The global healthcare analytics market is expected to reach $42.8 billion by 2024, according to a new report by Grand View Research, Inc.
Growth in the healthcare analytics market is largely being driven by:
– providers ability to identify clinically meaningful outcomes in relation to costs through the investigational mining of EMRs to identify inherent medical inaccuracies in the system to provide cost effective patient treatment
– accelerated adoption of big data that enables informed patient decision-making, allowing patients to take better control of their health as well as to receive customized care
– The rise of personalized, shareable EMRs coupled with the development of decision support tools supporting telehealth and remote patient monitoring solutions
– consumer use of digital health tools and improved patient access to customized care.
North America captured 60% market share in the global market. Advanced healthcare infrastructure and the revenue per capita healthcare expenditure supported the greater consumption of these services. The Asia Pacific region is expected to witness gainful growth attributable to the untapped opportunities in the countries including India and China.
Other key findings from the report include:
– Descriptive analytics held a significant share owing to its apps in process optimization in organizations. On the other hand, predictive analytics is anticipated to grow at a faster rate over the forecast period mainly due to its wide applicability in medical systems, such as fraud prevention, disease prevalence forecasts, and risk assessment.
– The services category dominated the component segment. Outsourcing of these big data services contributed towards their growth in leading to the high volume of services rendered. Moreover, the outsourcing of services helps in cutting costs associated with infrastructure requirements and in addition, avoids the requirement of skilled individuals to perform the same task.
– The hardware systems category dominated the component segment, high-cost of the hardware, such as the use of computer systems and internet servers contributed to its growth.
– On-premise delivered analytic services dominated the delivery mode category with around 54.0% share in 2015. However, the cloud-based delivery mode segment is anticipated to grow at a profitable rate over the forecast period. The benefits of the cloud system, which include remote data entry and real-time data entry features are expected to result in the growth of this segment.
– The apps of the healthcare big data include financial, operational & administrative, and clinical apps. Operational and administrative apps dominated the applications segment.
– The demand for financial apps is anticipated to boost over the forecast period. These applications include payment and claim settlements and fraud prevention and risk analysis. Various initiatives undertaken by the government, such as the Fraud Prevention System (FPS) from the CMS is promoting its adoption.
– The end-users of HA include payers, providers, and others. Payers held a significant market share and the providers are anticipated to grow at a rapid rate. The usage of these services by providers is for population health management, quality improvement, and personalized care.
– Some key players operating in the healthcare analytics market include IBM Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Optum Health, Inc., and Verisk Analytics, Inc.
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