Global Clinical Analytics Solution Market, By Platform (Stand-Alone, Integrated), End User (Hospitals, Clinics, Insurance Companies, Government Payers, Other Payers), Deployment (On-Premises, Cloud-Based), Solution (In-House, Outsourced) – Industry Trends and Forecast to 2030.
Clinical Analytics Solution Market Analysis and Size
Clinical data analytics is widely used to improve care, improve patient outcomes, simplify information, and reduce human errors. The introduction of m-health apps and the growing emphasis on high-quality personalized care in hospitals and clinics. Aside from that, the rising demand for cloud-based solutions, owing to their intuitive advantage that allows for easy archiving, use, and analysis of patient records, information, and history, brings innovation to the market. Furthermore, using artificial intelligence (AI) and machine learning (ML) to discover patterns and predict patient preferences positively influences market growth.
Data Bridge Market Research analyses that the clinical analytics solution market which was USD 35 billion in 2022, is expected to reach USD 150.49 billion by 2030, at a CAGR of 20% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Clinical Analytics Solution Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Platform (Stand-Alone, Integrated), End User (Hospitals, Clinics, Insurance Companies, Government Payers, Other Payers), Deployment (On-Premises, Cloud-Based), Solution (In-House, Outsourced)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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IBM (U.S.), Wipro (India), Allscripts Healthcare, LLC (U.S.), Cerner Corporation (U.S.), Health Catalyst (U.S.), Inovalon (U.S.), McKesson Corporation (U.S.), MEDEANALYTICS, INC. (U.S.), Optum, Inc. (U.S.), Oracle (U.S.), SAS Institute Inc. (U.S.), ExlService Holdings, Inc. (U.S.), CitiusTech Inc. (U.S.), IQVIA (U.S.), General Electric (U.S.), PerkinElmer Inc. (U.S.), Hewlett Packard Enterprise Development LP (U.S.), NXGN Management, LLC (U.S.), CareCloud Inc. (U.S.), COTIVITI, INC. (U.S.), Health Catalyst (U.S.)
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Market Opportunities
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Market Definition
Clinical analytics has emerged as a major area of focus for IT leaders among healthcare providers as they transition to accountable care. Clinical analytics uses real-time medical data to generate insights, make decisions, increase revenue and cut costs. Clinical analytics implementation in organizations has resulted in fewer medication errors, improved population health, and cost savings for many organizations. Clinical analytics has grown in popularity in recent years due to rapid advancements in key technologies and the widespread adoption of electronic health records (EHRs).
Global Clinical Analytics Solution Market Dynamics
Drivers
- Growing number of medical records
One of the major factors driving the global clinical analytics solution market is the increasing incidence of visual impairment in humans. The number of medical records is growing along with the number of patients, and it is difficult to manually manage such large amounts of data. As a result, there is an urgent need for ophthalmology electronic medical record software (EMR) all over the world to manage such expanding records. The increasing global incidence of visual impairment, the number of ophthalmology medical records, and the need to manage those records are the primary drivers of market growth.
- Technological advancements
The ongoing technological advancements in healthcare information technology and their positive impact on ophthalmology practices are also propelling the market forward. To strengthen the healthcare infrastructure and streamline the healthcare system, government organizations are undertaking a number of initiatives to support the teleconsulting facility, particularly in the ophthalmology electronic medical records. Furthermore, the use of such software prevents data theft and data breach incidents in the healthcare sector.
Opportunities
- Rising healthcare digitization
The massive digitalization transformation in all sectors, including healthcare and government organizations, is further driving healthcare professionals to adopt software to improve patient care practices. These all are certain factors which help the market to grow. The rising healthcare digitization and government initiatives to encourage the use of electronic medical records (EMR) are driving the market growth. Furthermore, the market is expected to be driven by significant healthcare information technology (IT) growth and its growing impact on ophthalmology practices.
Restraints/Challenges
- Lack of high technical and statistical knowledge among healthcare professionals
There is a shortage of skilled professionals in the healthcare sector, which is preventing the smooth adoption and integration of novel technologies such as big data analytics, machine learning, and artificial intelligence, among others. This is one of the major factors impeding the demand for clinical analytics solution. These professionals lack advanced technical and statistical knowledge to operate healthcare analytical solutions.
This clinical analytics solution market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the clinical analytics solution market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on the Clinical Analytics Solution Market
The emergence of the COVID-19 pandemic has boosted the growth of the clinical analytics solution market. Many organisations have been identified as focusing on implementing and improving data analytics and artificial intelligence in healthcare in order to provide precise results and cost-effective treatments. Furthermore, big data analytical tools and solutions are critical for developing the knowledge necessary for decision making and preventive measures. Big data also plays an important role in COVID-19 for data analysis and validation, as it assisted in controlling the spread of COVID-19 by providing mathematical modelling and data visualisation to key decision makers.
Global Clinical Analytics Solution Market Scope
The clinical analytics solution market is segmented on the basis of platform, deployment, solution, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Platform
- Stand-Alone
- Integrated
End User
- Hospitals
- Clinics
- Insurance Companies
- Government Payers
- Other Payers
Deployment
- On-Premises
- Cloud-Based
Solution
- In-House
- Outsourced
Clinical Analytics Solution Market Regional Analysis/Insights
The clinical analytics solution market is Hanalyzed and market size insights and trends are provided by country, platform, deployment, solution, and end user as referenced above.
The countries covered in the clinical analytics solution market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the clinical analytics solution market due to of the presence of well-developed healthcare infrastructure and favourable reimbursement policies in the region.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the growing healthcare expenditure and gneed for efficient patient outcomes
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Clinical Analytics Solution Market Share Analysis
The clinical analytics solution market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to clinical analytics solution market.
Some of the major players operating in the clinical analytics solution market are:
- IBM (U.S.)
- Wipro (India)
- Allscripts Healthcare, LLC (U.S.)
- Cerner Corporation (U.S.)
- Health Catalyst (U.S.)
- Inovalon (U.S.)
- McKesson Corporation (U.S.)
- MEDEANALYTICS, INC. (U.S.)
- Optum, Inc. (U.S.), Oracle (U.S.)
- SAS Institute Inc. (U.S.)
- ExlService Holdings, Inc. (U.S.)
- CitiusTech Inc. (U.S.)
- IQVIA (U.S.)
- General Electric (U.S.)
- PerkinElmer Inc. (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- NXGN Management, LLC (U.S.)
- CareCloud Inc. (U.S.)
- COTIVITI, INC. (U.S.)
- Health Catalyst (U.S.)
Research Methodology: Global Clinical Analytics Solution Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.
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