Worldwide Healthcare Customer Data Platform Industry to 2027 - North America is Expected to Hold a Significant Share in the Market - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Healthcare Customer Data Platform Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The healthcare customer data platform market is expected to grow at a significant CAGR of 26.4% during the study period, 2022-2027.
- Mercury Healthcare Inc.
- Innovaccer Inc
- Treasure Data, Inc.
- SkyPoint Cloud Inc.
- Solix Technologies, Inc.
Key Market Trends
Cloud-Based Segment is Expected to Account for the Largest Market Share During the Forecast Period
Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost of these software is lower than the on-premise systems. Moreover, these software eradicate the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand.
Cloud-based systems are ideal for complex, multisite clinical studies because all information (study protocols, patient data, outcomes, etc.) are stored in a central location and maintained by a third-party service provider.
The cloud-based delivery model makes the software extremely flexible regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow by eliminating departmental silos of clinical information.
Increasing adoption of these platforms by pharmaceutical companies and contract research organizations is driving the segment. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are notable benefits associated with cloud-based systems.
The large and reputed vendors are entering the cloud market. The cloud infrastructure also guarantees true disaster recovery and business continuity solutions to support the quality of patient care. Hence, cloud-based solutions are expected to register good growth in the market.
The key market players are involved in continuous product development, collaborations, partnerships, alliances and other strategic initiatives to augment market penetration. For instance, in November 2020, CDP Health Care launched their Compass Care program, which is a judgment-free hub set up to help patients by supporting medical, social and mental health care. Thus, initiatives will help the companies in reaching more target consumer and helping the patients in multiple ways, thus driving the market.
Additionally, in March 2022, Salesforce launched a collection of services for the healthcare industry, including a "Patient Data Platform" based on the Salesforce CDP. Other components include patient health scoring, a commerce portal, and case coordination using Slack. Thus, continuous development expands the product offering which drives the market growth.
Thus, due to the above-mentioned factors, the studied segment is expected to contribute to the significant growth of the market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The primary driving factors for the growth of the North American healthcare customer data platform market are technological innovations in the studied market and growing burden of diseases in the region. In addition, rising product launches and other strategic initiatives such as mergers and acquisitions, partnerships are also expected to drive the market growth.
The United States within North America is expected to hold significant share for the studied market during study period. For instance, According to Statistics published by HIV.gov in June 2021, approximately 1.2 million people in the United States have HIV (Human Immunodeficiency Virus) resulting to a total of 34,800 HIV infections in 2019 with the rate was 12.6 (per 100,000 people). The growing burden of diseases increases the demand for proper maintenance of patient record which can be accessed across healthcare institutions for ease in emergency care delivery, thereby driving the market growth.
Additionally, product development and associated technological innovation will offer more advantages and overcome the existing challenges which will lead to lucrative growth of the market. For instance, in April 2022, Audiencerate launched its customer data platform (CDP) that promises to significantly reduce the complexity of orchestrating first party data, making their technology more accessible to brands of all sizes.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements
4.2.2 Growing Burden of Diseases
4.3 Market Restraints
4.3.1 High Price and Maintenance
4.3.2 Lack of Proper IT infrastructure
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value - in USD Million)
5.1 By Component
5.2 By Deployment Mode
5.3 By Organization Size
5.3.1 Large Enterprises
5.3.2 Small & Medium-Sized Enterprises
5.4 By Application
5.4.1 Personalized Recommendations
5.4.2 Predictive Analytics
5.4.3 Marketing Data Segmentation
5.4.4 Customer Retention and Engagement
5.4.5 Security Management
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/zhxuj2
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