Clinical Data Analytics Market

Global Clinical Data Analytics Market Size (2024 to 2032)

The global clinical data analytics was valued at USD 13.68 billion in 2023. The global clinical data analytics market was worth USD 16.73 billion in 2024. This value is forecasted to grow at a CAGR of 22.39% and be worth USD 84.23 billion by 2032.

Current Scenario of the Clinical Data Analytics Market

Clinical data analytics in the healthcare industry plays a prominent role in curing and predicting disease, improving the quality of care, and eliminating preventable deaths due to neglect of certain chronic diseases. MHealth technology is on the rise where user-reported data (what people say), task-based measurements (devices that measure exertion and physiology) as well as passive sensing (what people do) daily) Help collect the data used for clinical analysis, which helps market growth.

Analysis of clinical data in the healthcare sector benefits disease prediction and cure, which improves the quality of care and prevents preventable deaths caused by neglect of certain chronic diseases. Due to new technological advancements like mHealth and the Internet of Things (IoT) in healthcare, patients can now track their health data and share it with their respective healthcare professionals for additional remedies and advice. The more data is collected and analyzed, the better the medical knowledge.

MARKET DRIVERS

The global clinical data analytics market is driven by ever-changing industry regulations, increasing pressures to reduce drug development costs, and growing demand for new therapies.

According to the Avoca group, 66% of R&D activities were outsourced in 2020, and this trend is expected to remain stable until 2021. The market is also experiencing participation in patients, doctors, and systems, contributing to the proliferation of electronic data recording systems and advances in methods (such as randomized trials), presenting an excellent opportunity for the market studied. In addition, there is a growing trend for therapy area-specific modules to be mapped to industry standards. For example, clinical milestone modules, disease-specific symptom modules, and disease-specific assessments (such as GAG urine tests and MPS enzyme tests) are being matched with MedDRA (Medical Dictionary for Regulatory Activities), WHO Drug (WHO Dictionary of Medicines), CDISC (Clinical Data Interchange Standards Consortium), which promotes trials in various therapeutic areas, thus contributing to the growth of the market. AI and machine learning are gradually entering the clinical data analytics market.

MARKET RESTRAINTS

The global clinical data analytics market is in disarray due to lockdowns imposed to limit the spread of the COVID-19 epidemic. In addition to the sudden drop in revenues, some businesses are expected to face various challenges after the pandemic.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Clinical Data Analytics Market By Type

Based on the type, the descriptive segment is anticipated to account for the highest share in the clinical data analytics market as applications in process optimization. The potentiality of descriptive analytics is to analyze historical data and gain actionable future insights that help grow the segment.

The prescriptive analytics segment is expected to witness a CAGR of 15.8% during the forecast period as an implication of crucial business metrics and the capability to predict possible outcomes.

Global Clinical Data Analytics Market By Component

Based on the component, the hardware segment dominates the clinical data analytics market growth during the forecast period.

Global Clinical Data Analytics Market By Delivery Mode

Based on the delivery mode, the on-premises segment is anticipated to dominate the market, which accounts for 54.0% of the share globally during the forecast period due to the simple, configurable nature of this segment solution compared to on-demand models.

Global Clinical Data Analytics Market By Application

Based on the application, the financial segment is anticipated to grow with the highest CAGR as of increasing analytics applications to reduce the growing healthcare price and offer quality patient care and extensive analytics to determine and prevent healthcare deceit, which will increase the demand further.

The clinical segment is expected to have strong growth where it allows lessening the amount spent on healthcare, offering quality patient care attributing to important industry care.

Global Clinical Data Analytics Market By End-User

Based on the end-user, the health payers segment has an essential share in the clinical data analytics market over the analysis period. In addition, increasing healthcare costs and requirements for rising memberships decrease fraud claims, bolstering market growth during the analysis period.

Regional Analysis

Geographically, the North American region was the leader for clinical data analytics in the worldwide market in 2023, and the domination is projected to continue throughout the forecast period. Increasing advancements in information technology and the early adoption of advanced healthcare technologies are significant factors for the market growth in this region. Additionally, the strong presence of many well-established big data and healthcare companies in the region encourages market growth. Further, federal health policy reforms and an increased focus on extensive data management support the North American clinical data analytics market.

The United States clinical data analytics market is expected to experience the most significant growth during the forecast period. The massive expansion of the US market is linked to the development of federal healthcare mandates to control rising healthcare costs, increasing regulatory obligations, increased adoption of the EHR, and the expansion of government initiatives focused on personalized medicine, value-based reimbursement, and population health management. According to ClinicalTrials.gov, in 2020, the United States alone accounted for 35% of registered clinical studies worldwide. The collected data generated from different sources should be studied and analyzed to establish strategies for effectively managing population health. According to the same source, the United States alone accounted for 37% of clinical recruitment studies recorded worldwide in October 2019.

The European market was ranked second in the global clinical data analytics market in 2023. The market is driven by rising medical spending and demand to curb rising healthcare costs. As a result, rising medical spending per capita is boosting the clinical data analytics market in the region. Also, better healthcare facilities and the rapid advancement in healthcare informatics drive the regional market's growth. As a result, the European clinical data analytics market is expected to generate significant revenue over the estimated period.

The market in the Asia-Pacific region is growing rapidly. Factors such as increasing clinical trials and the aging population in this region are driving the market growth. Further, the growing demand from patient groups using healthcare data analytics to manage big data supports regional market growth. China and India are the main markets in the region with significant unmet needs. Therefore, the APAC clinical data analytics market is expected to generate substantial revenue over the estimated period.

The Latin American clinical data analytics market is forecasted to value 6.84 billion by the end of 2032.

The clinical data analytics market in the MEA region was valued at 0.72 billion in 2023.

KEY MARKET PARTICIPANTS

Companies such as IBM, CareEvolution, Caradigm, Explorys, Cerner, InterSystems, Athenahealth, Truven Health Analytics, Wellcentive, and McKesson play a notable role in the global clinical data analytics market and are profiled in this report.

RECENT MARKET DEVELOPMENTS

• In July 2020, Cerner Corporation ad Holon Solutions partnered to provide progressive clinical decision support technology for upgrading patient outcomes. Both companies will employ patented technology, bringing patient-specific knowledge into provider workflows and advancing reimbursements and results.

• In November 2019, Intersystem and Virtusa partnered to provide access to patient data from EHR and other clinical applications.

• In January 2016, Caradigm launched an open exchange for healthcare interoperability potentiality, which uses (CIP) the Caradigm Intelligence Platform, which uses this CIP to build data assets that support several potentialities.

This market research report on the global clinical data analytics market has been segmented and sub-segmented based on type, component, delivery mode, application, and region.

By Type

• Prescriptive
• Descriptive
• Predictive

By Component

• Software
• Hardware
• Services

By Delivery Mode

• On-Premises
• Web-based
• Cloud-based

By Application

• Clinical
• Financial
• Operational and Administrative

By End-User

• Health Payers
• Healthcare Providers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa