Clinical Data Analytics Market Size

Clinical Data Analytics Market Analysis

The Clinical Data Analytics Market size is estimated at USD 81.64 billion in 2024, and is expected to reach USD 24.21 billion by 2029, growing at a CAGR of 27.53% during the forecast period (2024-2029).

• Clinical data analytics in the healthcare sector plays a prominent role in curing and predicting diseases, increasing the quality of care, and nullifying preventable deaths due to the negligence of some chronic diseases. User-reported data (what people say), task-based measures (devices that measure effort and physiology), and passive sensing (what people do daily) are all assisting in the collection of data used for clinical data analysis, which is helping in market growth.
• Constantly evolving industry regulations also drive the market, increasing pressures to reduce drug development costs and rising demand for new therapies. As per the Avoca group, 65% of R&D activities were outsourced in 2022, and this trend is predicted to remain stable until the previous year. The market is also witnessing patient-clinician-system engagement, contributing to the proliferation of electronic data recording systems and advancements in methods (such as randomized trials) - presenting an exciting opportunity for the market studied.
• Diabetes management has been gaining importance for the past few years. Recently, Rensselaer Polytechnic Institute conducted a study using artificial intelligence (AI) and big data analytics to evaluate information from thousands of continuous glucose monitors and insulin pumps. The report can be used to improve the algorithms that control these devices, enhancing the lives of people with type 1 diabetes.
• Therapeutic-area specific modules are increasingly being mapped to industry standards. For instance, clinical milestone modules, disease-specific symptom modules, and disease-specific assessments (such as urine glycosaminoglycans (GAG) testing and mucopolysaccharidosis (MPS) enzyme testing) are being mapped to Medical Dictionary for Regulatory Activities (MedDRA), World Health Organization Drug Dictionary (WHODrug), Clinical Data Interchange Standards Consortium(CDISC), which encourages trials in various therapeutic domains, thereby assisting market growth.
• One of the most commonly encountered problems in data analysts is bad data quality. This can lead to analysis difficulties as well as hinder decision making, which might affect the amrket growth.
• The healthcare sector continued to contract as a result of the COVID-19 outbreak. In addition to the communities, COVID 19 has also been a disaster for the world's major economies, in particular the healthcare sector. The strategies of the major players are constantly adapted to this rapidly evolving situation. The impact of COVID-19 on the healthcare sector is projected to be considerable for a number of years. Before the crisis takes precedence, key healthcare reforms will have to be carried out by countries and major players.