Big data analytics is increasingly gaining prominence in the healthcare sector. It has significantly changed the ways in which healthcare data is managed, analysed, and leveraged across the entire healthcare value chain. Healthcare analytics holds the potential to reduce the treatment cost, predict disease outbreaks, avoid preventable diseases, and enhance the quality of life. Until recently, gathering such massive data for medical use was expensive and time-consuming. With technological advancements and modernization in healthcare analytics, it has become simple and easy to collect such data and create comprehensive healthcare reports.
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Healthcare analytics market from prescriptive analytics segment exceeded USD 2 billion in 2021. Prescriptive analytics holds the potential to make assessment about patients preexisting health condition, risk for developing future health conditions and can develop preventive treatment plans. It helps organizations to avoid a negative circumstance. It requires smooth and integrated data analytics infrastructure. As there will be advances in internet of things, and machine learning, prescriptive analytics has potential of becoming future of healthcare and big data. The healthcare industry holds enormous opportunity to take advantage of decision-making abilities of prescriptive analytics.
Some major findings of the healthcare analytics market report include:
- Increasing demand for advanced data analytics in healthcare is driving the market expansion.
- Great potential of creating revolutionary changes in healthcare system is fueling the business landscape.
- The need for effective clinical analytics systems in population healthcare management is accelerating the market trends.
- The huge benefits associated with healthcare analytics in hospitals is fostering the market demand.
- Industry players are focusing on various strategies such as acquisition, business expansion and novel service launches to consolidate their market presence.
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:
Population health management segment is anticipated to expand with a healthy CAGR of 11.9%, surpassing USD 8.4 billion by 2030. Population health management plays vital role in improving community health. Data analytics can assist population health management in enhancing patient results, improving patient care management, and to mark community determinants of health. For growth of population health management in the healthcare system, systems are required to gather data from various sources, apply analytics to it and manage the care for population. The population health management process starts with gathering key demographic and clinical data about patients, frequently from electronic health records. It depends on data analytics to identify populations needing care, calculate the care provided to them, and provide care to the right people.
Healthcare analytics market from hospitals segment accounted for 71% revenue share in 2021 and is set to register a significant CAGR through 2030. Hospitals are required to treat large number of patients daily. Any emergency situations come up unknowingly for which hospitals must be well prepared at any hour. It is not an easy task to stay updated with various aspects that contribute to preparedness. Nevertheless, healthcare analytics has huge potential to benefit the hospitals in such times. Modern healthcare analytics is enables hospitals by offering data governance without hindering usability by setting specific user and dataset permissions.
Asia-Pacific healthcare analytics market is estimated to show robust CAGR of 10.7% during the forecast period. The rising geriatric population along with the increasing burden of patients with chronic diseases and complex health conditions, demand for healthcare systems with extensive care. This requires excellent coordination between multidisciplinary healthcare providers to reduce division of existing care and implement effective changes in funding and policy models. In developed nations, like China, Japan, Singapore, South Korea, major worries are associated with the aging population, declining birth rates, increasing costs, and rising rates of non-communicable diseases.
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A few notable companies 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, among others.
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