North America Clinical Data Analytics in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

North America Clinical Data Analytics in Healthcare Market is segmented By Mode of Delivery (Cloud and On-premise), By Type (Descriptive Analysis, Diagnostic Analysis, Predictive Analysis, and Prescriptive Analysis), By End-user (Payers and Providers), Country

North America Clinical Data Analytics Industry Overview

North America Clinical Data Analytics in Healthcare Market
Study Period: 2018 - 2028
CAGR: 17.2 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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North America Clinical Data Analytics Market Analysis

North America Clinical Data Analytics in Healthcare Market is expected to grow at a CAGR of 17.2% during the forecast period 2021-2026. The utilization of modern technologies in the healthcare arena, such as Big data, assists medical practitioners in getting a large amount of usable medical data and records through these analytics platforms. Healthcare practitioners use these advanced analytical and mathematical methods to acquire high-quality patient outcome data.

  • The digitalization of all clinical evaluations and medical records in healthcare systems has become a standard and generally embraced practice nowadays, thanks to the development of computer systems and their potential. Big data analytics is becoming a potential topic for gaining insight from enormous data sets and improving results while lowering costs in healthcare.
  • Healthcare organizations recognize the advantages of cloud solutions and prefer cloud analytics tools over traditional on-premise BI (business intelligence) systems. Due to the increased demand for client and customer management, improved planning, intelligent decision-making, and predictive analysis have become standard criteria among company executives. As a result, the growing preference for cloud-based analytics solutions propels the NA Clinical Data Analytics in Healthcare Market forward.
  • In the data analytics in the healthcare market, the descriptive analytics category is predicted to have the largest share. Descriptive analytics are beneficial because they enable firms to learn from their previous actions and better understand how they may impact future results. Moreover, descriptive statistics are essential for displaying information such as total inventory or average consumer spending. When companies want to know what's going on in their firm at a high level, they need to employ descriptive analysis.
  • The COVID-19 epidemic has had a crucial impact on the North American population and economy. The relevance of big data in the healthcare business has increased as a result of the epidemic. Predictive and prescriptive analytics were utilized to create prediction models for the onset of the next waves of COVID-19 infection in various parts of North America. During the pandemic, the use of EHR increased in North American countries, which has affected the market's development in 2020.

North America Clinical Data Analytics Industry Segments

Clinical data analytics assist physicians in better managing a patient's health concerns as well as gaining a better knowledge of the patients' health state. The technology can vary depending on the data involved, the consumers of the information, or the actions taken by decision-makers such as nurses, doctors, public health authorities, senior management, and others. North America Clinical Data Analytics in Healthcare Market is segmented based on the mode of delivery being used in various healthcare applications. This report describes a detailed study of Porter's five forces analysis of the market. It also covers the market landscape of players and includes key growth strategies and competition analysis.

By Mode of Delivery
Cloud
On-premise
By Type
Descriptive Analysis
Diagnostic Analysis
Predictive Analysis
Prescriptive Analysis
By End-user
Payers
Providers
By Country
United States
Canada
Mexico
Rest of North America

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North America Clinical Data Analytics Market Trends

This section covers the major market trends shaping the North America Clinical Data Analytics Market according to our research experts:

Rapid Growing Adoption of EHR in North American Countries

  • Various federal mandates in the United States, such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of ICD-10 code sets, are encouraging healthcare organizations to adopt EHRs, focus on the quality of care to comply with pay-for-performance initiatives, and improve information exchange between different health systems.
  • Such programs include assisting clinicians in collecting patient data electronically and aiding data integration and chronic disease management. This, in turn, helps to reduce hospital readmissions and stays and claims fraud and abuse. It also improves patient health and lowers healthcare expenses.
  • Moreover, some other government requirements in the United States, like the Patient Protection and Affordable Treatment Act (PPACA), and the Health Insurance Portability and Accountability Act (HIPAA), encourage healthcare businesses to focus on digitization and health care quality.
  • The increasing pressure on hospitals in the United States to meet government healthcare standards prompts them to adopt data analytics tools for decision-making, enhance service quality, and avoid unnecessary expenses. The execution of these efforts is seen as a favorable sign of the overall market's growth because the United States is a significant contributor to the healthcare analytics market.
North America Clinical Data Analytics in Healthcare Market

United States is Expected to Dominate the Market

  • In the predictive analytics arena, the healthcare infrastructure in the United States is showing signs of improvement. According to studies, more than 40% of healthcare executives have reported a 50% growth in data volume in the previous few years. Health institutions and payers are increasingly using predictive analytics as data sets get larger and more complex to manage. Healthcare organizations are also recognizing that social determinants of health play a larger role in a patient's overall well-being than medical difficulties.
  • Analytics goes beyond benchmarking and regulatory reporting in the COVID-19 epidemic and becomes a fundamental business strategy. The National Institutes of Health (NIH) developed a centralized, secure enclave in 2020 to store and analyze massive volumes of medical record data from persons diagnosed with coronavirus illness across the US. This program aims to convert clinical data into knowledge that is critical for studying COVID-19, including health risk factors that suggest better or worse illness outcomes and identifying potentially effective therapies.
  • The presence of various notable players in the region can be linked to the region's significant growth opportunities. The federal government, for example, encourages the use of its healthcare data through a number of laws and projects. The Affordable Care Act (ACA), the country's most important healthcare law, allows the Department of Health and Human Services to disseminate data that promotes openness in healthcare and medical insurance markets.
North America Clinical Data Analytics in Healthcare Market

