Clinical data analytics solutions refer to a set of technologies and methodologies used to analyze vast amounts of clinical data for the purpose of deriving meaningful insights. These solutions are crucial in healthcare settings for improving patient outcomes, streamlining operations, reducing costs, and facilitating evidence-based decision-making.
Sizing and Forecast
The clinical data analytics solutions market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to growth in demand for mitigating the risk of failures in clinical studies, adoption of clinical data analytics, growth in focus on personalized medicine, and increased volume of clinical data, and increasied number of drug approvals.
The clinical data analytics solutions market size is expected to see rapid growth in the next few years. It will grow to $8.04 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to the increasing need for advanced technologies, the growing number of clinical trials, the rising prevalence of chronic diseases, the increasing focus on population health management, the rise in personalized patient care, rising demand for new diagnostic tests and medical treatments. Major trends in the forecast period include clinical data analytics solutions, the introduction of AI-powered clinical data analytics systems, innovative technologies for patient care, and innovation in medical imaging technology.
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Segmentation & Regional Insights
The clinical data analytics solutions market covered in this report is segmented –
1) By Solution: Platform, Services
2) By Deployment: On-Premise, Cloud-Based
3) By Application: Clinical Decision Support, Precision Health, Quality Improvement And Clinical Benchmarking, Regulatory Reporting And Compliance, Other Applications
4) By End-Use: Pharmaceutical And Biotechnology Companies, Providers, Payers, Other End-Users
North America was the largest region in the clinical data analytics solutions market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical data analytics solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising prevalence of chronic diseases is expected to propel the growth of the clinical data analytics solutions market going forward. Chronic diseases are long-lasting medical conditions that persist over an extended period of time, typically for three months or more. The prevalence of chronic diseases is on the rise due to several factors, such as the aging population, environmental factors, and genetic predisposition. Clinical data analytics solutions enable the early detection and diagnosis of chronic diseases by analyzing large datasets to identify patterns and risk factors. For instance, in September 2023, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, each year there are 41 million deaths worldwide, accounting for 74% of all fatalities attributed to chronic diseases. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the rising prevalence of chronic diseases is driving the growth of the clinical data analytics solutions market.
Key Industry Players
Major companies operating in the clinical data analytics solutions market are UnitedHealth Group, Alphabet Inc., McKesson Corporation, Microsoft Corporation, Optum Inc., Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Hewlett-Packard Company, Siemens Healthineers, Koninklijke Philips N.V, GE Healthcare Technologies Inc., Dassault Systemes SE, Change Healthcare, SAS Institute Inc., Hitachi Vantara Corporation, Teradata, Cotiviti Inc., Allscripts Healthcare LLC, Inovalon Holdings Inc., Keyrus Life Science, Health Catalyst Inc., Komodo Health, MedeAnalytics Inc., arcadia.io, Inspirata Inc., Truven Health Analytics Inc.
The clinical data analytics solutions market report table of contents includes:
1. Executive Summary
2. Clinical Data Analytics Solutions Market Characteristics
3. Clinical Data Analytics Solutions Market Trends And Strategies
4. Clinical Data Analytics Solutions Market – Macro Economic Scenario
5. Global Clinical Data Analytics Solutions Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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