Published Date : Apr 18, 2018
ALBANY, New York, April 18, 2018: MarketResearchReports.biz has announced the addition of a new market study to its repository, titled, “IT Spending on Clinical Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.” The report studies the market from every possible angle to uncover that it would achieve a solid turnover year-on-year.
The growth so far in IT spending on clinical analytics has mainly been a result of the healthcare industry adopting technology big time to better the accuracy and reduce time on treatment and improve overall operational efficiency too. This is because the amalgamation of physical and digital worlds has resulted in a proliferation data, which if studied properly can uncover valuable patterns and trends. Such findings can immensely support clinical and financial decisions. This, alongside the increasing number of cutting-edge digital data management tools has boosted IT spending on clinical analytics. Going forward, the number is expected to increase further.
IT spending on clinical analytics leads to refined data in lesser time, better clinical outcomes, and considerable plunge in hospital readmission. However, the different sources churning out data sometimes lack standardization and structure. At times, the data sets are even incomplete. Analyzing such varied data is a major challenge facing clinical analytics systems. This is a crucial bottleneck that companies need to overcome to progress.
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The report on IT spending on clinical analytics is broadly split platform-wise into stand-alone and integrated. Between the two, the integrated clinical analytics solutions pulls in greater revenue and in the future too will continue doing so by registering a higher growth pace. This is because it is dynamic and can draw data from clinical documents synched with the system, such as EHR to generate actionable insights. On the other hand, the comparatively lesser ability of standalone systems to integrate well with other data processing or managing systems has led to their reduced uptake.
Geographically, North America leads vis-à-vis IT spending on clinical analytics on account of the state-of-the-art healthcare infrastructure and supportive government policies in the region. In terms of growth rate, however, Asia Pacific is expected to steal the show in the near future on account of rapid adoption of clinical analytics due to technological progress, swift pace of digitization of healthcare infrastructure, and increased uptake of big data and analytics in healthcare.
McKesson Corporation, IBM Corporation, Cerner Corporation, Optum, Inc., Oracle Financial Services Software Limited, Allscripts Healthcare Solutions, Inc., CareCloud Corporation, Hewlett-Packard Enterprise Development LP, Medical Information Technology, Inc., and ArborMetrix, Inc. are to name a few of the prominent participants in the clinical analytics market. At present, the overall landscape is fragmented owing to the presence of numerous players in it. In order to progress, many of them are on the lookout for strategic mergers and acquisitions.
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