IT Spending on Clinical Analytics: High Flexibility and Integrated Platforms to Replace Stand-alone Installations

Digitization of Healthcare Infrastructure to Keep North America Ahead in Clinical Analytics Spending

In terms of geography, the market is dominated by North America and the region will continue to constitute the bulk of share in the global market by the end of the forecast period as well. The region leads in terms of IT spending on clinical analytics owing chiefly to the technologically advanced healthcare infrastructure, favorable government policies, and increased incentives. The IT spending on clinical analytics in North America is estimated to be valued at US$5,349 mn by the end of 2016 and is expected to expand at a CAGR of 10.8% to reach US$12,110 mn by 2024.

However, North America is expected to lose to Asia Pacific in terms of rate of growth over the forecast period; IT spending on clinical analytics in Asia Pacific is expected to expand at a remarkable 16.9% by 2024. The region will see the adoption of clinical analytics at such a rapid pace owing to vast technological advancements, enhancement and rapid digitization of healthcare infrastructure, and increased adoption big data and analytics in healthcare. Japan is a highly attractive market in the region, followed by China and India. Other APAC countries are also expected to emerge as highly promising markets for clinical analytics in the next few years owing to similar factors.

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Integrated Systems to Dominate Thanks to Flexibility and Capability to Sync with Other Systems

In the report, the IT spending on clinical analytics is segmented on the basis of platform into stand-alone and integrated. Of these, the segment of integrated clinical analytics solutions acquired the dominant chunk of revenues of the global market in 2015 and is expected to maintain dominance over the forecast period as well.

The integrated clinical analytics segment is also expected to exhibit a higher CAGR of 13.1% compared to the segment of stand-alone clinical analytics solutions, which is expected to expand at an 11.0% CAGR, over the period between 2016 and 2024. Of the overall global spending on clinical analytics solutions, spending on integrated solutions is expected to account for a 63% of the global market by 2024.

Integrated clinical analytics solutions observe higher demand owing to their highly dynamic nature and ability to extract data from clinical documents synched with the system, such as (electronic health records) EHR, utilizing the data to generate key insights. The relatively lower level of competency of stand-alone systems in terms of ability to integrate well with other data processing or managing systems will lead to their relatively lower adoption on a global front.

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Generation of Highly Refined Data in Short Spans Encourages Adoption of Clinical Analytics Tools

Of the key factors driving the rate of IT spending on clinical analytics, the capability of clinical analytics tools and systems of generating highly refined data in short spans of time and the promise of improved clinical outcomes and a significant reduction in hospital readmission rates with effective clinical analytics tools in place need special mention. The massive amount of data generated by digital healthcare operations management systems during patient visits, health systems, federal and private payers can be used by clinical analytics platforms to derive meaningful insights.

Over the years, healthcare practitioners have observed the real-term benefits of these insights on the rate of reduction of patient readmissions and improved outcomes by being able to choose a proper course of treatment based on the way patients have responded to a standard therapy previously. These factors will continue to drive the demand and global adoption of clinical analytics solutions and tools, thereby leading to a vast rise in IT spending on them.

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