The clinical data analytics market revenue totaled around USD 15,100.1 million in 2022 and is expected to reach USD 18,769.4 million in 2023. Furthermore, with rising adoption in the healthcare industry, the overall demand for clinical data analytics is projected to record a staggering CAGR of 25.9% between 2023 and 2033, totaling a valuation of USD 1,88,305 million by 2033.
Clinical data analytics is growing in importance as healthcare is moving more toward technology. As clinical data and patient records move online, many healthcare organizations are now looking for analytics solutions for efficient client health management.
Clinical data analytics help organizations to save costs and facilitate important healthcare procedures like clinical trials and data management.
Healthcare analytics has the potential to alter the way healthcare is delivered significantly. Clinical data analytics is a useful tool for analyzing patient health data and delivering the most individualized, cost-effective care possible while saving time and resources for both patients and healthcare professionals.
Currently, the clinical data analytics market forms nearly 30% of the healthcare analytics market, and this number is likely to increase further during the assessment period, owing to the rapidly evolving healthcare industry.
Regionally, South Asia & Pacific is expected to continue to be one of the most appealing clinical data analytics solutions markets. Numerous countries, including India, Australia, and New Zealand, are using advanced clinical data analytics techniques. Another factor boosting demand for clinical data analytics platforms in South Asia & Pacific is growing government initiatives to promote the adoption of electronic health records (EHRs) among healthcare organizations.
Similarly, the healthcare and life sciences sectors in Europe are creating a wide range of opportunities for the clinical analytics platform market as a result of the adoption of cloud analytics platforms for every area of patient care and operations management.
| Attribute | Key Statistics |
|---|---|
| Clinical Data Analytics Market Estimated Size (2023) | USD 18,769.4 million |
| Projected Market Valuation (2033) | USD 1,88,305.1 million |
| Value-based CAGR (2023 to 2033) | 25.9% |
| Top 5 Vendor Market Share | Around 25% |
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The clinical data analytics demand is expected to record a 25.7% CAGR between 2023 and 2033 in comparison to a 22.9% CAGR registered during the historical period of 2018 to 2022.
Clinical data analytics plays a crucial role in the healthcare industry in predicting and curing disease, improving care quality, reducing costs, minimizing errors, and eliminating preventable deaths.
Reduced drug errors, greater population health, and cost savings for many organizations have all resulted from the adoption of clinical analytics. Clinical data analytics has expanded recently as a result of the quick development of essential technologies and the adoption of electronic health records (EHRs).
Clinical analytics techniques have various benefits, including lowering administrative expenses, improving care coordination, enhancing patient welfare, offering clinical decision assistance, and reducing fraud and abuse.
The global clinical data analytics market is anticipated to increase revenue from USD 15.1 billion in 2023 to USD 150.6 billion by 2033.
Growing Need for Advanced Analytical Tools in Healthcare Organizations to Spur Market Growth
The healthcare industry is expanding thanks to cutting-edge analytical tools designed specifically for the special requirements of healthcare facilities and companies that provide financial, clinical, operational, and administrative services. The use of data mining methods and big data analytics to research high-risk patients and provide the best care is a key element in the expansion of the market for clinical data analytics.
Highly customized medical care is becoming increasingly necessary, and data analytics technologies can help. Additionally, to enable customized treatment plans, health data mining has begun to apply artificial intelligence solutions encased in data analytics, which is anticipated to increase demand for analytical solutions in the healthcare industry.
Principal Consultant
Healthcare data is compiled from numerous sources and in a variety of formats, including structured data, multimedia, paper, digital, pictures, and videos. Getting clean, accurate, complete, and precisely formatted data that can be used in various contexts is a serious challenge for enterprises.
Data is gathered by providers, public health experts, employers, payers, social network communities, and patients, but no attempt is made to link the data together. As a result, the road toward a patient's well-being is incorrectly understood. This is expected to hamper the clinical data analytics market growth.
Rising Need for Reducing Healthcare Costs and Adoption of Electronic Health Records Fueling Demand for Clinical Data Analytics Solutions in India
In India, there is a growing demand to reduce healthcare costs and a desire for more effective and efficient patient outcomes. All of this is paving the way for the use of big data in the country's healthcare system, where such records can be efficiently analyzed, and decisions can be made based on such an enormous amount of data.
