Healthcare Analytics Market size is set to exceed USD 32.7 billion by 2030, according to a new research report by Global Market Insights Inc.
Rising prevalence of chronic diseases followed by increasing hospitalizations is primarily compelling institutions to enhance the healthcare infrastructure and adopt digital technologies to optimize the resource utilization while offering quality care services to patients. A large proportion of healthcare professionals are noted to remain engaged in administrative tasks such as patient data entry, inventory management, financial planning, among others, instead of actually delivering care services to the increasing patient influx. This exhibits a demand for better management of healthcare facilities.
Technological advancements in healthcare analytics will fuel the healthcare analytics market expansion
There is huge adoption of advanced technologies in healthcare. Electronic clinical data also plays vital role in upliftment of medical care. Healthcare analytics prove to be a boon for healthcare professionals as well as patients. It is noted to remain extremely helpful to analyze the current and historic patient data for trend identification and forecast, improve care outreach and effectively manage the spread of the disease.
The modernization of healthcare data is vital even in revealing new paths in improving quality of patient care, clinical data, diagnosis and managing business. In combination with the business intelligence suites and data visualization tools, healthcare analytics seems promising for helping facility managers/supervisors operate smoothly by providing real time information. This also has the potential to support critical decisions and deliver actionable insights.
Data integrity and safety issues associated with healthcare analytics may hamper the healthcare analytics market demand
Modern healthcare data processing and management systems are being adopted and scaled rapidly across the healthcare sector. However, the data integrity and safety issues are noted to be one of the major concerns for patients as well as to the healthcare professionals. Poor data quality and concerns related to ransomware attacks can cause serious problems throughout an organization. Furthermore, data accuracy plays a significant role in rapid adoption of healthcare analytics.
Wide variety of benefits associated with predictive analytics will foster the healthcare analytics market trends
Predictive analytics segment is expected to register 13.2% CAGR between 2022 and 2030. Predictive healthcare analytics is largely focused throughout the healthcare sector as it can utilize the descriptive data to predict the upcoming trends. With predictive analytics reducing unnecessary costs, taking advantage of value-based reimbursements, avoiding penalties for failure of managing chronic diseases or avoiding adverse events which can be prevented is possible. In addition, this requires access to real time data and not just an EHR, but a robust IT infrastructure.
Browse key industry insights spread across 163 pages with 173 market data tables & 16 figures & charts from the report, “Healthcare Analytics Market Analysis By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), Application (Operations Management, Financial Management, Population Health Management, Clinical Management) End-Use (Hospitals, Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Necessity of improvement in clinical management will spur healthcare analytics market revenue
Clinical management segment surpassed USD 3.8 billion in 2021. Globally, healthcare organizations are facing difficulties in cost reduction, improving coordination between care divisions, and enhancing the quality of patient care. To meet these challenges healthcare analytics plays a significant role. Implementing healthcare analytics can help in clinical management, to design actionable insights which can be used by care providers, hospitals, health system managers and leaders. Also, it can be utilized by government health care services to get better results and deliver value to people that are being served.
Wide use of big data analytics in clinics will propel the healthcare analytics market progression
Clinics segment accounted for over 15.3% revenue share in 2021 and is projected to witness a significant CAGR during the forecast timeframe. The big data analytics in healthcare has highly positive and lifesaving results. In clinical settings, healthcare data is utilized by doctors, to potentially help to prevent epidemics, cure disease, reduce treatment costs, etc. As lifespan of people has increased and treatment models have been modernized, majority of these changes are data driven.
Physicians are attempting to understand as much as they can about a patient at the earliest to capture warning signs, either to prevent the disease or treat it at its earliest stage. This can make treatment simpler and more cost effective for the patients. Utilization of healthcare data and key performance indicators in healthcare has the potential to contain the spread of a lot of diseases.
Adopting technological advancements for healthcare in Europe will augment the market outlook
Europe healthcare analytics market is estimated to exhibit 11.7% CAGR, surpassing USD 6.7 billion by 2030. The population in countries across Europe regions has increased focus towards health management. The region has very supportive government policies related to healthcare and data management. Universal Health Coverage (UHC) exists in almost all countries in Europe. Among the European Union, the national governments are attempting to provide cost effective healthcare along with quality services to patients.
Also, the region has witnessed a surging demand for clinical data analysts in healthcare sector for a smoother integration of healthcare analytics. The digitization in healthcare has also permitted many healthcare organizations to adopt big data analytics solutions as it assists healthcare providers in personalizing treatments and reducing inefficiencies in clinical operations.
Adoption of inorganic growth strategies to strengthen healthcare analytics business portfolio
Some of the prominent players operating in the healthcare analytics market include IBM Corporation, OptumHealth, Inc, McKesson Corporation, Allscripts Healthcare Solution, Inc, Cerner Corporation, Athenahealth, Inc, Inovalon Holding, Inc, Computer Programs and Systems, Inc, Change Healthcare, Tenet Healthcare Corporation, GE Healthcare, Evolent Health, Influence Health Inc, and Health Catalyst. These key players focus on strategies such as acquisitions mergers, collaboration, and innovative product development to increase the revenue and strengthening the market position.
For instance, in May 2020, OptumHealth, Inc, the healthcare services and delivery business of UnitedHealth Group's Optum, acquired naviHealth, a post-acute care management platform for health plans and providers. This acquisition enabled the company in meeting the demand for personalized and value-based care for patients having complex health conditions. This acquisition also enhanced the company’s overall market position in the global market.
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