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

Rising investments in health IT is driving the growth of the clinical Data analytics market. In the last few years, the pharmaceutical companies have infused more money in healthcare IT infrastructure to enhance their potential to collect, store, and analyse clinical information.

• According to the first Generative AI in Healthcare survey conducted by the John Snow Labs, life sciences and healthcare companies are progressively investing in projects concerning generative AI. It reported the growth of more than 300 per cent in budgets assigned for this type of projects.

It also discovered that the acceptance of Gen AI was considerably diverse among roles and organization size, with bigger companies more probable to be assessing usage scenarios and management reporting greater rates of adoption compared to other roles.

Moreover, with the development of the industry, medical data science has arosed from the clinical information governance function to operate autonomously, and the evolution of 5 areas. These are data collection and integration, machine learning and advanced analytics, real-time data monitoring and analysis, amalgamation of clinical studies and practice, and ethical consideration and data management.

In addition, implementation of predictive analytics is another factor which aided the market growth rate. It utilises past and real-time information to estimate future health patterns and results. The onset of this trend analysis marked a substantial change in the approach of organizations and businesses towards data-driven decision-making. It helps in determining the risk of growing chronic diseases, anticipate major eqidemics, and forecast hospital re-admissions. Therefore, this proactive technique allows personalised care plans and early interventions.

Additionally, the progress of this market is accelerated by the advent and rapid popularity of various technologies within the realm of digital transformation. Apart from AI and ML, this also involves remote monitoring, blockchain technology, telemedicine and mobile health (mHealth) applications. Hence, all these aspects are primarily propelling the market growth rate.

In the past few years, the complications in information management and analysis in the field of clinical research has increased steeply. It is a daunting challenge to handle enormous amount of patient data coming from lab outcomes, EHRs, wearables, and more. So, in the coming years, AI presents potential opportunities for the expansion of the clinical data analytics market.

Medical trial findings or statistics is susceptible to inconsistencies and errors. Typically, data validation and cleaning are time-intensive tasks, necessitating human intervention to detect irregularities. AI can automatize most of this task. Further, combining several sources of data for holistic insights.

MARKET RESTRAINTS

Implementation difficulties are restricting the companies from moving forward in the clinical data analytics market. Issues related to data structure is one of the key problems in this field. The majority of information in healthcare is unstructured and frequently originating from natural language processing. Even the collection and examination of unstructured information within the same company is challenging. Electronic health records (EHRs) are known for the absence of interoperability over organizational lines, which further entangles data analysis and sharing. Besides, the market growth is also affected by missing information and data sparsity. This can be attributed to the poor collection or insufficient documentation.

Regulatory compliance is one of the key challenges impeding the expansion of the clinical data analytics market. Medical data administration professionals are persistently facing problems in staying compliant with changing legal standards. Also, difference in rules and guidelines of countries making it complicated for market players to reach to their goals, some cases even incurring extra costs. Moreover, following the regulations like the data privacy conditions or terms of General Data Protection Regulation (GDPR), and Good Clinical Practice (GCP) increases the intricacy of information collection. Apart from this, data security continues to be among the primary challenges hindering the market growth.

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. Moreover, applying this type of analytics in the medical can significantly optimise key aspects of the healthcare facility, boosting operational efficiency, financial oversight, and patient care.

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. This can be attributed to the rising information volume from digital health initiative. The expansion of electronic health records (EHRs), telemedicine, wearable devices, and mobile health applications which gathers large amounts of information. This increase requires strong hardware solutions capable of processing and warehousing vast quality of clinical data effectively.

Global Clinical Data Analytics Market By Delivery Mode

The cloud-based segment is quickly gaining traction and is expected to further thrive during the forecast period for the clinical data analytics market. It is primarily driven by its cost-effectiveness, and scalability and flexibility. Moreover, the cloud-based mode normally operates on a subscription-based model which lowers the demand for big capital expenditures related to on-premises hardware and software. The financial system of this segment enables medical providers, particularly smaller practices, to access modern analysis tools without prohibitive costs.

Based on the delivery mode, the on-premises segment dominated the clinical data analytics 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. On the other hand, 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 December 2024, eClinical Solutions LLC, a worldwide supplier of digital clinical services and software, reported a new partnership with Snowflake, a company of AI Data Cloud, to set up a two-way integration that will facilitate life sciences organizations to resolve rising data problems and realize value through a modern medical information architecture. As part of the partnership, Snowflake and eClinical Solutions have completely united eClinical’s elluminate Clinical Data Cloud, which is an AI-driven SaaS platform devised to maximise medical information flows in a controlled or governed surroundings, with the Snowflake AI Data Cloud.
• In October 2024, MaxisIT, a major provider of AI-powered clinical data analytics platform that expedites medical development introduced DTect AI. The product comes within its eXchange Data Management Workbench offering. DTect AI is a ground-breaking solution, which is AI-driven, for life sciences and pharmaceutical companies to maximise and improve their clinical trials data quality management. Moreover, it unites several AI models to supply live anomaly detection, intelligent recommendation systems, and extensive data quality scoring with current data sources throughout LABs, EDCs, coupled with multiple information pipelines, and at the same time, giving practical insights establishes a new industry benchmark for clinical data management.
• In October 2024, Healthcare Information and Management Systems Society at the 024 HIMSS APAC Health Conference and Exhibition introduced a newly improved version of Analytics Maturity Assessment Model (AMAM), a structure that supports health systems assess and make their analytics strategy better, data administration, and aids in the efficient utilization of artificial intelligence technology. With this launch, HiMSS stresses on its global effort to propel equitable health and enhancing patient results using digital medical transformation. Moreover, the new AMAM computes the real effect of analytics, comprising the value of analysis on governance, system-wide operations, and patient care.
• In April 2024, SMART Optimer was launched by the MaxisIT. It is proclaimed as the industry’s foremost AI-fuelled system for maximising clinical trials. This intends to transform decision-making in pharmaceutical and life sciences research by capitalising on Casual AI for filling the space between human-like intelligence and correlational machine learning.

DETAILED SEGMENTATION OF THE GLOBAL CLINICAL DATA ANALYTICS MARKET INCLUDED IN THIS REPORT

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