Some key factors positively affecting the clinical data analytics market include rising healthcare costs, an increase in the adoption of electronic health records (EHRs), and expanding government initiatives focusing on personalized medicine and population health management.
Due to these factors, sales in India are predicted to expand at a CAGR of 31.6% during the forecast period.
Rising Need for Managing Enormous Amount of Unstructured Data in Hospitals Encouraging Adoption of Clinical Data Analytics in the United Kingdom
The demand for medical supplies, medical equipment, medical information technology, and medical support services is increasing continuously. According to future predictions for data management in the United Kingdom healthcare sector, there was a quick and aggressive increase in the previous two years that resulted in the addition of multiple new hospitals, COVID-19 testing facilities, and transportation facilities focused on the healthcare industry.
As a result, a vast amount of unstructured data, such as patient information, coronavirus survivors, fatalities related to them, vaccines administered, infection rates, and many other items, led healthcare providers to embrace clinical data analytics tools. Due to these considerations, the United Kingdom is anticipated to dominate the European Clinical Data Analytics Market during the forecast period.
According to Future Market Insights, the United Kingdom held around 22.9% of the European clinical data analytics market in 2021.
The Strong Presence of Leading Clinical Data Analytics Providers Driving Growth in the United States Market
As per FMI, the United States accounted for around 72.6% share of the North American clinical analytics market in 2021, and it is likely to grow prolific during the forecast period. This is due to the rapid adoption of advanced real-time, patient-centered record technologies and the heavy presence of key clinical data analytics solutions manufacturers, like IBM, IQVIA, and others in the country.
These participants are concentrating on product strategies and company growth. For instance, in June 2021, the clinical data analytics suite, a SaaS-based clinical data analytics tool that brings unstructured and structured data from clinical trials into one standardized setting for easy access and usage, was introduced by IQVIA. As a result, all aspects of a clinical study may make better decisions faster thanks to healthcare predictive analytics employing AI/ML. Such factors are expected to help the market grow in the United States.
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Clinical Data Analytics Platform Segment Dominates the Market While Service Segment May Witness Swift Growth
Due to the cloud's most intuitive benefit, which makes it easy to archive, access, and analyze patient records, information, and history, the use of cloud-based solutions has expanded across the majority of healthcare organizations.
Since cloud solutions include mobile devices, web apps, and data access from different places, doctors are drawn to them because they enable secure cooperation between patients and other hospital management. The usage of the cloud permits the collaboration of local data pools and the use of data from multiple locations worldwide. As a result, the clinical data analytics platform segment accounted for 69.4% market share of the global market in 2021, and the trend is likely to continue during the forecast period.
However, with the growing adoption of consulting and support, and maintenance services across healthcare institutions, the services segment is likely to record a CAGR of 28.6% between 2023 and 2033.
Clinical Data Analytics Usage to Remain High Among Providers
The clinical data analytics market has expanded over the past three years as a result of the increased acceptance of clinical data analytics solutions by healthcare institutions for managing massive amounts of COVID-19 data.
Clinical data analytics technologies were deployed by healthcare solution providers to speed up the pandemic response, propelling the industry forward. Due to the increasing need for advanced analytical tools and digital health technologies, businesses and facilities are now actively engaging with consumers, offering labor management solutions, and managing complex supply chains. Organizations in the healthcare industry are utilizing technological advancements, including clinical trial management systems, clinical decision support systems, and data mining.
At the back of these factors, the provider's segment is anticipated to reach a market value of USD 5.8 billion from 2023 to 2033.
Clinical Decision Support to Generate Majority of Revenues in the Market
As per FMI, the clinical decision support application segment dominates the global market with around 32.3% share, and it is expected to register a CAGR of 16.3% during the forecast period.
Clinical decision support delivers person-specific information and knowledge, intelligently filtered or supplied at suitable moments, to physicians, employees, patients, or other individuals to improve healthcare and health. A wide range of tools are included in clinical decision support, which are used to improve decision-making in the clinical workflow.
A few of these tools are focused patient data reports and summaries, focused patient data alerts and reminders for healthcare professionals and patients, clinical recommendations, condition-specific order sets, documentation templates, diagnostic support, and contextually appropriate reference data.
