Clinical analytics market set for big growth worldwide
U.S. providers have a lot to do with their clinical data nowadays, whether its tracking vitals to stave off healthcare-associated infections, applying predictive analytics to prevent hospital readmissions or tracking any number of myriad quality measures for value-based care.
They need intelligence tools to do that, of course, and more and more health systems are upping their investments in the technology they need to manage in the world of accountable care. And not just American providers – the global market for clinical intelligence software is set to grow 12.5 percent between now and 2023, according to a new report from Market Research Future.
That growth comes thanks, in part, to the big uptick in in the adoption of electronic health records and other IT worldwide, more software-dependent claims processing and the imperative – everywhere – to deliver better care at lower cost.
While the market for clinical intelligence is "expected to grow at an exponential rate," according to the report, which forecasts purchasing in the Americas, Europe, Asia Pacific and the Middle East & Africa, the "high cost of clinical intelligence software solutions may restrain the market growth in developing countries."
Perhaps unsurprisingly, "America is the largest market for clinical intelligence owing to an increasing extensive use of software solutions for healthcare administration and available resources," the researchers wrote. "North America accounts for the largest market share owing to the presence of major healthcare IT companies enjoying global presence."
Europe, meanwhile, is the second largest market for clinical intelligence, and is expected to see "steady growth in the near future due rising number of healthcare providers using clinical management softwares and technological advancement in healthcare IT especially EHR and patient engagement platforms."
But it's in Asia Pacific countries where the analytics market is expected grow at the fastest rate, according to Market Research Future, thanks to "factors such as rising demand for healthcare IT, increasing healthcare expenditure and rising number of healthcare software solution providers. Furthermore, increasing burden of diseases and increasing demand for patient records management also boost the market growth during the review period."
Researchers say they expect parts of Middle East & Africa to "also show a steady rise in the market owing to low demand for healthcare IT, especially in Africa owing to low healthcare expenditure and need for primary care services."
The firm studied various markets with an eye toward retrospective performance measures and predictive analytics, performance measurement systems, clinical decision support systems, quality improvement and clinical benchmarking tools, population health management platforms and more.
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