The global clinical intelligence market is presumed to expand at 12.5 % CAGR during the forecast period (2017-2023) owing to the increasing adoption of healthcare IT, asserts Market Research Future (MRFR). Also known as clinical data analytics, clinical intelligence market is a blend of technologies which involves the use of data analytics in order to improve the healthcare delivery. Analysis of clinical data helps to know the loopholes in an organization’s process that hampers its growth. Clinical intelligence comprises software for medical records management, Revenue Cycle Management (RCM), clinical decision support, and financial management and helps to improve the productivity of an organization, improve patient’s engagement, reduce cost and time.
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Drivers and Constraints Impacting the Market
The global market for clinical intelligence is likely to grow at a remarkable rate mainly due to the growing adoption of healthcare IT during the assessment period. With the growing importance of software solutions in fraud detection and insurance claim processing and increasing use of electronic health records, the global market for clinical intelligence is set to boom. Moreover, engagement of software companies in EHR and healthcare IT influences the market growth at a global pace. The presence of a large number of market players offering healthcare software solutions is anticipated to stimulate the market over the review period.
On the flip side, high costs associated with clinical intelligence software solutions is one of the major factors likely to retard the market growth in the coming years.
Global Clinical Intelligence Market: Segmental Analysis
The global clinical intelligence market has been segmented on the basis of components, type, end-user, application, and region.
By mode of type, the global clinical intelligence market has been segmented into population health management, retrospective performance measures & predictive analytics, clinical benchmarking, clinical decision support (CDSS) system, quality improvement, performance measurement systems, and others. The quality improvement segment is further sub-segmented into six sigma. The population health management segment is further sub-segmented into under-utilization of health services and over-utilization of health services.
By mode of component, the global clinical intelligence market has been segmented into hardware, software, and services.
By mode of application, the global clinical intelligence market has been segmented into revenue cycle management (RCM) claims, fraud, supply chain, financial management, clinical, and others.
By mode of end-users, the global clinical intelligence market has been segmented into clinics, hospitals, TPAs, and others.
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Geographically, the clinical intelligence market span across four major regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, America is considered to be the largest market for clinical intelligence due to extensive use of software solutions for healthcare administration. North America accounts for the largest market share in this region due to the presence of healthcare IT companies namely Allscripts, QSI Management, GE Electric Company, and IBM.
Europe is considered to be the second largest market for clinical intelligence and is presumed to show a steady growth in the coming years owing to the technological developments in healthcare IT, growing number of healthcare providers using clinical management software, patient engagement platform.
The market for clinical intelligence is anticipated to grow at a steady pace in the Asia Pacific region due to growing demand for healthcare IT, increasing number of healthcare software solution providers, and rising expenditure on healthcare. Moreover, with the rising demand for patient records management and growing burden of diseases is set to boost the market in this region during the forecast period.
On the other hand, the Middle East and African region are also expected to showcase a steady growth due to low demand for healthcare IT in areas with low healthcare expenditure.
September 27, 2018: A recent KLAS shows that provider organizations are witnessing financial improvements after implementation of clinical documentation improvement solutions. Around 53 % of the revenue has improved of the healthcare executives, managers, and medical records directors.
The major players operating the global market are LLC (U.S.), QSI Management, Greenway Health, Cerner Corporation (U.S.), McKesson Corporation (U.S.), Allscripts (U.S.), Epic Systems Corporation (U.S.), IBM (U.S.), eClinicalWorks (U.S.), General Electric Company (U.S.), and others.
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