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Research: Healthcare Analytics Market is determined to reach $16 Bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-19 

The Healthcare Analytics Market is set to exceed USD 18,250.8 billion by 2025; according to a new research report by Global Market Insights. Growing need to reduce healthcare cost coupled with increasing application of healthcare analytics to provide real time solutions will lead to higher efficiency levels. Emergence of big data owing to the transition from paper charts to real time monitoring systems and use of electronic health records for collecting patient health data will boost industry growth.
 
Rising awareness pertaining to personalized medicines would result in the generation and collection of huge volume of digital genome data driving the market expansion. Increasing usage of data sharing platforms such as social media platforms, blogs, and professional networks has allowed sharing health related information and obtaining peer opinions. This will increase the data available for healthcare analytics over the forecast years.

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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. As per Global Market Insights, Inc., “Global Healthcare analytics market is estimated to register a CAGR of 12% over 2016-2024, with a target revenue of USD 16 billion by 2024.”

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.

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.

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IBM, OptumHealth, McKesson corporation, Allscripts healthcare solutions, Cerner corporation and Health Catalyst are some of the key players in the market with advanced and unique product offerings. Moreover, companies such as GE Healthcare, Influence Health, Evolent Health, Inovalon Computer Programs and Systems etc. are in pursuit of gaining market share. Merger and acquisition, provision of customized analytics solutions and expansion in untapped geographical markets are some of the major strategies practiced by companies.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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