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Market Snapshot: Healthcare Analytics Market to cross $18 billion by 2025

Author : Rahul Sankrityayan | Published Date : 2019-04-09 

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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Hospitals dominated the end use segment of healthcare analytics market by accounting about 70% total revenue share in 2016 and will generate considerable revenue by 2024, growing at an annual growth rate of more than 12% over the period of 2017 to 2024. The implementation of analytics software in hospitals will help to reduce fraud and errors in payments, provide efficient patient-physician coordination and minimize the total administrative cost.

Japan healthcare analytics market was valued more than USD 240 million in 2016 and will record a steep growth rate of 12% over the coming years of 2017 to 2024. Favorable initiations undertaken to control the increasing medical costs along with the availability of advanced healthcare IT services will contribute toward the regional industry growth. Of late, most of the hospitals across Japan are implementing prescriptive and predictive analytics.

Prescriptive analytics product segment of healthcare analytics industry will record an annual growth rate of 14% over the coming years of 2017 to 2024, primarily driven by the ability of the product to provide the best possible outcomes and suggest effective ways to combat the aftereffects of these outcomes on the overall business metrics. Industry giants have been investing heavily to reduce the complexity of prescriptive analytics. Noteworthy participants in healthcare analytics market are OptumHealth, IBM, Allscripts Healthcare Solutions, McKesson Corporation, Inovalon, Cerner Corporation, Computer Programs and Systems, Inc., Athenahealth, Tenet Healthcare Corporation, Health Catalyst, Evolent Health, Change Healthcare, GE Healthcare, and Influence Health.

Healthcare analytics market share from clinics will surpass a revenue collection of USD 2 billion by 2024 with a CAGR of more than 13% over the coming seven years. Growing adoption of primary care analytics will help to reduce the total expenditure on the healthcare data and enhance the healthcare services, which will suitably augment the industry growth. Financial management covered more than 30% of the revenue share in application segment of healthcare analytics market and will generate a revenue of more than USD 5.5 billion by 2024. This product offers benefits in terms of cost effectiveness and helps to retain qualitative healthcare data of patients. The ability of the product to reduce the financial frauds will also influence healthcare analytics industry value notably.

Pertaining to the product landscape of healthcare analytics market, descriptive analytics led the industry by accounting for more than 55% of the overall revenue contribution in 2016 and will exhibit a CAGR of more than 11% over the period of 2017 to 2024. The notable growth tactics adopted by leading industry players include strategic partnerships, acquisitions, collaborations, and product differentiation to expand their business across the globe over the years ahead.

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Market by Product:

Descriptive analytics
Predictive analytics
Prescriptive analytics

Market by Application:

Operations management
Financial management
Population health management
Clinical management

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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