The Global Clinical Data Analytics Market was worth $2.65 billion in 2016 and estimated to be growing at a CAGR of 44.35%, to reach $16.76 billion by 2021. The market is showing significant potential in the mentioned forecasting period. The market continues to grow rapidly with the growth of Big data industry within the healthcare. Big data has been responsible for showing better results in improving healthcare, saving lives and that too at low costs.
Clinical Data Analytics assist doctors and physicians in taking decisions regarding patient’s care and help in better understanding of the healthiness of the demographics. The technology varies according to the data required or the potential users of the information which includes nurses, doctors, public health officials etc.
The population is getting more focused towards health management lately. It has been a major factor in driving the market for Clinical Data Analytics. Other factors include supportive government policies, cost benefits and better opportunities to provide high quality services to patients. Some of the challenges and restraints faced by Clinical Data Analytics market include end user market fragmentation, software privacy issues, security issues.
The Global market for Clinical Data Analytics is segmented based on Deployment Model, Services and End Use Sector. Based on the deployment model the market for Clinical Data Analytics is segmented into Cloud and On-Premise. Further, under services the segmentation is done into Consulting and Maintenance, and under End use sector the segmentation is done into Pharmaceuticals, Healthcare Providers, Biotechnology and Academia. On-Premise segmentation accounted for higher share compared to the Cloud segmentation. Similarly Consulting and Pharmaceuticals segmentations exhibit the highest share in their respective segments. On the basis of geographical analysis, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. The Clinical Data Analytics market is expected to be dominated by North America, with the overall market share of over 55% globally, followed by Europe and Asia Pacific. Asia Pacific is expected to show higher potential in the years to come.
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Some of the major players dominating the Clinical Data Analytics market are IBM, CareEvolution, Caradigm, Explorys, Cerner, Intersystems, Athenahealth, Truven Health Analytics, Wellcentive, McKesson.
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