New York, USA, June 12, 2023 (GLOBE NEWSWIRE) -- Clinical Data Analytics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Clinical Data Analytics Market Information By Deployment Model, Application, End-User, And Region - Forecast till 2030", the market size is expected to reach USD 12.8 billion by 2030 at 39.20% CAGR in the studied forecast period 2023-2030.
Market Synopsis
Clinical data analytics within the medical field is crucial for treating and preventing diseases, improving the standard of care, and preventing avoidable deaths brought on by some chronic diseases. Regulations for the industry are constantly changing, which impacts the market by raising pressure to lower drug development expenditures and escalating demand for new treatments. As healthcare increasingly turns to technology, clinical data analysis is becoming more and more important. As clinical data and medical information migrate online, many hospitals seek analytics tools for effective client health management. Clinical data analytics assist organizations in lowering medication errors, enhancing patient care, reducing costs, and facilitating crucial healthcare procedures like research and data. Analytics in healthcare has the power to change how healthcare is provided significantly. Clinical data analytics helps examine patient health data and provide the most individualized, economical care while sparing consumers' and healthcare professionals' time and resources.
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Clinical data analytics help doctors better understand a patient's health status and manage the patient's medical conditions. Given the data concerned, the recipients of the data, or the decisions made at the whim of decision-makers like doctors, nurses, health professionals, and upper management, the technology may change. The use of clinical data analytics has risen substantially in recent years due to key technology advancements that happened quickly and the widespread adoption of electronic medical records. Removing supply, overhead, and labor differences may also help reduce costs. Another exciting development for the market under study is the engagement of patients, clinicians, and systems, which has fueled the growth of digital information recording systems and methodological advancements (such as randomized trials).
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 12.8 billion |
| CAGR | 39.20% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Deployment Model, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising cases of cardiac diseases are also driving the Clinical Data Analytics Market |
| The rising trends and significant technology across various clinical, healthcare and data analytics |
Clinical Data Analytics Market Competitive Landscape:
- SCIO Health Analytics (US)
- Linguamatics (US)
- Health Catalyst (US)
- Roam Analytics (US)
- Xerox (US)
- Inovalon (US)
- Optum (US)
- IBM (US)
- Cerner (YS)
- VitreousHealth (US)
- MedeAnalytics (US)
- Allscripts (US)
- CitiusTech (US)
- CVS Health (YS)
- Flatiron (US)
- SAS Institute (US)
- Komodo Health (US)
- Wipro (India), McKesson (US)
- Athenahealth Inc. (US)
Clinical Data Analytics Market Trends:
Market Drivers:
The use of clinical analytics techniques has many advantages. It can help lower administrative expenses, enhance care coordination, improve patient welfare, offer clinical decision support, and prevent fraud and abuse. Clinical data analytics is essential to the healthcare sector's efforts to predict and treat disease, enhance patient care quality, lower costs, reduce errors, and end preventable deaths. The introduction of clinical analytics has reduced drug errors, improved population health, and resulted in savings in expenses for many organizations. The spread of electronic health records, or EHRs, and the quick development of critical technologies have recently led to an increase in clinical data analytics.
Data analytics methods can help with the need for highly individualized medical care, which is becoming increasingly important. Health data mining has also started to use artificial intelligence solutions wrapped in data analytics to enable customized therapies, which is projected to increase the popularity of analytical solutions in the healthcare sector. Furthermore, compared to onsite solutions, which may need various data centers to keep and then analyze the necessary data for analysis, these solutions save money on internal storage costs. Cloud computing makes gathering information across trials as well as sponsors possible. Data managers can compare their practice to others in a comparable beneficial area using this information to create benchmarks.
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Restraints
One of the main market restraints is the high cost of licenses and subscriptions for clinical data solutions. Therefore, it may restrain the growth of the clinical data analytics marketplace over the forecast period under consideration.
COVID 19 Analysis
Regarding verified infections and reported deaths, a few of the nations have been most severely impacted. Due to lockdowns, travel restrictions, and business closures, COVID-19 has impacted numerous nations' economies and industries. The closing of numerous manufacturing facilities and plants has harmed the production, timing of delivery, and sales of goods on the international market. Only a few businesses have warned of potential delivery delays and future sales declines.
Clinical Data Analytics Market Segmentation
By application, the market includes reporting & compliance. By end-user, the market includes pharmaceutical companies, healthcare providers, and academic & research institutes. By deployment mode, the market includes on-premise and cloud-based. By deployment mode, the market includes on-premise and cloud-based.
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Clinical Data Analytics Market Regional Insights
The market's largest share is anticipated to belong to the Americas. The quick development of cutting-edge technology, rising healthcare costs, and the extensive presence of numerous key players fuel this region's market expansion. The second-largest market share for clinical data analytics is anticipated to belong to Europe. The market is supported by increased development and research, increased funding for healthcare improvement, and well-managed healthcare infrastructure. According to the forecast period under consideration, the Asia-Pacific region is expected to grow the fastest. The market is expanding due to the growing geriatric population and rising healthcare costs. Additionally, the rapid economic expansion and key changes in the healthcare industry will promote expanding the clinical data analytics market.
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