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

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The global IT spending on clinical analytics will expand at a 12.3% CAGR over the period between 2016 and 2024. Expanding at this rate, the IT spending on clinical analytics across the globe is projected to reach US$32,422 mn by 2024 from US$11,650 mn in 2015.

In terms of geography, 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 syncing with other data processing systems, accounting for over 60% of the overall market in 2015.

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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.

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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.

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