Global Clinical Data Analytics Market Set to Reach USD 77.5 Billion by 2031, at a CAGR Of 38.8% | Growth Market Reports
PUNE, India, March 27, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Clinical Data Analytics Market by Deployment Model (Cloud-based and On-Premise), Type (Predictive, Prescriptive, Diagnostic, and Cognitive Analytics), End-user (Research Organizations, Pharmaceutical Companies, Government Organizations, and Healthcare Organizations), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market size was valued at USD 10.9 billion in 2022 and is expected to reach USD 77.5 billion by 2031, expanding at a CAGR of 38.8% during the forecast period. The growth of the market is attributed to the increasing healthcare costs and the rise in the endorsement of electronic health records (EHRs).
Key Market Players Profiled in the Report
- Sisense Inc.
- InterSystems Corporation
- Cerner Corporation (Oracle)
- CareEvolution, LLC
- Veradigm LLC
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include deployment model, type, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Clinical Data Analytics Market
On the basis of deployment mode, the clinical data analytics market is divided into cloud-based and on-premises. Cloud-based analytics simplifies technology that benefits healthcare including electronic medical records, mobile, and others. The on-premise segment is projected to expand at a significant growth rate during the projection period. In on-premise analytics, all hospital data are stored on a local server that is only accessible by hospital authorities.
Based on type, the market is classified as diagnostic, predictive, prescriptive, and cognitive analytics. The predictive segment is projected to register a considerable CAGR during the forecast period. It collects a huge amount of patient data from electronic health records (EHR).
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In terms of end-user, the clinical data analytics is segregated into research organizations, pharmaceutical companies, government organizations, and healthcare organizations. Pharma companies analyze patient data, which helps them to understand consumers better. Clinical data analytics help maintain the data related to the advancement of diseases and the production of different new medicines for better analysis in pharmaceutical companies.
On the basis of region, the market is divided into five major regions, namely, Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific regions, which is applying data analytics to gain better diagnostic approaches in the healthcare sector. The rapidly growing population and growth in the pharma sector sales in the region are boosting the market.
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Key Takeaways from the Study:
- Spread of diseases can be prevented by using clinical data analytics. It can be used to observe historical and ongoing data to improve outreach.
- Patients and doctors are rapidly adopting emerging healthcare treaments, and growing number of cases of cardiac disease are expected to drive the market.
- Requirements for specialized medicine and awareness about health issues are likely to create lucrative opportunities.
- Data analytics are applied to m-health for providing superior healthcare by spotting the disease early, thereby preventing an outbreak.
- AI grants healthcare specialists to analyze data that help them understand the needs of the patients.
- Advanced technologies can create high demand for medical supplies that fuels the market.
- Rising prevalence of disease such as diabetes and cancer in North America, and rapid growth in population are fueling the demand for healthcare services in the region.
Read 165 Pages Research Report with Detailed ToC on "Clinical Data Analytics Market by Deployment Model (Cloud-based and On-premise), Type (Predictive, Prescriptive, Diagnostic, and Cognitive Analytics), End-user (Research Organizations, Pharmaceutical Companies, Government Organizations, and Healthcare Organizations), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"
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Key Segments Covered
- Cognitive Analytics
- Research Organizations
- Pharmaceutical Companies
- Government Organizations
- Healthcare Organizations
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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