Globally, the clinical analytics market is fragmented and features the presence of local and established players. In emerging economies such as Asia-Pacific, Latin America, and the Middle East & Africa, the market is comparatively new and is expected to be driven by various technology initiatives and outsourcing of solutions. The huge scope of exploiting the vast untapped opportunities in these regions could lead to the entry of many new as well as globally established firms.

An ongoing trend in the market is strategic mergers and acquisitions, with most players looking to expand globally along with portfolio expansion by co-development activities and increased marketing deals. Recent instances include the February 2015 acquisition of Siemens Health Services’ assets, client relationships, and associates by Cerner Corporation. In August 2016, HPE signed an agreement to acquire SGI, a leader in data analytics and data management for US$ 275 mn. The acquisition added an employee strength of 1,100 to the company and helped increase product offerings.

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Transparency Market Research estimates that 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

Integrated Systems to Continue to Embark upon Impressive Growth Path

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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