Healthcare analytics market is projected to carve out a profitable roadmap over the coming seven years, pertaining to the rising adoption of the big data analytics model across the medical fraternity and the increasing need to reduce healthcare costs. Data analytics helps lower the overall medical costs by eliminating the requirement of unnecessary testing procedures, recognizing inefficiencies in the existing delivery methodologies, and reducing the number of visits to the hospital, which will stimulate healthcare analytics industry. In addition, increasing developments in healthcare infrastructure and rising disposable incomes will further fuel healthcare analytics market, slated to cross USD 16 billion by 2024, with a CAGR estimation of 12% over 2017-2024.
Healthcare analytics finds applications in financial management, population health management, operations management, and clinical management. Data analytics solutions help reduce healthcare spending and improves access to medical care providers, which will spur healthcare analytics industry from clinical management. Of late, investors have been depicting interest in clinical solutions providers, which will propel healthcare analytics market size from clinical management, slated to record a CAGR of 13% over 2017-2024.
Descriptive analytics held more than 55% of healthcare analytics industry share in 2016 and is anticipated to grow at a CAGR of 11% over 2017-2024. The growth of this product segment can be attributed to its ability to analyze historical data and gain insights for future actions. As opposed to prescriptive and predictive analytics, this product is the one that is widely accepted.
The United States is forecast to be one of the most lucrative business grounds for the development of healthcare analytics market. Pertaining to the high funding for the development of unique healthcare solutions and the significant adoption of high-grade technologies, the U.S. held more than 90% of North America healthcare analytics market share in 2016 and will grow profitably over the coming years.
Hospitals, physicians, and clinics are major end-use segments adopting healthcare analytics. Hospitals accounted for more than 70% of healthcare analytics industry share in 2016 and are anticipated to grow significantly over the comings even years. This growth can be credited to the fact that big data analytics help hospitals reduce fraudulent payments, curtail administrative costs, and provide excellent care coordination. Healthcare analytics market size from clinics, on the other hand will surpass a valuation of USD 2 billion by 2024 at a CAGR of 13% over 2017-2024. Rising utilization of analytics helps physicians identify the problems that require care improvement, which will further boost the segment growth.
Global healthcare analytics market is characterized by strategic mergers & acquisitions, collaborations, and partnerships. In addition, companies also focus on global business expansion and novel product launches to sustain their position. Major players operating in this industry include Tenet Healthcare Corporation, Allscripts Healthcare Solutions, IBM, Evolent Health, GE Healthcare, Athenahealth, OptumHealth, Cerner Corporation, Computer Programs and Systems, Inovalon, McKesson Corporation, Change Healthcare, Health Catalyst, and Influence Health.
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