Clinical data analytics in the healthcare sector plays an important role in curing diseases, improving the quality of care in the healthcare sector, predicting diseases, and preventing deaths due to chronic diseases. The market is designed to calculate patient information and analyze it, statistically and with quality, to establish models to define and predict current and future trends.
Clinical data analytics is an important phase in clinical research that includes the collection, retention, and analysis of sensitive clinical data to improve its effectiveness, thus assisting caregivers in providing preventive and customized care to patients, thereby improving overall patient quality of care. The size of the clinical data analytics market is growing exponentially. The largest market share reflects data collected quickly and informally in the growing healthcare sector. The evolving trends leading to digital payment models and the growth of Electronic Medical Records (EMRs) drive market growth in many regions around the world.
Impact of COVID-19 on Clinical Data Analytics Market
- The outbreak of COVID-19 led to an ongoing downturn in the healthcare market. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
- Technological progress, cost containment, and increased access are projected to be an integral part of healthcare reforms in the near future. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed telehealth market growth.
- Since many healthcare providers are currently working on video conferencing and telephone calls, the segment is anticipated to experience growth over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduced the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis. The pandemic led to severe resource constraints. This is expected to result in the development of competitive and value-based pricing models, which boosts the growth of the clinical data analytics market.
- COVID-19 has accelerated the growth of the market as more healthcare sector has adopted digital transformation. The market growth has led to many companies developing software compatibility in wearable devices such as smartwatches to identify the virus before the symptoms.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
- There is an increasing trend of area-specific modules used in industry standards. For example, clinical, diagnostic modules and diagnostic tests (such as Urine GAG tests, MPS enzyme tests) are mapped to MedDRA (Medical Dictionary for Regulatory Activities), WHO Drug (WHO Drug Dictionary), CDISC (Clinical Data Interchange Standards Consortium), which promotes testing in a variety of medical fields.
- The main factors contributing to the global clinical data analytics market are the efforts from Government to promote big data, technological advancement in the sector, and pressure to curb health care costs.
- The growing demand for quality services and less cost on health care services increase the demand for the market. As the security of digital platforms and channels continues to increase due to the huge investments made in security by major market players, and significant investments continue to flow into the healthcare industry, the adoption of statistical data will continue to gain momentum, thus increasing the growth of the market.
- Growth barriers of the market are privacy concerns, legal requirements, and energy conservation issues with large data access to smart devices.
- Intersystem has been recognized as the Gartner peer insights customer on March 23, 2020. Gartner peer insight is a platform where customers give reviews and feedback about the company and services where Intersystem has been recognized as the customer choice for the year 2020.
Key Benefits of the Report
- This study presents the analytical depiction of the clinical data analytics market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the clinical data analytics market share.
- The current market is quantitatively analyzed to highlight the clinical data analytics market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed clinical data analytics market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Clinical Data Analytics Market Report
- Who are the leading players active in the clinical data analytics market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is “clinical data analytics"?
- What is "clinical data analytics" market prediction in the future?
Clinical Data Analytics Market Report Highlights
By Deployment Model
By End Users
Key Market Players
Truven Health Analytics, (IBM)., Inspirata, Inc., Wellcentive (Koninklijke Philips N.V.)., McKesson Corp., InterSystems Corp., IBM., Care evolution, LLC., Cerner Corp., Xerox, Corp ., Athena Health, Inc.