Clinical Data Analytics Market Size To Hit USD 50.7 Bn By 2027
Clinical Data Analytics Market Size, Share, Trends & Growth Forecast To 2027.
HYDERABAD, TELANGAANA, INDIA, August 29, 2022 /EINPresswire.com/ — As per the report published by MarketDataForecast, the global market for clinical data analytics is expected to grow at a CAGR of 44.79% from 2022 to 2027, and the market size is predicted to grow from USD 8 billion in 2022 to USD 50.7 billion by 2027.
Clinical analytics is a which maintains the patient’s medical records and makes predictions based on the data. The insights and foresight based on collected data can help lower healthcare expenditure and provide better-personalized care to patients. Clinical analytics uses data from electronic health records (EHR), surveys, disease registrars, etc., and then creates statistics and ratios based on such data. Often, people opt for a treat when they are already suffering from a disease, resulting in increased medical expenditure on curing the problem. Clinical data analytics helps create a predictive pattern of illnesses that helps prevent disease instead of fixing it. This early precautionary action significantly reduces costs for both patients and healthcare departments. Thus, an analytic system helps avoid mistakes, provide concise data, assist doctors in diagnosis and personalized medication, and curb costs of treatment procedures.
What is the impact of COVID-19 on the global clinical data analytics market?
In various markets, Covid 19 has had a wide variety of impacts. Due to government-imposed lockdowns and the strict social distance rules, the pandemic affected the delivery, production, and supply chains and made it challenging to access any materials. The healthcare system was among the markets that suffered losses due to these restrictions. There was a lack of specialists and disregard for the other healthcare sectors as all the focus turned to covid patients.
However, the clinical analytics market incurred growth during the pandemic. This growth was due to the advancements in the technology, IoT, AI, and science used in healthcare departments. As operations needed to be continued through remote locations with the help of web-based online platforms, clinical analytics were a massive help during the pandemic. In addition, the growing demand for personalized medicine, fitness regulations, and the government’s insistence on keeping proper hospital records boosted the market during the pandemic. Even in the post-covid era, the practice continues owing to its convenience.
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MARKET DYNAMICS:
The market for clinical data analytics is growing due to the rising need for proper records maintenance and curbing of the high-cost healthcare facilities. In addition, there have been continuous R&D activities in the healthcare information technology field, and efforts have been made to innovate and adopt new technologies into the hospital systems, especially after the covid era. As a result, the prevalence of EHR (electronic health records), patient surveys, management, etc., are causing the market to proliferate.
Additionally, the development of disease-specific assessment systems encouraging trials in different therapeutic areas to improve individual medication is another reason for the market’s success. AI and machine learning are now under continuous research, and development is essential to the market.
Therefore, clinical data analytics is the need of the hour and is growing with support from key market players and governments.
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ANALYSIS OF VARIOUS SEGMENTS INVOLVED IN THE CLINICAL DATA ANALYTICS MARKET:
Based on type, the descriptive segment is anticipated to have the fastest CAGR owing to the applications like providing future insights and analyzing old records and data, descriptive analytics is presently the most popular type of analysis. Therefore, this segment is expected to dominate the market. However, predictive analytics is a close second to the segment because of its ability to decipher possible outcomes of a situation.
Based on components, the hardware segment is expected to dominate the market during the forecast period due to its wide range of applications and high adoption rates from many healthcare facilities worldwide.
Based on the application, the on-premises segment is expected to dominate the market during the forecast period because of the feasibility of the process when compared to online or cloud-based systems. In addition, it is easier to maintain records on the scene than on an E-platform, leading to the market’s dominance.
Based on the delivery mode, due to the urgent need to curb the high costs of healthcare services, the financial segment is expected to dominate the market during the forecast period. On the other hand, the clinical segment is a close second because of the demand for providing better services to the patients of healthcare.
Based on the end-user, the need to reduce insurance frauds and healthcare costs results in the dominance of the health payer segment. In addition, the health payers prefer clinical analytic systems to keep their healthcare records accurate.
GEOGRAPHICAL ANALYSIS:
The North American region is expected to dominate the market during the forecast period due to the increasing and fast adoption of IT technology in the healthcare industry in the area, along with the presence of significant key market players continuously working towards the market’s development. In addition, the high-end infrastructure and budgets of the healthcare locations are another reason for the market flourishing in the region. Furthermore, especially in the U.S., the market is rising due to increased demand for personalized medicine and federal rules for proper maintenance of patient records.
The European market is growing due to the need for better individual healthcare and curbing the enormous healthcare costs for the public. The market is also supported by the growing disposable income and the advancement in healthcare facilities and healthcare informatics in the region.
The Asia-Pacific is growing because of the rise in the number of clinical trials conducted in the region, the senior population’s growth, and the public demand for better healthcare services. In addition, the need for clinical analytics to maintain enormous data for gigantic people in countries like China and India is helping the market grow.
The Latin American middle east and African markets are expected to show lucrative growth.
KEY MARKET PARTICIPANTS IN THE CLINICAL DATA ANALYTICS MARKET:
• IBM
• CareEvolution
• Caradigm
• Explorys
• Cerner
• Intersystems
• Athenahealth
• Truven Health Analytics
• Wellcentive
• McKesson
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