Clinical Intelligence Market
Clinical Intelligence Market
Overview:
Clinical intelligence is a new learning paradigm for healthcare providers in which clinical data is analyzed with the use of modern data mining, data visualization, and predictive modeling tools to improve healthcare delivery. The usage of clinical intelligence is becoming a common phenomenon in healthcare institutes worldwide and the global clinical intelligence market is poised to strike a splendid CAGR of 12.5% over the forecast period of 2017-2023, predicts Market Research Future (MRFR) in an exhaustive study.
The pressing need to curb healthcare costs has been the primary drive motivating the growth of the global clinical intelligence market. The growing burden of chronic diseases and increasing patient influx in hospitals has raised the adoption of software solutions for tedious process such as insurance claim processing and fraud detection. This results in improved healthcare outcomes and subsequently boosts the growth of the market.
Growing interest by the healthcare sector towards making data-driven decisions and growing integration of Big Data analytics is also acting as a plus for the market growth. Moreover, growing demand for precision and personalized medicine has spurred the adoption of clinical intelligence on a global scale.
Other factors stimulating the market growth include governments in multiple countries encouraging the adoption of clinical intelligence solutions. Furthermore, constant changes in regulations, increasing reporting mandates, and ever-increasing competition, healthcare organizations can no longer ignore the importance of clinical intelligence. Clinical intelligence aids healthcare sector to improve the quality of care by analyzing the gaps in their care, patient safety, efficiency, and cost-effectiveness.
On the other hand, a general lack of regulatory and clinical standards for predictive analytics is likely to hinder the growth of the market. The high cost of clinical intelligence software might restrain the growth of the market growth in developing countries.
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Segmentation
The global clinical intelligence market has been segmented based on component, type, end-user, and application.
By type, the global clinical intelligence market has been segmented into population health management, retrospective performance measures & predictive analytics, clinical benchmarking, clinical decision support (CDSS) system, quality improvement, performance measurement systems, and others. The quality improvement segment has been further segmented into six sigma. The population health management segment has been further segmented into under-utilization of health services and over-utilization of health services.
By component, the global clinical intelligence market has been segmented into hardware, software, and services.
By application, the global clinical intelligence market has been segmented into revenue cycle management (RCM) claims, fraud, supply chain, financial management, clinical, and others.
By end-users, the global clinical intelligence market has been segmented into clinics, hospitals, TPAs, and others.
Regional Analysis
By region, the global clinical intelligence market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas account for the maximum share of the global clinical intelligence market owing to high usage of software solutions for healthcare administration. The presence of healthcare IT companies in the region and high healthcare expenditure supports market growth in the region. Additionally, growing usage of Decision Support System among tertiary care centers in the US has proven to be beneficial for the growth of the market.
Europe follows the Americas closely and is the second largest market for clinical intelligence. Increase in a number of healthcare institutions who are leveraging clinical intelligence management softwares and expanding healthcare expenditure boosts the market growth in Europe.
APAC is poised to be the fastest growing market for clinical intelligence. Development of healthcare IT infrastructure, increasing healthcare expenditure and the growing presence of key players in the region can be credited for the growth of the market. Besides, the growing burden of diseases and government initiatives towards the modernization of the healthcare system are also factors favoring market growth in APAC.
The MEA market is expected to showcase moderate growth. The Africa region, in particular, will exhibit limited growth due to low healthcare penetration and low healthcare expenditure.
Competitive Landscape
The notable players in the clinical intelligence market include General Electric Company (U.S.), QSI Management, LLC (U.S.), Allscripts (U.S.), Cerner Corporation (U.S.), IBM (U.S.), Epic Systems Corporation (U.S.), Greenway Health, LLC (U.S.), McKesson Corporation (U.S.), and eClinicalWorks (U.S.).
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Industry Updates
February 2019- Nuance Communications, US-based multinational computer software technology corporation, introduced its new clinical intelligence solution dubbed Ambient Clinical Intelligence at the 2019 Healthcare Information and Management Systems Society (HIMSS). The new solution is built on speech recognition technology of its Dragon Medical One cloud platform and would facilitate hands-free clinical documentation.
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