North America Clinical Data Analytics Market Competitor Analysis

North America Clinical Data Analytics in Healthcare Market is a moderately competitive market gaining traction in recent years. Few big firms presently dominate the industry in terms of market share. These market leaders are concentrating their efforts on growing their consumer base to include international countries. These businesses are making use of strategic collaboration efforts to grow their market share and profits. For instance:

  • In October 2021, Cerner Corporation, based in the United States, has launched a new business unit to offer real-world data solutions and research services to life sciences firms to assist clinical trials. Enviza combines Cerner's data business with Kantar Health's data, analytics, and research skills to assist speed up drug discovery, development, and deployment, as well as enhance clinical research.
  • In September 2021, The Health Catalyst Research Offering for biopharmaceutical firms, healthcare providers, and clinical research institutions (CROs) was launched by Health Catalyst, Inc. The new service will assist health systems in securely converting and optimizing their current clinical datasets, allowing them to leverage mutually advantageous industry and research collaborations.
  • In March 2021, Oracle Corporation and Saama Technologies, Inc. agreed to integrate Saama's smart apps with Oracle Health Sciences Clinical One. This partnership provides pharmaceutical businesses with artificial intelligence (AI)-driven insights to help them speed up clinical trials, which is a vital requirement that this year's worldwide pandemic has highlighted.

North America Clinical Data Analytics Market Top Players

  1. Health Catalyst Inc.

  2. Oracle Corporation

  3. IBM Corporation

  4. Cerner Corporation

  5. Koninklijke Philips N.V.

*Disclaimer: Major Players sorted in no particular order

North America Clinical Data Analytics in Healthcare Market

North America Clinical Data Analytics Market Recent Developments

  • In July 2021, Royal Philips and Cognizant have agreed to collaborate on the development of end-to-end digital health solutions that will help life sciences firms and healthcare organizations better patient care and speed up clinical trials. Cognizant's digital engineering skills will be combined with Philips HealthSuite, a cloud-based platform for delivering and maintaining cutting-edge digital health solutions at scale, offering enhanced connectivity, and generating actionable insights utilizing big data.
  • In July 2021, Siemens Healthineers and Flywheel (a U.S.-based healthcare research data platform company) have announced a cooperation and enterprise licensing agreement. Through this agreement, Flywheel will deploy its cloud-based research collaboration solution on the Siemens Healthineers teamplay digital health platform to securely share data, expertise, and algorithms to drive improvement in medical imaging.

North America Clinical Data Analytics Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Value Chain / Supply Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of COVID-19 Impact on the Industry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Healthcare Spending

      2. 5.1.2 Increasing Adoption of Big Data in Healthcare

    2. 5.2 Market Restraints

      1. 5.2.1 High Cost of Data Analytics Solutions

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Mode of Delivery

      1. 6.1.1 Cloud

      2. 6.1.2 On-premise

    2. 6.2 By Type

      1. 6.2.1 Descriptive Analysis

      2. 6.2.2 Diagnostic Analysis

      3. 6.2.3 Predictive Analysis

      4. 6.2.4 Prescriptive Analysis

    3. 6.3 By End-user

      1. 6.3.1 Payers

      2. 6.3.2 Providers

    4. 6.4 By Country

      1. 6.4.1 United States

      2. 6.4.2 Canada

      3. 6.4.3 Mexico

      4. 6.4.4 Rest of North America

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Allscripts Healthcare Solutions, Inc.

      2. 7.1.2 Cerner Corporation

      3. 7.1.3 Health Catalyst Inc.

      4. 7.1.4 IBM Corporation

      5. 7.1.5 Koninklijke Philips N.V.

      6. 7.1.6 McKesson Corporation

      7. 7.1.7 Oracle Corporation

      8. 7.1.8 Siemens Healthineers AG

      9. 7.1.9 Inspirata Inc.

      10. 7.1.10 CareEvolution, LLC

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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North America Clinical Data Analytics Market Research FAQs

The NA Clinical Data Analytics Market in Healthcare is studied from 2018 - 2028.

The NA Clinical Data Analytics Market in Healthcare is growing at a CAGR of 17.2% over the next 5 years.

Health Catalyst Inc., Oracle Corporation, IBM Corporation, Cerner Corporation, Koninklijke Philips N.V. are the major companies operating in NA Clinical Data Analytics Market in Healthcare.

NA Clinical Data Analytics in HealthcareIndustry Reports

In-depth industry statistics and market share insights of the NA Clinical Data Analytics Market in sector for 2020, 2021, and 2022. The NA Clinical Data Analytics Market in research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the NA Clinical Data Analytics Market in report PDF.

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