Clinics
should witness over 13% CAGR with industry size anticipated to exceed USD 2
billion by 2024. Increasing usage of primary care analytics will enable
physicians to identify areas for care improvement and build effective
evidence based practices throughout the healthcare delivery.
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.
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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.
Descriptive analytics which is precisely referred to as a
precursor for prescriptive and predictive analytics is forecast to grow
lucratively over the years ahead, having contributed to over 55% of the overall
share in 2015. With this contribution, it was also the dominant tool in the
overall healthcare analytics product landscape. As per the projection,
healthcare descriptive and prescriptive analytics markets are anticipated to
register CAGR of 11% and 14% respectively over the period of 2016-2024.
Hospitals were the primary end-users of the healthcare analytics
industry with a contribution of 70% to the overall revenue. The need of
curtailing healthcare costs and enable optimized clinical decisions are the
chief drivers for the wide adoption of this tool in hospitals. Clinics are also
one of the major end-users witnessing a heavy adoption rate of this technology,
owing to the focus toward evidence-based practicing and enhanced patient care
models. Healthcare analytics market share from clinics is estimated to record a
CAGR of 13% over the coming seven years with a target revenue of USD 2 billion
by 2024.
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key industry insights spread across 130 pages with 88 market data tables &
8 figures & charts from this 2017 report Healthcare Analytics Market in detail along with the table of
contents at:
In
response to the heavy adoption in clinics, one of the significant applications
of the healthcare analytics technology i.e. clinical management is likely to
observe a lucrative path ahead. The increasing investments in clinical solution
provider firms will also augment the growth arenas for this application.
Clinical management market is forecast to register a CAGR of 13% over
2016-2024.
The
other application arrays of healthcare analytics market include population
health management, financial management, and operations management. The prime
driver for the adoption of this technology remains the global concern regarding
the increasing healthcare expenditure. On this ground, financial management
accounted for 30% of the overall application landscape and is expected to
surpass USD 5.5 billion by 2024. In addition to the need of curbing healthcare
cost, the rising demand for detection and prevention of healthcare frauds will
also be a key factor driving the growth of healthcare analytics market in financial
management applications.
Developing
economies are expected to witness a heavy growth in the healthcare analytics
industry. However, having an upper hand pertaining to the technological
advancements along with developed healthcare infrastructure and huge capital
investments in the medical space, U.S. is one of the major regions partaking in
the healthcare analytics industry development.
Germany
healthcare analytics industry also witnessed appreciable growth in the recent
years and accounted for over 25% of the European market share in 2016. Taking
Asia Pacific growth trends into consideration, Japan is likely to emerge as one
of the chief regional drivers attributed to the ongoing advancements in
healthcare IT and adoption of prescriptive and predictive analytics tools
across most of the regional hospitals. In addition, huge geriatric patient base
and rising healthcare expenditure will further boost Japan healthcare analytics
market share. The region is predicted to register an annual growth rate of 12%
over the period of 2016-2024.
Some
of the renowned companies sharing the healthcare analytics industry space are
IBM, McKesson Corporation, OptumHealth Financial, Allscripts, Athenahealth,
Athenahealth, Cerner Corporation, Inovalon, and Computer Programs and Systems,
Inc. Geographical expansion, particularly across commercially untapped regions
along with focus on developing customized healthcare solutions are the major
growth strategies adopted by the healthcare analytics market participants.
The
data integrity issues, dearth of skilled IT professionals, and unorganized data
sharing procedures are the factors that may hamper the healthcare analytics
market demand in the years to come. However, the growing investments of the
companies in developing safe and secured analytics tool along with the
commendable adoption of healthcare analytics technology across a series of
applications is certain to draw a strong trajectory for global healthcare
analytics industry in the coming years.
Healthcare Predictive
Analytics Market Size, Industry Analysis Report, Regional Outlook (U.S.,
Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico,
Saudi Arabia, UAE, South Africa), Application Growth Potential, Competitive
Market Growth & Forecast, 2016 – 2024
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Global Market Insights, Inc.
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