Market Size of Healthcare Clinical Analytics Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 13.44 Billion |
Market Size (2029) | USD 34.79 Billion |
CAGR (2024 - 2029) | 20.96 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Healthcare Clinical Analytics Industry Segmentation
As per the scope of the report, clinical analytics in healthcare makes use of real-time medical data to generate insights, take decisions, increase revenues, and save on costs. The implementation of clinical analytics in organizations leads to reduced medication errors, improved population health, and cost savings for organizations. The Healthcare Clinical Analytics Market is Segmented by Technology Type (Predictive Analytics, Prescriptive Analytics, and Descriptive Analytics), Application (Quality Healthcare, Client Relationship Management, Healthcare Workers Performance Evaluation, and Hospital/Clinical Data Management and Curation), Mode of Delivery (On-Premise and Web and Cloud Based), Product (Hardware and Services and Software), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends of 17 countries across major regions, globally. The report offers the value (in USD million) for the above segments.
By Technology Type | |
Predictive Analytics | |
Prescriptive Analytics | |
Descriptive Analytics |
By Application | |
Quality Healthcare | |
Client Relationship Management | |
Healthcare Workers Performance Evaluation | |
Hospital/Clinical Data Management and Curation |
By Mode of Delivery | |
On-Premise | |
Web and Cloud Based |
By Product | |
Hardware | |
Services and Software |
Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Healthcare Clinical Analytics Market Size Summary
The healthcare clinical analytics market is poised for significant expansion, driven by the increasing adoption of digital technologies and the integration of electronic health record systems. The COVID-19 pandemic acted as a catalyst, accelerating the demand for clinical analytics as healthcare organizations worldwide embraced digital health platforms and telemedicine solutions. This shift has underscored the importance of analytics in enhancing healthcare decision-making, care delivery, and patient treatment. Technological advancements in data analytics, coupled with favorable government initiatives, are further propelling market growth. The development of next-generation e-health platforms and electronic clinical analytics modalities is making data collection more accessible for clinicians, thereby improving patient compliance and outcomes.
North America is expected to maintain a dominant position in the healthcare clinical analytics market, supported by increased research and development expenditure in the pharmaceutical sector and the widespread adoption of analytics technologies. The region benefits from a high concentration of market players, strategic collaborations, and government initiatives that promote the use of healthcare data. The presence of major companies and ongoing product developments, such as the launch of new analytics platforms and software, are contributing to the market's robust growth. Despite challenges like data privacy concerns and the complexity of analytics software, the market is set to expand, driven by the rising adoption of predictive analytics and ongoing technological innovations.
Healthcare Clinical Analytics Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 High Adoption Rate of E-health Record System
-
1.2.2 Technological Advancements in Data Analytics
-
1.2.3 Favorable Government Initiatives
-
-
1.3 Market Restraints
-
1.3.1 Data Privacy and Security Concern
-
1.3.2 Initial Cost and Complexity of Software
-
-
1.4 Porter's Five Force Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD millions)
-
2.1 By Technology Type
-
2.1.1 Predictive Analytics
-
2.1.2 Prescriptive Analytics
-
2.1.3 Descriptive Analytics
-
-
2.2 By Application
-
2.2.1 Quality Healthcare
-
2.2.2 Client Relationship Management
-
2.2.3 Healthcare Workers Performance Evaluation
-
2.2.4 Hospital/Clinical Data Management and Curation
-
-
2.3 By Mode of Delivery
-
2.3.1 On-Premise
-
2.3.2 Web and Cloud Based
-
-
2.4 By Product
-
2.4.1 Hardware
-
2.4.2 Services and Software
-
-
2.5 Geography
-
2.5.1 North America
-
2.5.1.1 United States
-
2.5.1.2 Canada
-
2.5.1.3 Mexico
-
-
2.5.2 Europe
-
2.5.2.1 Germany
-
2.5.2.2 United Kingdom
-
2.5.2.3 France
-
2.5.2.4 Italy
-
2.5.2.5 Spain
-
2.5.2.6 Rest of Europe
-
-
2.5.3 Asia-Pacific
-
2.5.3.1 China
-
2.5.3.2 Japan
-
2.5.3.3 India
-
2.5.3.4 Australia
-
2.5.3.5 South Korea
-
2.5.3.6 Rest of Asia-Pacific
-
-
2.5.4 Middle East and Africa
-
2.5.4.1 GCC
-
2.5.4.2 South Africa
-
2.5.4.3 Rest of Middle East and Africa
-
-
2.5.5 South America
-
2.5.5.1 Brazil
-
2.5.5.2 Argentina
-
2.5.5.3 Rest of South America
-
-
-
Healthcare Clinical Analytics Market Size FAQs
How big is the Healthcare Clinical Analytics Market?
The Healthcare Clinical Analytics Market size is expected to reach USD 13.44 billion in 2024 and grow at a CAGR of 20.96% to reach USD 34.79 billion by 2029.
What is the current Healthcare Clinical Analytics Market size?
In 2024, the Healthcare Clinical Analytics Market size is expected to reach USD 13.44 billion.