HealthTech

Emergence of Big Data Analytics: Future of the IT Spending on Clinical Analysis Market

Rising adoption of electronic wellbeing records and electronic health records by medical care enterprises and healthcare facilities across various regions in the world is fueling high growth in the global IT spending on clinical analysis market in coming years. Electronic health records, also known as EHRs display promising potential in terms of bringing significant expense savings, enhancing population wellbeing, and reducing medication errors. Additional services provided by the players in the global IT spending on clinical analysis market hold the potential to effectively use acquired clinical analysis in order to reduce the hospital readmission rates.

Integrated Platform Segment to Record High Growth in IT Spending on Clinical Analysis Market in Coming years

Research analysts at Transparency Market Research predict that the global IT spending on clinical analysis market will be evaluated at US$ 32,422 million in the year 2024, rising from the evaluation of US$ 11,650 million in 2015. They also predict that the global IT spending on clinical analysis market will grow at a stellar CAGR of 12.3 % over the forecast period of 2016 to 2024. Segments in the global IT spending on clinical analysis market by platform are integrated and stand alone.

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Among these two, integrated platform receives considerably high interest in the global IT spending on clinical analysis market owing to their incredibly dynamic nature along with their ability to remove information from clinical reports that have been synchronized within the framework. The considerably lower competency level of stand-alone platforms in the global IT spending on clinical analysis market in terms of ability to integrate effortlessly with other data management or processing systems is anticipated to lead to lower adoption of the same in the global IT spending on clinical analysis market.

Rising Usage of Big Data Analytics in Healthcare Industry Propels Demand in IT Spending on Clinical Analysis Market

Rapid digitalization of the global healthcare industry along with increasing utilization of big data analytics in the healthcare sector can fuel considerable growth in the global IT spending on clinical analysis market in coming years. Segments in the global IT spending on clinical analysis market by end user include payers and providers. Payers segment can be classified into insurance companies and government, among others. Providers segment in the global IT spending on clinical analysis market includes two sub segments, namely clinics and hospitals. Segments in the global IT spending on clinical analysis market by type of the solution are outsource and in house. In house segment in the global IT spending on clinical analysis market can be further classified into sub segments such as hardware, services, and software. Segments in the global IT spending on clinical analysis market by deployment are on premise and cloud based.

Key regions operational within the global IT spending on clinical analysis market include North America (including United States and Canada), Europe (including United Kingdom, Spain, Germany, France, Italy, and rest of the Europe), Middle East and Africa (including Saudi Arabia, Republic of South Africa, United Arab Emirates, and rest of the Middle East and Africa), Latin America (including Brazil, Mexico, and rest of the Latin America), and Asia Pacific (including India, Australia, China, Japan, New Zealand, and rest of the Asia Pacific).

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North America Dominates the IT Spending on Clinical Analysis Market

North America region is anticipated to amount for a large chunk of share in the global IT spending on clinical analysis market in coming years owing to technologically advanced healthcare infrastructure, rising incentives, and favorable governmental policies in the region. Furthermore, Asia Pacific is another region anticipated to witness substantial growth in the global IT spending on clinical analysis market in coming years. This trend can be attributed to rapid digitalization and technological enhancement of the healthcare infrastructure along with rising adoption of big data analytics in the healthcare industry in the region.

Few of the most prominent players in the global IT spending on clinical analysis market are Cerner Corporation, Optum, Inc., Oracle Financial Services Software Limited, Medical Information Technology, Inc., ArborMetrix, Inc., McKesson Corporation, IBM Corporation, Allscripts Healthcare Solutions, Inc., CareCloud Corporation, and Hewlett Packard Enterprise Development LP.

Pragati Pathrotkar

Pragati Pathrotkar is Team Lead for the SEO department at Transparency Market Research Pvt. Ltd. She is a specialist in search engine optimized (SEO) content with a wealth of experience gathered from working in leading market research firms.

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Pragati Pathrotkar

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