating security breaches and data theft, coupled with low internet penetration in developing countries, are also expected to restrain the market over the forecast period.
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Segment Review
The global clinical data analytics market is studied for the segments of the deployment model, application, and end-user.
Based on the segment of the deployment model, the market has included on-premise and cloud-based. The on-premise segment grabbed a market value of USD 2356.2 million in 2016.
Based on the segment of the application, the market has included population health management, quality care, precision health, clinical decision support, and reporting & compliance.
Based on the segment of end-user, the market includes healthcare providers, pharmaceutical companies, and academics & research institutes.
Regional Framework
North America leads the global clinical data analytics market. The largest market share attributes to the rising advances in information technology and the early adoption of advanced healthcare IT. Besides, the strapping presence of many big data companies and well-established healthcare sectors in the region encourage market development. Additionally, the federal government’s reforms of healthcare policies and augmented focus on big data management validate the clinical data analytics market.
Europe poses second in the worldwide clinical data analytics market as rising medical expenses and demand to curb rising healthcare costs drive the growth. Rising per capita medical expenditures also drive the clinical data analytics market in the region. Besides, the incidence of better healthcare facilities and hasty advancements in healthcare IT drive the regional market’s expansion. The European clinical data analytics market is estimated to generate a significant revenue pocket during the estimated period.
Top Market Players
The top players in the global clinical data analytics market are listed as Cerner (US), Athenahealth, Inc. (US), McKesson (US), International Business Machines Corporation (US), and Xerox (US). Some of the top strategies followed by the players operating in the global clinical data analytics market were product development, innovation, mergers, acquisition, and expansion.
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