Clinical data analytics are software used by software companies to extract patient data from hospitals, research institutes, and government organizations. It can identify massive numbers of the global populace by their patient data and assist in timely action. The global clinical data analytics market report by Market Research Future (MRFR) takes a look at the advances in the technology and makes estimations for the period of 2019 to 2025 (forecast period). The use of these analytics in stemming the spread of the COVID-19 virus has also been included in the report.
The global clinical data analytics market is expected to register a CAGR of 30.90 % and is anticipated to reach USD 26,586.99 million by 2025. Major factors driving market growth include technological strides in collection of clinical data, rising prevalence of cardiovascular disorders, and the large aging populace. Clinical data analytics plays an important role in prevention of deaths caused by unknown diseases. A prime example is the sudden propagation of the COVID-19 virus. The spread was controlled in some countries due to the data pertaining to patient symptoms, patient health, and other metrics. Technologies such as mHealth and internet of things (IoT) can facilitate in data collection.
The global clinical data analytics market, based on region, has been divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is pegged to be the leading region in the global clinical data analytics market during the forecast period. This is attributed due to adoption of the well-developed technology, large healthcare expenditure, and the presence of the leading players in the market.
Europe accounted for the second-largest market for clinical data analytics. Rising investment in research & development, well-developed healthcare infrastructure, and rise in healthcare expenditure can drive the regional market growth. Ample training resources and exposure to data standardization to make physicians and patients understand data privacy and governance can bode well for the market.
APAC is projected to be the fastest-growing market due to the large patient pool, shift towards digitization of patient data, and adoption of new healthcare business models. In addition to this, improvements in healthcare facilities and steady economic growth rates of countries are positively impacting the market growth in this region. Japan held a market share of 33.9% in 2016.
The market in the Middle East & Africa is expected to witness steady growth due to increasing investments in research & development, well-developed infrastructure, and advancement in technology.
McKesson, Xerox, Cerner, International Business Machines Corporation, and Athenahealth, Inc. are key players of the global clinical data analytics market. Partnerships and collaborations are key to sustain in the market amid the continuous evolution of technologies such as big data, IoT, artificial intelligence, and others.
The COVID-19 Command Center analytics platform developed by Saama Technologies and iNDC.Ai pooled technology can expedite the internal R&D programs for creating treatments for COVID-19 virus