The global clinical data analytics market is riding on a prospect of achieving a 30.90% CAGR during the forecast period (2017-2022), reveals Market Research Future (MRFR) in an elaborately studied report. The market is further predicted to surpass a valuation of USD 11,853.6 million by 2022. The healthcare segment is benefitting much from the inclusion of such analytics process as it eases the settling process of claims and provides easy access to data.
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The clinical data analytics market is expected to gain substantially from the inclusion of Big Data analytics, AI, and IoT in the healthcare sector. At the same time, the growing need for a simplified workflow and enhanced patient care service are fueling the market’s prospect. The clinical data analytics market is expected to gain much from such prolific tractions.
MRFR’s analysis of the global clinical data analytics market is founded upon segmentation by deployment model, application, and end-users. The attempt secures growth study on the basis of volume and value which would provide a holistic view of the entire market.
Based on the deployment model, the global clinical data analytics market can be segmented into on-premise and cloud-based. The cloud-based model is gaining popularity owing to its cost-effective approaches and better handling procedures. The on-premise model can surpass a valuation of USD 7,862.48 million by 2022.
Based on the application, the clinical data analytics market comprises clinical detection support, quality care, population health management, precision health, and reporting and compliance. The quality care segment is ruling the global market sphere with a predicted USD 3,443 million worth by 2022.
Based on the end-user, the clinical data analytics market consists pharmaceutical companies, healthcare providers, academics & research institutes and others. The healthcare providers segment is expected to promote substantial growth as they are implementing the technology more to provide better healthcare support to patients.
Region-specific data collection, as conducted by MRFR, reveals namely four regions, North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The report would make it easier to seek out growth pockets that would increase the profit margin of investors.
Superior technology and healthcare infrastructure, along with well-structured digitization process are factors to better the market prospect of North America. The presence of the U.S. is expected to play a significant role during the forecast period as it is the leading country in the region to provide traction. As of 2015, North America’s market is helming the global market and is expected to scale a valuation of USD 6,293.2 million by 2022. High healthcare investment, integration of Big Data, AI, and IoT, are some reasons to propel the regional market growth. These reasons do play well for Europe as well. Europe comes second with a market valuation of USD 505.8 million in 2015.
The APAC market is well-grounded with emerging economies proving their worth by constantly upgrading their infrastructural state. The market is predicted to be the fastest with 31.42% CAGR during the forecast period. Several countries emerging as medical tourism hub is pushing the demand for the inclusion of clinical data analytics in the market.
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Influential players to impact the global clinical data analytics market are Xerox (U.S.), Cerner (U.S.), Athenahealth Inc. (U.S.), McKesson (U.S.), International Business Machines Corporation (U.S.), and others. These companies indulge in a lot of strategic developments that would help both the company and the market in progress. Their tactical moves would include merger, acquisition, collaboration, product launch, innovation, joint venture, and other methods.
In 2019, HealthVerity, a Philadelphia-based startup, raised about USD 25 million with an aim to improve the Big Data scenario in the healthcare sector. This was led by Foresite Capital and through Series C financing, the company achieved such a target. Digitisation of clinical records is one step that could improve the patient care segment and that is where HealthVerity is seeking their fortune.
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