Healthcare analytics mainly deals with hospital management, patient records, healthcare costs, and more. It provides critical insights on the aforementioned areas of the healthcare industry, both at the macro and micro level. It integrates electronic health records, hospital management, patient monitoring systems, core administration, precision medicine, and patient engagement.
The global Healthcare Data Analytics market is projected to grow at a CAGR of 28.3% during 2019 to 2024 and reach USD 50.5 billion by the end of 2024. Factors like government initiatives to increase EHR (Electronic Health Record) adoption and increasing emphasis on the adoption of data-driven decision-making are going to give a major boost to the growth of the Healthcare Data Analytics market.
The emergence of big data in healthcare, use of electronic health records for the collection of patient health data, and the growing pressure to improve patient outcome while curbing healthcare spending are some other factors that will have a positive effect on the global market.
Lowering the cost of healthcare and increasing the profitability of various operations have been major concerns for healthcare organizations across the globe. This has increased the demand for financial analytics and accordingly, this segment is expected to register impressive growth in the coming years.
To provide better customer service, healthcare organizations are giving more importance on the collection and analysis of data from various sources. Further, technological advancements and increasing use of social media and its impact on the healthcare industry are also going to affect the Healthcare Data Analytics market positively.
Healthcare analytics can help provide real-time solutions and thus, lead to higher efficiency levels, better patient outcomes, and better patient engagement. However, lack of a skilled and experienced workforce to handle data storage and data analysis may hinder the growth of the market to some extent.
Region-wise, North America is presently holding a major share in the global healthcare analytics market. The North America healthcare analytics market has been dominated by the US due to the presence of several prominent market players and the enactment of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) regulation in the US.
On the other hand, the Asia-Pacific healthcare analytics market is expected to grow at the highest CAGR in the coming years, owing to investments undertaken by governments for developing healthcare and analytics infrastructure. The Chinese and Indian markets are expected to exhibit impressive growth.
Some of the major players operating in the global Healthcare Data Analytics market are, IBM Corporation, SAS Institute, Inc., Allscripts Healthcare Solutions, Cerner Corporation, McKesson Corporation, Hewlett Packard Enterprise, Oracle Corporation, Optum Inc., Health Catalyst, MedeAnalytics, Inc., Medical Information Technology Inc., and QSI Management, among others.