Consumer Goods & Retail

Global Patient Data Management Market

September 24, 2021
ID: SR/ICT-103
Format:Pdf
Pages:220

Global Patient Data Management Market By Component (Solutions, Services), By Deployment Type (Cloud, On-premise) and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

The patient data management market size was valued at USD 20.6 Billion in 2020 and projected to reach USD 94.48 Billion by 2027, growing at a CAGR of 28.9% during the forecast period, 2020-2027.

Rise in government initiatives to increase electronic health records (EHR) and increasing pressure to limit healthcare costs across the globe. This, in turn, is anticipated to contribute to the patient data management market growth in the forecast period.

Moreover, the rise in lifestyle-related diseases such as diabetes, obesity, stroke, and others and growing healthcare and technology developments propel the global patient data management market in the upcoming years.

Additionally, factors such as significant investments in the healthcare and pharmaceutical sector, high product and service availability, and big data availability in healthcare are anticipated to drive the global growth of the patient data management market.

What is Patient Data Management?

Patient data management is a process that leads to the generation of reliable, top-quality and statistically strong information from clinical trials. Patient data management guarantees collection, combination and appropriate quality and cost. The ultimate objective of patient data management is to ensure that conclusions drawn from the research are all supported and upheld by the data. Achieving this objective secures public health and confidence in promoted therapeutics.

Growth Driver

Technological advancement in the healthcare sector

There is a major growth opportunity for patient data management in the global market. The need for patient data management is increasing due to the value shift in healthcare and developments in technology across the globe. It enables clinics and hospitals to put additional time and money into advancements that help accelerate the patient flow by streamlining doctors’ daily workflow by reducing waiting times. This will fuel the growth of the global patient data management market.

However, the major factor restraining the growth of the global patient data management market is the concerns regarding patient data confidentiality, high cost of advanced analytics solutions and meeting diverse data regulations in various regions.

Pre Covid-19 impact

Factors such as the growing need for hospitals and technologically advanced market players drive the market growth for patient data management. Additionally, the growing need for digital health technologies has created opportunities for the patient data management market in the Pre-covid era.

Covid-19 impact

Coronavirus disease (COVID-19) is a global public health disease that has brought serious social, medical and economic challenges in every industry. It has tremendously burdened the overall healthcare industry. The World Health Organization has declared COVID-19 a public health emergency. The spread of COVID-19 is generating an enormous disruption in the everyday activities of people. As coronavirus crises took over the world and led to curfews and lockdown, which impacted many businesses worldwide, countries across the globe are trying to prevent further contagion by adopting various measures such as social distancing, testing, quarantine, and many others.

Post Covid-19 impact

The outbreak of COVID-19 increased the demand for patient data management across several sectors, primarily the healthcare and pharmaceutical sector. The pandemic has donated to the increase in adoption rates of patient data management systems by market players. Also, the rise in the adoption of electronic health records (EHR) in various economies during the pandemic has significantly impacted the patient data management market. Therefore, with the outbreak of the COVID-19, the market will grow at a high rate for patient data management systems across the globe, which has positively impacted the patient data management market value in 2020 and subsequent years.

Component Segmental Analysis

Based on the component, the patient data management market is segregated into solutions and services.

The solution segment is estimated to compute the highest market share in the component segment for the patient data management market. This is due to the growing demand for data integration and migration from enterprises to attain a competitive advantage and run their business operations efficiently. Additionally, MDM solutions in organizations help monitor information and extract important business insights from the information produced.

Deployment Type Segmental Analysis

Based on the deployment type, the patient data management market is bifurcated into cloud and on-premises

The cloud segment will dominate the patient data management market by 2027 as it reduces the total cost of ownership and increases data storage capacity for various associations across the globe. Several Associations use cloud-based MDM because they are easy to deploy, provide more scalability, provides agility, are accessible at any time, and affordable cost.

Region Segmental Analysis

The patient data management market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America is estimated to project considerable growth over 2020-2026. Due to the technical advancements, a significant amount of venture capital investments, high product and service availability and economically advanced countries such as the US and Canada in the region.

However, Asia Pacific will have a prominent share in the patient data management market by 2027, owing to the rapidly increasing population and advancements in infrastructure and rising expenditure in the healthcare sector in the region.

Competitor Analysis

Companies include Philips Healthcare, Mindset Medizintechnik, NORAV Medical, Smiths Medical, Oracle, Enlitic, SCIO Health Analytics, McKesson Corporation, Radiometer Medical, Boston Scientific are the key players in the global patient data management market.

Key Stakeholders

Market research and consulting firms
Investors
Healthcare organizations
Research organizations and consulting companies
Technology providers
Regulatory bodies

Recent Developments

In November 2020, Centene announced its plans to secure Apixio. Post the acquisition, Apixio will keep on operating and working independently.
In June 2021, Flatiron partnered with Foundation Medicine, Inc. to incorporate its solutions with OncoEMR to provide integrated genomic profiling.
In July 2021, Enlitic partnered with NMC Healthcare. This is a multi-faceted partnership with private medical care organizations to incorporate Enlitic’s solutions in GCC nations.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 20.6 Billion
The revenue forecast in 2027	USD 94.48 Billion
Growth Rate	CAGR of 28.9% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Philips Healthcare, Mindset Medizintechnik, NORAV Medical, Smiths Medical, Oracle, Enlitic, SCIO Health Analytics, McKesson Corporation, Radiometer Medical, Boston Scientific

Market Modelling

By Component

Platform
Services

By Deployment Type

Cloud
On-premises

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is patient data management?

What is the growth rate of the patient data management market?

The patient data management market size was valued at USD 20.6 Billion in 2020 and projected to reach USD 94.48 Billion by 2027, growing at a CAGR of 28.9% during the forecast period, 2020-2027.

What is the impact of COVID-19 on the patient data management market?

The COVID-19 pandemic has had a significant impact on the patient data management market. The pandemic has contributed to the increase in adoption rates of patient data management systems by market players and the rise in the adoption of electronic health records (EHR) in various economies.

Which region has the highest growth rate in the patient data management market?

North America is expected to project considerable growth over 2020-2026 due to technical advancements, significant venture capital investments, high product and service availability, and economically advanced countries such as the US and Canada in the region.

Who are the key players in the patient data management market?

Philips Healthcare, Mindset Medizintechnik, NORAV Medical, Smiths Medical, Oracle, Enlitic, SCIO Health Analytics, McKesson Corporation, Radiometer Medical, Boston Scientific are the key players in the global patient data management market.

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Global Patient Data Management Market