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 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 North American region has a share of more than 55% of the global clinical data analytics market and is estimated to cross USD 3 billion mark by the end of 2016. Accounting 40% of the clinical trials worldwide, the U.S. remains the major market for these solutions in North America. The North American healthcare sector varies according to the countries in the region. In the USA, the healthcare sector is mostly owned and operated by private sector. More than 60% of the hospitals are non-profit and only around 20% are government-owned and the rest is for profit. The efficiency and the reach of healthcare in the USA vary from region to region. In Canada, healthcare is publicly funded which helps the majority of the population get access to basic and advanced healthcare. Clinical data analytics has started to be used widely in the region and is being used by many companies and hospitals to give the required assistance and treatment to the patients.
New electronic health record systems and health information exchanges are transforming the ways of exchanging patient data. This data is ultimately being analyzed and used by the healthcare providers for a larger population as a whole. These solutions are also helping in cutting down costs of clinical trials and make healthcare processes more efficient.
Clinical data analytics market is estimated to grow from the current USD 2.25 billion 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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