Clinical Data Analytics Market Size (2020 to 2025)
As per the report published by Market Data Forecast, the size of the global clinical data analytics market is forecasted to grow USD 50.7 billion by 2025, registering 44.79% CAGR between 2020 to 2025.
Key Market Drivers:
Increasing prevalence to launch effective drugs or vaccines is a major driving factor for the market to grow. Focus on improving the quality of healthcare services is additionally propelling the growth rate of the market. The shifting trend towards electronic health records in hospitals and clinics is also escalating the demand for the clinical data analytics market. Growing awareness over the use of cloud-based technologies in the health sector is expanding the demand of the market. Rising Healthcare organizations are seeking many advantages over the use of cloud-based techniques as the data can be used from multiple locations is solely leveraging the demand of the market. On-going research and development activities on gene therapy are surging the growth rate of the clinical data analytics market.
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Significant Challenges:
However, lack of proper knowledge over the use of these techniques in undeveloped countries due to less training programs is slowly impeding the demand of the market. High costs for maintenance and installation of the devices in the laboratories and a dearth of skilled people are hindering the growth rate of the clinical data analytics market.
COVID 19 impact on the Clinical Data Analytics Market:
There is a huge impact of COVID 19 on the clinical data analytics market in a positive way. In a fight against COVID 19, there is a race to find a vaccine at the earliest. Introduction of the vaccine as soon as possible is the only way to surpass the spread of novel coronavirus. Clinical data analytics is the one important tool in clinics and laboratories while performing clinical trials. Various key players are performing clinical trials and are adopting these tools to make the output more efficient. These analytics also help the performers to predict the data of the patient health disorders. Hence, there is a surge in the market share from the start of the coronavirus and is to continue the same in the coming years.
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This research report on the global clinical data analytics market has been segmented and sub-segmented based on the type, component, delivery mode, application, and region.
By Type:
- Prescriptive
- Descriptive
- Predictive
By Component:
- Software
- Hardware
- Services
By Delivery Mode:
- On-Premise
- Web-based
- Cloud-based
By Application:
- Clinical
- Financial
- Operational and Administrative
By End-User:
- Health Payers
- Healthcare Providers
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Among all, North America is one of the regions leading with the dominant shares of the market. The increasing scale of clinical laboratories and rising incidences of infectious diseases like COVID 19 and others are major factors driving the growth rate of the market in this region. The US is likely to have the highest growth opportunities in the coming years. Growing demand for self-medication and personalized medicine is also likely to propel the demand of the market. According to clinical trials.gov, 34% of clinical trials were registered only in the US in 2019.
Europe is next to North America in holding the prominent shares of the market. Government initiatives in spreading awareness over the use of electronic medical records in every country are also esteemed to surge the growth rate of the market. In addition, the launch of new reimbursement policies by the government in favor of the common people is boosting up the growth rate of the market to the extent. Asia Pacific is projected to hit the highest CAGR in the near future. The increasing geriatric population and increasing incidences of chronic illness are key attributes for the market to grow.
NOTABLE COMPANIES IN THIS MARKET:
Some of the companies that are playing a promising role in the global clinical data analytics market analysed in this report are IBM, CareEvolution, Caradigm, Explorys, Cerner, Intersystems, Athenahealth, Truven Health Analytics, Wellcentive, and McKesson.
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Browse Regional Reports:
- North America Clinical Data Analytics Market
- Europe Clinical Data Analytics Market
- Asia-Pacific Clinical Data Analytics Market
- Latin America Clinical Data Analytics Market
- MEA Clinical Data Analytics Market
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