Clinical Data Analytics Market Demands and Growth Predication 2017-2023
The market for clinical data analytics is segmented into four major regions. As per Market Research Future Analysis, North America accounts for major market share in the clinical data analytics in the healthcare sectors, with major countries being the U.S. and Canada.
Europe acquires the second largest market share, with countries such as the Germany and France acquiring the major market share. Asia Pacific region is currently sluggish in implementing clinical data analytics in the healthcare sector but estimated to grow at a faster pace in future. The Middle East and North Africa currently acquire the lowest market share.
The global clinical data analytics market has been evaluated as a growing market and it is expected that the market will touch high growth figures. Increasing the technological advancements in mHealth and IoT and rising number of government initiatives are some of the factors driving this market. The Global Clinical Data Analytics Market is expected to reach USD 11,853.6 million in 2022.
Global Clinical Data analytics Market:
In the coming years, it is expected that the global clinical data analytics market will advance with higher growth rate as compared to previous years. Rising pressure to curb healthcare costs has fuelled the growth of the market for Clinical data analytics market.
The major participants of this market are Athenahealth Inc. (U.S.), Cerner (U.S.), International Business Machines Corporation (U.S.), McKesson (U.S.), Xerox (U.S.) and others.
Regional Analysis: The global market for Clinical data analytics is growing steadily. The market for clinical data analytics is growing with the CAGR of 30.90% during the forecast period from 2016-2022. North America accounts for largest market share in 2015 and is expected to reach USD 6,293.2 million by 2022. This is attributed to the factors such as emanation of big data in healthcare, establishment of healthcare policies by government, increase in clinical data management for better healthcare outcomes, increasing technological advancements and growing research and development for precision medicines. Europe is the second largest market with the market value of USD 505.8 million in 2015.
Asia-Pacific region is the fastest growing market for clinical data analytics, which is expected to grow at a CAGR of 31.42% during the forecast period from 2016 to 2022. Increasing awareness regarding the use of big data analytics by the healthcare providers has spurred the growth of clinical data analytics in this region.