North America To Lead The Clinical Data Analytics Market From 2022 to 2027

Geographically, North America followed by Europe dominated the clinical data analytics market in 2021.

As per our report, the global clinical data analytics market size was valued at USD 8 bn in 2022 and is expected to be growing at a CAGR of 44.79% from 2022 to 2027.

The COVID-19 virus outbreak has had a significant impact on the economies and industries of significant countries throughout the world. As a result of the outbreak, the importance of big data in the healthcare sector has increased. Prescriptive and predictive analytics technologies were utilized to develop prediction models for the development of COVID-19 infection in subsequent waves in various places around the world. Due to the growth of diseases, such as the recent emergence of COVID -19, regular clinic visits for patients on clinical trials are projected to become a thing of the past. Until the crisis ends, countries and major players will have to make significant changes to their healthcare systems. Due to an increase in the necessity for digital solutions and better analytics tools to handle the patient load on the healthcare business, the COVID-19 pandemic experienced a tremendous expansion in the market. The amount of clinical data collected during the pandemic required adequate management. Researchers and professionals will be able to derive better outcomes, predict trends, and better understand the dynamics of disease spread using analytics tools and platforms.

The introduction of big data has resulted in a significant change in how data is collected and evaluated. Big data refers to vast amounts of data collected from various sources, then aggregated and analyzed using specialized tools. When utilized in healthcare analytics, big data use population or individual-specific health data, theoretically lower epidemic risk, treat disorders, and cut expenses, among other factors. Furthermore, large sums of money are being invested in digital healthcare businesses to develop various products and solutions, including mhealth apps, IoT-based healthcare systems, electronic health records, and big data analytics.

Because of the rising digitization of healthcare administration, electronic health records (EHRs) are increasing, resulting in large amounts of clinical data. One of the other significant factors driving the need for clinical data analytics is the desire to streamline information and reduce human error. In addition, due to the severe impact of coronavirus disease (COVID-19) on healthcare infrastructure worldwide, EHR systems are increasingly being used to improve patient care coordination and access information in real-time.

Clinical data handling and management raise security and privacy concerns. As a result, the exchange of clinical data across numerous platforms is limited due to security risks restricting the market growth. Furthermore, experienced personnel who can adequately handle these solutions are currently in short supply, which could constitute a hurdle for market players.

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KEY MARKET INSIGHTS:

In 2021, descriptive analysis had the highest share in the global clinical data analytics market. During the pandemic, descriptive analytics was widely employed to investigate historical data and patient histories to study virus distribution, a crucial driver driving growth in this area. Hospitals also use it to track how well insurance claims are doing by spotting abnormalities and inaccuracies. As a result, many businesses employ descriptive analysis technologies to boost market growth potential.
Based on the component, the services segment led the market and accounted for a significant share of the global clinical data analytics market in 2021 and also was the most important component in clinic data analytics. The healthcare business has invested considerable money in the IT industry for platform development and data digitization for analytics. However, because most companies lack a data analytics component, they outsource the data analytics part of their IT.
Based on Delivery mode, due to its most intuitive advantage, which allows for the easy storage, usage, and analysis of patient records, information, and history, cloud-based solutions have seen increased adoption across most healthcare/clinical institutions. Because cloud solutions include mobile devices, web apps, and data access from different locations, physicians like them because they enable secure cooperation between patients and other hospital management.
Based on the application, the financial applications segment had the most significant share of the global clinical data analytics market in 2021. The rise of this segment can be attributed to healthcare institutions and organizations' constant efforts to reduce treatment costs while providing better care to patients. In addition, the financial side of management continues to improve performance by lowering costs and preventing fraud.
Based on the end-user, the healthcare providers segment is predicted to be experienced the fastest growth, owing to the fact that the burden of providing cost-effective care and better patient management fell disproportionately on hospitals and healthcare professionals during the pandemic and even afterward, resulting in the growth of this end-user segment.
As of 2021, North America had the most significant global clinical data analytics market share. North America has a substantial market share due to the region's state-of-the-art healthcare facilities, the acceptance of these platforms, and superior technology availability. The market in the United States is predicted to grow at the fastest rate during the forecast period. Growing federal healthcare mandates to control rising healthcare costs, increasing regulatory obligations, increasing EHR adoption, and expanding government initiatives focusing on personalized medicine, value-based reimbursements, and population health management are all contributing to the massive growth of the US market.
IBM, CareEvolution, Caradigm, Explorys, Cerner, Intersystems, Athenahealth, Truven Health Analytics, Wellcentive, and McKesson are some of the prominent firms dominating the global clinical data analytics market