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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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