Clinical intelligence is attained by healthcare organizations and clinics by accumulating data of patients and the success rate of surgeries by patients. The data gathered is fed into the information system and analyzed through various parameters which contain insights for improving the productivity of clinics and hospitals. The global clinical intelligence market report by Market Research Future (MRFR) contains growth indicators and challenges which let investors make a sound decision.
The global clinical intelligence market is set to attain a high valuation by exhibiting 12.5% CAGR from 2017 to 2023 (forecast period).
Key market players include IBM, QSI Management, LLC, Greenway Health, LLC, General Electric Company, Epic Systems Corporation, McKesson Corporation, Allscripts, Cerner Corporation, eClinicalWorks, and others.
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The shift to paperless form of saving information will work favorably for the market. Introduction of electronic health records (EHRs) to create a patient database can provide valuable insights for doctors in their decision-making process.
Adoption of healthcare IT to digitize processes and prevent cases of fraud can lead to its adoption across hospitals. Smooth process of insurance claims coupled with the rise in the number of EHR software vendors can bolster market demand.
But high costs of the software can impede market growth.
In 2019, Belong.Life, maker of a mobile application for cancer has received close to USD 14 million in funding from IQVIA and The Group Ventures. The application allows cancer patients to connect with other patients to create a community. The management tools, clinical trial matching service, and in-house chats with professionals are likely to gain significant data which can be used to further research in cancer.
The global Clinical Intelligence Market is segmented by type, component, application, and end-user.
By type, it is segmented into clinical decision support system (CDSS), quality improvement, clinical benchmarking, retrospective performance & predictive analytics, population health management, performance measurement systems, and others. The CDSS segment is projected to have a large market share till 2023 due to its part in assisting doctors with their practice.
By component, it is segmented into software, services, and hardware.
By application, it is segmented into clinical, financial management, fraud management, revenue cycle management, claim processing, and supply chain.
By end-user, it is segmented into clinics, hospitals, and third-party administrators (TPAs).
Geographically, the market is segmented into the Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and Americas.
The Americas is projected to be the biggest region due to extensive use of software in healthcare administration and other available resources. Within the region, North America can generate high revenue for the clinical intelligence market due to major software solution providers such as QSI Management, GE Electric Company, Allscripts, and IBM. The use of CDSS by tertiary care centers is likely to work favorably for the market.
Europe is the second largest region due to the rising number of healthcare providers utilizing clinical management software. Technological breakthroughs in healthcare IT via patient engagement and EHR databases can boost the clinical intelligence market demand till 2023.
The APAC region is likely to exhibit the fastest growth rate during the forecast period due to the rise in the number of clinical trials. Investments in research and development coupled with rise of medical tourism can widen the market scope. Consolidated nature of the medical industry with major hospital chains acquiring smaller clinics to expand their patient base is predicted to lead to the adoption of clinical intelligence.
Lastly, the MEA region is predicted to witness slow demand due to low adoption of healthcare IT and low budget allotted to healthcare services in Africa.
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List of Tables
Table 1 Clinical Intelligence Industry Synopsis, 2017-2023
Table 2 Global Clinical Intelligence Market Estimates and Forecast, 2017-2023, (Usd Million)
Table 3 Global Clinical Intelligence Market by Region, 2017-2023, (Usd Million)
Table 4 Global Clinical Intelligence Market by Types, 2017-2023, (Usd Million)
Table 5 Global Clinical Intelligence Market by Component, 2017-2023, (Usd Million)
Table 6 Global Clinical Intelligence Market by Application, 2017-2023, (Usd Million)
Table 7 Global Clinical Intelligence Market by End Users, 2017-2023, (Usd Million)
Table 8 North America Clinical Intelligence Market by Types, 2017-2023, (Usd Million)
Table 9 North America Clinical Intelligence Market by Component, 2017-2023, (Usd Million)
Table 10 North America Clinical Intelligence Market by Application, 2017-2023, (Usd Million)
List of Figures
Figure 1 Research Process
Figure 2 Segmentation for Global Clinical Intelligence Market
Figure 3 Segmentation Market Dynamics for Clinical Intelligence Market
Figure 4 Global Clinical Intelligence Market Share, by Component 2016
Figure 5 Global Clinical Intelligence Market Share, by Application 2016
Figure 6 Global Clinical Intelligence Market Share, by End Users, 2016
Figure 7 Global Clinical Intelligence Market Share, by Region, 2016
Figure 8 North America Clinical Intelligence Market Share, by Country, 2016
Figure 9 Europe Clinical Intelligence Market Share, by Country, 2016
Figure 10 Asia Pacific Clinical Intelligence Market Share, by Country, 2016
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