Feature | Information Technology | October 04, 2017 | By Shikha Sinha

Market Growth in Healthcare Analytics

The market has a predicted growth of over 12 percent CAGR from 2017 to 2024

Growing emergence of electronic devices in the medical sector to maintain electronic records of patients will stimulate the healthcare analytics industry

The healthcare analytics market is witnessing a phenomenon of sorts, with an increasing number of remote consultations and monitoring practices across the globe. The surging adoption of smartphones and tablets will favorably attribute the product demand across a myriad of medical application arenas such as financial, clinical and operations management. Growing emergence of electronic devices in the medical sector to maintain electronic records of patients will stimulate the healthcare analytics industry. Additionally, the penetration of the internet of things (IoT) and emerging software-based technological developments will contribute significantly toward the industry growth. As per the report by Global Market Insights, Inc., “The healthcare analytics market, having had a revenue of $5.5 billion in 2016, will collect a significant revenue of more than $16 billion with an annual growth rate exceeding 12 percent over the period of 2017 to 2024.”

The United States dominated the North American healthcare analytics market in 2016 by contributing to more than 90 percent of the total regional revenue share. The growth can be attributed to an increasing acceptance of electronic-based health record systems across the healthcare sector. Moreover, adoption of advanced technology and the existence of a high-grade healthcare infrastructure will also stimulate the product demand. The U.S. houses most of the key industry players contributing to global business growth, which is a crucial factor impacting regional healthcare analytics market share.

Hospitals dominated the end user segment of the healthcare analytics market by accounting for about 70 percent total revenue share in 2016, and will generate considerable revenue by 2024, growing at an annual growth rate of more than 12 percent 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.

The Japanese healthcare analytics market was valued at more than $240 million in 2016 and will record a steep growth rate of 12 percent over the coming years of 2017 to 2024. Favorable initiatives 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

The prescriptive analytics product segment of the healthcare analytics industry will record an annual growth rate of 14 percent 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 overall business metrics. Industry giants have been investing heavily to reduce the complexity of prescriptive analytics. Noteworthy participants in the healthcare analytics market are OptumHealth, IBM, Allscripts Healthcare Solutions, Change Healthcare (formerly McKesson Corp.), Inovalon, Cerner Corp., Computer Programs and Systems, Inc., Athenahealth, Tenet Healthcare Corp., Health Catalyst, Evolent Health, GE Healthcare and Influence Health.

The healthcare analytics market share from clinics will surpass a revenue collection of $2 billion by 2024 with a compound annual growth rate (CAGR) of more than 13 percent over the coming seven years. Growing adoption of primary care analytics will help to reduce the total expenditure on healthcare data and enhance healthcare services, which will suitably augment the industry growth.

Financial management covered more than 30 percent of the revenue share in the application segment of the healthcare analytics market and will generate a revenue of more than $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 financial fraud will also influence the healthcare analytics industry value notably.

 

Descriptive Analytics

Pertaining to the product landscape of the healthcare analytics market, descriptive analytics led the industry by accounting for more than 55 percent of the overall revenue contribution in 2016 and will exhibit a CAGR of more than 11 percent 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.

 

Read the article "Analytics: The Next Big Health IT Undertaking."
 

 

Reference:

https://www.gminsights.com/industry-analysis/healthcare-analytics-market. Accessed Sept. 22, 2017.

 

Shikha Sinha currently manages the content development at Global Market Insights, Inc. An electrical and electronics engineer by education, she has prior experience in content and technology writing, content marketing, market research and business development domains.

Related Content

Amazon Comprehend Medical Brings Medical Language Processing to Healthcare
News | Artificial Intelligence | February 15, 2019
Amazon recently announced Amazon Comprehend Medical, a new HIPAA-eligible machine learning service that allows...
Fujifilm Exhibits Enterprise Imaging Solutions and Artificial Intelligence Initiative at HIMSS 2019
News | Enterprise Imaging | February 15, 2019
Fujifilm Medical Systems U.S.A. Inc. and Fujifilm SonoSite Inc. showcased their enterprise imaging and informatics...
IBM Watson Health Announces New AI Collaborations With Leading Medical Centers
News | Artificial Intelligence | February 14, 2019
IBM Watson Health announced plans to make a 10-year, $50 million investment in research collaborations with two...
Medivis Launches SurgicalAR Augmented Reality Platform
Technology | Advanced Visualization | February 14, 2019
Medical imaging and visualization company Medivis officially unveiled SurgicalAR, its augmented reality (AR) technology...
Office of the National Coordinator Releases Proposed Rule on Healthcare Data Interoperability
News | Information Technology | February 14, 2019
The U.S. Department of Health and Human Services (HHS) has proposed a new rule to support seamless and secure access,...
Siemens Healthineers Demonstrates Artificial Intelligence, Healthcare Digitalization at HIMSS19
News | Artificial Intelligence | February 13, 2019
February 13, 2019 — At the 2019 Healthcare Information and Management Systems Society (HIMSS) global conference and e
PaxeraHealth Launching Universal Image Sharing Platform at ECR 2019
News | PACS Accessories | February 13, 2019
PaxeraHealth will launch the PaxeraShare image sharing platform at the 2019 European Congress of Radiology (ECR) annual...
NVIDIA Explores Role of AI, Analytics and Virtualization in Healthcare at HIMSS19
News | Artificial Intelligence | February 13, 2019
Digital technology company NVIDIA will highlight its newest partnerships to advance the digital transformation of...
Patients and surgeons at Hoag Memorial Hospital are looking at virtual reality reconstructions (right) over conventional 2D images

Slice v 3D: Patients and surgeons at Hoag Memorial Hospital are looking at virtual reality reconstructions (right) over conventional 2D images. Images courtesy of Hoag Memorial Hospital

Feature | Information Technology | February 13, 2019 | By Greg Freiherr
The same virtual reality (VR) reconstructions that surgeons use to plan and rehearse brain surgeries at Hoag Memorial
Philips Launches Latest Iteration of IntelliSpace Cardiovascular at HIMSS 2019
Technology | Cardiac PACS | February 13, 2019
Philips announced the launch of IntelliSpace Cardiovascular 4.1, its next-generation cardiovascular image and...