Healthcare Analytics Market will grow at 12% CAGR up to 2024
OCEAN VIEW, Del., Aug. 16, 2017 /PRNewswire-iReach/ -- The Industry Outlook report "Healthcare Analytics Market By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operations Management, Financial Management, Population Health Management, Clinical Management), By End-Use (Hospitals, Clinics, Physicians, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" by Global Market Insights, Inc. forecast Healthcare Analytics Market is anticipated to exceed $16 billion by 2024.
The huge influx of data in the healthcare industry is providing a significant impetus to the global healthcare analytics market. With the advent of digitization, the entire medical space has been flooded with data via innumerable platforms such as social media, online healthcare portals, professional medical sites, etc. In this regard, precision medicine industry is also substantially contributing toward the growth of healthcare analytics market, owing to the large volume of digital genome data inflow which requires accurate and precise analysis to be converted into actionable insights.
The rising healthcare cost, which has been addressed as a global concern by both the government as well as private bodies, is another pivotal driver for the healthcare analytics industry. Healthcare analytics has witnessed a rapid surge in its adoption rate over the past few years. The trend is likely to continue attributed to the growing use of this technology to curtail the global healthcare expenditure by providing accurate clinical outcomes, improving the efficiency of current treatment models, and significantly reducing the number of hospital visits and unwanted medical testing procedures.
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Big data has significantly occupied a commendable space in every industry, healthcare being a major name in the list. The use of traditional medical approaches such as paper charts has been phenomenally replaced by digital healthcare tools such as real-time monitoring systems, Electronic Health Records (EHRs), etc. With the increasing medical data via these digitized sources, healthcare analytics industry is certain to grow stupendously over the years ahead.
The government backing for the technological developments in the medical space is further boosting healthcare analytics industry share. Reportedly, huge investments are being made in digital healthcare firms for the development of mhealth apps, IOT based healthcare solutions, and big data analytics. Both the government and venture capitalist firms are spending heftily in this industry, owing to the assured ROI and evident benefits of this technology. Predictive analytics is one of the major healthcare analytics tool being immensely deployed across medical organizations. The report estimates the healthcare predictive analytics market to surpass a revenue of USD 5 billion by 2024.
Browse key industry insights spread across 130 pages with 88 market data tables & 8 figures & charts from the report, "Healthcare Analytics Market" in detail along with the table of contents:
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Healthcare predictive analytics market share is projected to exceed USD 5 billion by 2024. Increasing use of predictive analytics in developed countries to design and develop future healthcare solutions should largely contribute to the segment growth.
Population health management improves health outcomes and lowers medical costs through data integration, risk stratification and effective management of patient care. It is widely used as a tool for preventive care and better health management. Population health management should witness a robust 13% CAGR owing to increasing application of healthcare analytics.
Increasing number of clinics worldwide have significantly contributed to expansion of healthcare analytics industry. Modernization of clinics has enabled implementation of EHR and increased adoption rate of healthcare analytics solutions among providers.
U.S. healthcare analytics market accounted for more than 90% of regional industry share. Widespread adoption of EHR and other technologies for effective healthcare delivery and increasing funding for development of innovative solutions should stimulate industry growth. Germany held over 25% of Europe healthcare analytics market share owing to growing need to curb rising healthcare cost coupled with spurring adoption of advanced healthcare technologies. Increasing number of hospital setups and growing implementation of EHR should also drive business growth in coming years.
Japan healthcare analytics market is set to witness more than 12% CAGR over forecast years. Increasing application of predictive and prescriptive analytics, improved economic indicators, and growing adoption of advanced technologies should stimulate business growth. Growing geriatric population and increasing need to curtail the associated costs should fuel the industry growth.
Some of the industry players offering unique and advanced products in healthcare analytics market include IBM, OptumHealth, McKesson Corporation, Allscripts Healthcare Solutions, Cerner Corporation and Health Catalyst. Other notable companies such as GE Healthcare, Influence Health, Evolent Health, Inovalon Computer Programs and Systems are in pursuit of gaining healthcare analytics market share.
Mergers and acquisitions, provision of customized solutions and expansion in commercially unexploited geographical markets are some of the major strategies adopted by industry participants. Companies are heavily investing in R&D to come up with innovative analytics platforms with enhanced features as a part of their commercialization strategy.
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