Global IT Spending on Clinical Analytics will expand at a 12.3 percent CAGR over the period between 2016 and 2024, a report from Transparency Market Research showed.
In currency terms, the IT spending is projected to reach $32.422 billion by 2024 from $11.650 billion in 2015.
According to the report, generation of highly refined data in short spans encouraged adoption of clinical analytics tools. It has helped to improve clinical outcomes and led to a significant reduction in hospital readmission rates.
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.
TMR said 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.
Going forward, 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.
Geographically, North America presently leads in terms of annual IT spending on clinical analytics and is expected to account for a significant share of the global IT spending on clinical analytics over the forecast period as well.
In terms of platform, the segment of integrated clinical analytical solutions leads, owing to its flexibility and capability of syncing with other data processing systems. The region accounts for 60 percent of the overall market in 2015.
Most players in the clinical industry are expanding their business with strategic mergers and acquisitions. Last year, Siemens Health Services’ assets, client relationships, and associates were acquired by Cerner Corporation.
In August 2016, HPE signed an agreement to acquire SGI, a leader in data analytics and data management for $ 275 million. The acquisition added employee strength of 1,100 to the company and helped increase product offerings.