Both large-scale and medium-scale players are prevalent in the clinical data analytics space. These players are concentrating on many methods to increase their R&D expenditures to support emerging technologies. They are continuously launching new solutions to help end users to cope with emerging challenges. For instance,
Cerner, IBM, and McKesson – Providing Quality Assurance in Clinical Data Analytics
Cerner provides solutions to improve the patient's experience by coordinating the appropriate caregiver with the right patient at the right location and time. The company has a person-centered approach that focuses on gathering relevant data to support the development of individualized cancer care in local communities.
Cerner provides an integrated pediatric EHR that integrates information from numerous venues, physicians, and stages of life, allowing clinicians to focus on what matters most: caring for children.
For instance, in July 2020, Halon Solutions and Cerner Corporation partnered to offer cutting-edge clinical decision support technologies for improving patient outcomes. To improve reimbursements and outcomes, both businesses may use proprietary technology to bring patient-specific information directly into provider workflows.
Similarly, in 2021, Cerner launched a new business unit focusing on providing real-world data solutions and research services to life sciences companies to support clinical trials.
Another key player that works at the intersection of healthcare and information technology to connect people and systems around the world is IBM. The company provides various clinical data analytic platforms and services to end users to help them to improve patient care, reduce costs, and minimize errors.
For instance, in February 2020, IBM Watson Health unveiled IBM Study Advance, its recent Cloud-based solution aimed to minimize the cost and time involved with clinical studies. IBM Study Advance, a data-driven study design tool, enhances clinical trial protocol creation by integrating automated access to real-world patient data and standardizing the protocol template instructions.
In January 2022, Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, announced that it may acquire healthcare data and analytics assets from IBM.
Similarly, McKesson Medical-Surgical makes delivering top-notch healthcare solutions, medical supplies, distribution services, and clinical resources simple. It offers solutions that help patients access life-changing therapies, create a real difference for cancer patients, and equip clinics, pharmacies, and health systems with technologies to operate more effectively. The main aim of the company is to improve health outcomes for all.
For instance, in June 2022, McKesson and HCA Healthcare announced plans to establish a joint venture for oncology research to improve cancer treatment and expand access to oncology clinical research. To better connect patients with clinical trials, this joint venture promises to provide an enlarged clinical research network, a bigger catalog of clinical trials, and improved data and analytics capabilities.
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 18,769.4 million |
| Projected Market Value (2033) | USD 1,88,305.1 million |
| Market CAGR 2023 to 2033 | 25.9% |
| Share of Top 5 Players | Around 25% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Solution, Application, End Users, and Region |
| Key Companies Profiled | McKesson Corporation; Optum, Inc.; IBM; Oracle; SAS Institute, Inc.; IQVIA; Verisk Analytics, Inc.; Elsevier; Medeanalytics, Inc.; Truven Health Analytics, Inc.; Allscripts Healthcare Solutions, Inc.; Cerner Corporation; Medical Information Technology Inc.; Qsi Management LLC; CareCloud Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The Clinical Data Analytics Market CAGR for 2033 is 25.9%.
The market is estimated to secure a size of USD 18,769.4 million in 2023.
The projected market value of the market for 2033 is USD 1,88,305.1 million.
Key players are developing the market by investing in R&D, acquiring innovators, partnering with providers, educating for healthcare progress.
Growing clinical data combined with wiser choices will revolutionize healthcare through AI analytics and cloud computing.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution 5.1. Platform 5.1.1. Cloud-Based 5.1.2. On-Premise 5.2. Services 5.2.1. Consulting Services 5.2.2. Integration and Implementation Services 5.2.3. Support and Maintenance Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Clinical Decision Support 6.2. Precision Health 6.3. Quality Improvement and Clinical Benchmarking 6.4. Regulatory Reporting and Compliance 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Users 7.1. Payers 7.2. Providers 7.3. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. McKesson Corporation 18.2. Optum, Inc. 18.3. IBM 18.4. Oracle 18.5. SAS Institute, Inc. 18.6. IQVIA 18.7. Verisk Analytics, Inc. 18.8. Elsevier 18.9. Medeanalytics, Inc. 18.10. Truven Health Analytics, Inc. 18.11. Allscripts Healthcare Solutions, Inc. 18.12. Cerner Corporation 18.13. Medical Information Technology Inc. 18.14. Qsi Management LLC 18.15. CareCloud Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
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Clinical Data Analytics Market
