Healthcare Analytics Market Size By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operations Management, Financial Management, Population Health Management, Clinical Management) By End-Use (Hospitals, Clinics, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
Healthcare Analytics Market will exceed USD 18,250.8 million by 2025; as per a new research report.
Emergence of big data in healthcare will serve as a high impact rendering factor for the healthcare analytics market. Transition in healthcare from written scripts and paper charts to real-time monitoring and electronic health records has resulted in the accumulation of larger amounts of digital data.
Increasing funding for healthcare analytics through venture capital funds will significantly propel market growth during the forecast period. Growing interest of investors in technologies that manage electronic health information and provide big data analytics tools will favor market expansion.
Healthcare organizations are continuously striving to reduce expenses and increase operational efficiencies. For instance, analytics has obtained considerable success in curbing fraud which are a leading cause of surging healthcare costs in U.S. Usage of healthcare analytics tools can generate insights that significantly reduce preventable readmissions.
Prescriptive analytics holds the highest growth potential with 15.8% CAGR across the forecast timeframe. High growth rate is due to its ability of providing medical professionals with means of using critical data and information for supporting clinical, financial and operational decisions and putting them on the path of attaining successful outcomes.
Clinical management market is poised to reach USD 5,688.0 million by 2025. Application of healthcare analytics in clinical management has the highest ability to capture the market owing increasing need of healthcare organizations to improve their operational efficiencies. Increasing usage of healthcare analytics enables the implementation of preventive care reducing readmission rates.
Hospitals business segment held largest market share of 70.4% in 2018. High growth rate is due to Recently, incorporation of IT in hospital settings has become a common practice. IT solutions such as EHR/EMR systems are seen in many hospitals worldwide. Particularly in the US, EHR/EMR systems are installed in more than 80% of the hospitals.
U.S. healthcare analytics market accounted for largest share in 2018 and is forecasted to grow at a 12.5% CAGR over the projected period. The increasing healthcare expenditure has led to improvement in healthcare system which has accelerated the use of healthcare analytics devices in the country. Increasing investments in venture capital funds, technological advancements and demand for better quality healthcare is expected to drive market growth.
China healthcare analytics market is estimated to reach USD 281.4 million by 2025. There have been various initiatives taken by Chinese government to solve the issues faced by the usage of EHR. The growing use of EHR along with various government initiatives to modernize healthcare infrastructure of the country are driving factors for healthcare analytics market in China.
Few of the prominent market players involved in global healthcare analytics market are IBM, OptumHealth, McKesson Corporation, Allscripts Healthcare Solutions, Cerner Corporation, Athenahealth, Inovalon, Computer Programs and Systems, Change Healthcare, Tenet Healthcare Corporation, GE Healthcare, Evolent Health, Influence Health and Health Catalyst. The industry participants are engaged in acquisition and collaborations to enhance their market foothold and expand geographic reach.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook