Healthcare Analytics Market 2019 Growth Drivers, Product Value, and Volume Analysis By 2025
Category: #health  By Partha Ray  Date: 2019-08-13
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Healthcare Analytics Market 2019 Growth Drivers, Product Value, and Volume Analysis By 2025

As per Global Market Insights, Inc., “Global Healthcare analytics market is estimated to register a CAGR of 12% over 2016-2024, with a target revenue of USD 16 billion by 2024.” Big data has significantly occupied a commendable space in every industry, healthcare being a major name in the list. The use of traditional medical approaches such as paper charts has been phenomenally replaced by digital healthcare tools such as real-time monitoring systems, Electronic Health Records (EHRs), etc. With the increasing medical data via these digitized sources, healthcare analytics industry is certain to grow stupendously over the years ahead. As per Global Market Insights, Inc., “Global Healthcare analytics market is estimated to register a CAGR of 12% over 2016-2024, with a target revenue of USD 16 billion by 2024.”

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The government backing for the technological developments in the medical space is further boosting healthcare analytics industry share. Reportedly, huge investments are being made in digital healthcare firms for the development of mhealth apps, IOT based healthcare solutions, and big data analytics. Both the government and venture capitalist firms are spending heftily in this industry, owing to the assured ROI and evident benefits of this technology. Predictive analytics is one of the major healthcare analytics tool being immensely deployed across medical organizations. The report estimates the healthcare predictive analytics market to surpass a revenue of USD 5 billion by 2024.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. International Business Machines Corporation (IBM)
2. OptumHealth Inc.

3. McKesson Corporation
4. Allscripts Healthcare Solutions Inc
5. Cerner Corporation
6. Athenahealth Inc)
7. Inovalon Holdings Inc
8. Computer Programs and Systems Inc.
9. Change Healthcare
10. Tenet Healthcare Corporation

Descriptive analytics which is precisely referred to as a precursor for prescriptive and predictive analytics is forecast to grow lucratively over the years ahead, having contributed to over 55% of the overall share in 2015. With this contribution, it was also the dominant tool in the overall healthcare analytics product landscape. As per the projection, healthcare descriptive and prescriptive analytics markets are anticipated to register CAGR of 11% and 14% respectively over the period of 2016-2024.

Hospitals were the primary end-users of the healthcare analytics industry with a contribution of 70% to the overall revenue. The need of curtailing healthcare costs and enable optimized clinical decisions are the chief drivers for the wide adoption of this tool in hospitals. Clinics are also one of the major end-users witnessing a heavy adoption rate of this technology, owing to the focus toward evidence-based practicing and enhanced patient care models. Healthcare analytics market share from clinics is estimated to record a CAGR of 13% over the coming seven years with a target revenue of USD 2 billion by 2024.

In response to the heavy adoption in clinics, one of the significant applications of the healthcare analytics technology i.e. clinical management is likely to observe a lucrative path ahead. The increasing investments in clinical solution provider firms will also augment the growth arenas for this application. Clinical management market is forecast to register a CAGR of 13% over 2016-2024.

The other application arrays of healthcare analytics market include population health management, financial management, and operations management. The prime driver for the adoption of this technology remains the global concern regarding the increasing healthcare expenditure. On this ground, financial management accounted for 30% of the overall application landscape and is expected to surpass USD 5.5 billion by 2024. In addition to the need of curbing healthcare cost, the rising demand for detection and prevention of healthcare frauds will also be a key factor driving the growth of healthcare analytics market in financial management applications.

Browse Report Summary @ https://www.gminsights.com/industry-analysis/healthcare-analytics-market

The data integrity issues, dearth of skilled IT professionals, and unorganized data sharing procedures are the factors that may hamper the healthcare analytics market demand in the years to come. However, the growing investments of the companies in developing safe and secured analytics tool along with the commendable adoption of healthcare analytics technology across a series of applications is certain to draw a strong trajectory for global healthcare analytics industry in the coming years.

More Insightful [email protected] https://www.marketwatch.com/press-release/healthcare-analytics-market-to-hit-182508-mn-by-2025-global-market-insights-inc-2019-07-11

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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