Healthcare Clinical Analytics Market Size

Healthcare Clinical Analytics Market Analysis

The Healthcare Clinical Analytics Market size is estimated at USD 13.44 billion in 2024, and is expected to reach USD 34.79 billion by 2029, growing at a CAGR of 20.96% during the forecast period (2024-2029).

The emergence of COVID-19 significantly impacted the studied market growth. The rise in the adoption of digital technologies during the pandemic expedited the demand for clinical analytics in healthcare. It ultimately fueled the market growth. Healthcare organizations, globally, extensively adopted digital solutions and technological tools due to a rise in demand for digital health platforms and telemedicine. According to an article published in March 2021 in the Sensors Journal by MDPI, during the pandemic, big data analytics was used as a tool for sentiment analysis of the target population. Also, big data analytics tools and platforms were used for epidemiology studies and remote patient monitoring during the pandemic period. Moreover, analytics in healthcare became an integral part, owing to several advantages such as improved healthcare decision-making, care delivery, and patient treatment. Hence, owing to the above factors, the pandemic impacted the studied market positively and the market studied is expected to continue its strong growth over the forecast period.

The factors such as the high adoption rate of e-health record systems, technological advancements in data analytics, and favorable government initiatives offerings are fueling the market growth.

The high adoption rate of e-health record systems is expected to boost market growth over the forecast period. For instance, according to the United States Office of the National Coordinator for Health Information Technology, in 2021, around 96% of the general acute care hospitals adopted an electronic health record (EHR) system. The increasing use of EHR systems is creating new opportunities for data mining and data integration tools. Thus, the increase in the adoption of such systems is likely to propel market growth.

Furthermore, with the advancement in technology, the next-generation e-health platforms, and healthcare clinical analytics modalities are becoming accessible and easy to use. These platforms are helping clinicians collect data easily and improve patient compliance. Also, the technological advances in electronic clinical analytics are fueling the studied market growth. For instance, in January 2021, YPrime LLC, a cloud-based eClinical solutions company launched its fifth-generation electronic clinical outcome assessment (eCOA) platform. YPrime's newest platform features an improved user experience for patients, clinical investigators, sponsors, and contract research organizations (CROs). Thus, such developments are projected to contribute to the overall, market growth.

Therefore, owing to the high adoption of EHR systems and technological advancements, the studied market is expected to drive the growth of the market during the forecast period. However, the data privacy and security concerns coupled with the high initial cost and complexity of the software used are likely to restrict the market growth.