Market Trends of Clinical Data Analytics Industry
Cloud Deployment Model to Hold a Dominant Position in the Market
- The increased adoption of electronic records across most healthcare institutions has driven the use of cloud-based solutions owing to its most intuitive advantage, which enables archiving and easy use and analysis of patient records, information, and history. Physicians are inclined toward cloud solutions as they enable secure collaboration between the patients and other hospital management since these solutions support mobile devices, web applications, and data access from multiple locations.
- The ability to use the cloud is not limited to data from a single location but allows the collaboration of various data pools worldwide. Healthcare organizations and pharmaceutical companies can thus leverage this advantage to gather insights on drug discovery or innovation based on history and present data available from the various healthcare data pools.
- The increased adoption of electronic records across most healthcare institutions has driven the use of cloud-based solutions due to their intuitive advantage, allowing for the easy archiving, use, and analysis of patient records, information, and history. Because cloud solutions support mobile devices, web applications, and data access from multiple locations, physicians prefer them.
- The ability to use the cloud is not limited to data from a single location but allows for the collaboration of various data pools worldwide. Thus, healthcare organizations and pharmaceutical companies can use this advantage to gain insights into drug discovery or innovation based on historical and current data available from various healthcare sources.
- Furthermore, these solutions reduce in-house storage costs incurred by on-premise solutions, which may require multiple data centers to store and process the data required for analysis. Data aggregation across trials and sponsors is made possible by cloud computing. This information can be used to create benchmarks, allowing data managers to see how their practice compares to others in the same therapeutic area.
- As genomic medicine advances, more patient data will be added to already growing health data stores, and on-premises data warehouses will be unable to accommodate this information. Health systems must supplement on-premises data warehouse capacity with cloud-based solutions to keep up with the data flood. With increased R&D investment and government research budgets, there is a greater demand for high-powered data solutions with greater accuracy in providing insights.
- Companies are thus using big data to achieve this accuracy; however, this necessitates advanced computing power, which can be accessed via the cloud. For example, Saama Technologies, an AI clinical analytics platform company, signed an agreement with Pfizer Inc. to develop and deploy an AI-powered analytics solution to reduce the challenges commonly encountered by clinical study data managers and monitors.
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North America to be a Major Market
- During the forecast period, the market in the North America is expected to grow the most significantly. The massive growth of the US market is linked to the development of federal healthcare mandates to control rising healthcare costs, expanding regulatory obligations, increasing electronic health record (EHR) adoption, and expanding government initiatives focusing on personalized medicine, value-based reimbursements, and population health management.
- The demand in the market is increasing as a result of growing demand for quality services and lower healthcare costs. As security on digital platforms and channels is still rising, the uptake of statistical data will remain high as major market players are continuing to make substantial investments in cybersecurity while at the same time significantly investing in healthcare across the region.
- According to ClinicalTrials.gov, the United States alone accounted for 34% of the registered clinical studies worldwide in 2022. The collected data generated from different sources need to be studied and analyzed for chalking out strategies for effective population health management. Moreover, the United States alone accounted for 37% of the registered recruiting clinical studies worldwide, per the same source.
- Under the new rules by the United States government for Medicare, hospitals and doctors will be subject to financial penalties under Medicare if they are not using EHRs. Though the United States has always been known to be a pioneer in using advanced technologies for treating patients, doctors and hospitals have needed to be faster to replace paper records with electronic records. These steps are being taken to make these EHRs useful. Implementing these new regulations will boost the region's clinical data analytics solutions demand.
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