Big data in healthcare is overwhelming not only because of its volume, but also because of the diversity of data types and the speed at which it must be managed. The totality of data related to patient healthcare and well-being make up the “big data” in the healthcare industry. By discovering associations and understanding patterns and trends within this data, big data analytics can help in improving care, save lives, and lower costs.
Clinical data analytics help physicians to take decisions about the care of their patients or aid in better understanding of the health of their covered populations. The technology can vary according to the data involved or the users of the information or the actions which are at the discretion of decision-makers, who can be anyone or more of the following: nurses, doctors, public health officials and senior management.
The Asia-Pacific economy is growing at a fast pace. Countries like India, China, Japan and Australia are driving this region to an economic prosperity. The main area of concern for this region is proper healthcare for the growing population. With newer hospitals and pharmacies opening up in this region, there will be a lot of data about a patient in the market. This is where accurate analysis of all that data will be crucial.
Clinical data analytics market is estimated to grow from USD 2.25 billion in 2016 to USD 16.98 billion by 2021, at a CAGR of 41.50%. North America will be the biggest market for these solutions with a share of 55%, followed by Europe, Asia-Pacific and rest of the world.
IBM has the largest market share among the different software vendors catering to clinical data analytics market, followed by athenahealth, InterSystems Corporation and Cerner Corporation.
The report focuses on different industry policies and factors which are driving the market growth. The report also provides key insights into strategies, market shares and solutions of key vendors like IBM, Caradigm, CareEvolution, Cerner, Explorys, InterSystems, McKesson, Wellcentive, Athenahealth and Truven Health Analytics.
Some of the major vendors who are providing stiff competition to existing players mentioned in the report are ActiveHealth Management, The Advisory Board Company, Humedica, Inc., Comprehend Systems and Forte Research Systems.
The factors responsible for driving the demand for clinical data analytics market are, an increasing focus of the population towards health management, supportive government policies, cost benefits, and the opportunity to provide better quality services to the patients.
Fragmented end-user market and software related privacy and security issues are some of the challenges of the clinical data analytics market.
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