Market Scenario
The global clinical data analytics market is considered to garner USD 11,853.6 million with 30.90% CAGR during the forecast period (2016-2022) owing to the surging technological advancements in mHealth, asserts Market Research Future (MRFR). A brand-new approach, clinical data analytics is shifting towards new payment modes and the absolute amount of clinical data stored in Electronic Health Records
(EHR). Healthcare professionals are opting for analytic solutions for population management solutions.
(EHR). Healthcare professionals are opting for analytic solutions for population management solutions.
Drivers and Constraints Impacting the Market
The healthcare sector has experienced a paradigm shift in the last few years owing to the high adoption of electronic health records (EHRs), which has resulted in the integration of the digital world with the physical. This has further resulted to a seismic shift in the quality and volume of clinical data. The integration of analytics has benefitted the healthcare industry in several ways. The healthcare sector has been facilitated with the benefit to record datasets and valuable information ranging from patient preferences, therapies to medical history and procedures which has been proven to be effective in treating injuries and diseases. Additionally, provision of evidence-based treatments offered to the patients, feasibility of preventive care over reactive care, and facility of personalized care are some of the factors considered to push the market growth during the appraisal period. Moreover, clinical analytics minimizes the avoidable readmissions and upgrades patient outcomes, and also enables the hospitals to shift towards value-based quality of care. Such factors are estimated to fuel the market growth in the coming years.
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On the flip side, some of the developing countries are still struggling to offer better internet facilities to their citizens, who are unable to take the advantage of the social and economic benefits offered by the internet. People belonging to the lower economic classes in the poor and developing countries are still devoid of clinical data analytics. Moreover, privacy and security issues in managing and handling of clinical data are among the serious concerns likely to slow down the market growth.
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