Market Research Report
Healthcare Analytics Market - Forecasts from 2021 to 2026
|Healthcare Analytics Market - Forecasts from 2021 to 2026|
Published: July 12, 2021
Knowledge Sourcing Intelligence
Content info: 115 Pages
Delivery time: 1-2 business days
The global healthcare analytics market is projected to grow at a CAGR of 20.43% to reach US$57.621 billion by 2026 from US$15.679 billion in 2019. Healthcare Analytics pertains to the collection and analysis of healthcare data relating to claims and costs, pharmaceutical research and development, medical records, and patient behavior and sentiments coupled with the process of deriving insights from patterns and correlations found in healthcare big data and used to make better healthcare decisions. Healthcare analytics extends beyond data management to finding meaning in real-time or historical data and making predictions to improve the probability of success.
Factors driving the market are growing demand for better patient outcomes, availability, and accessibility of big data in healthcare, increasing government initiatives to enhance healthcare provision, Furthermore, shifting focus towards medicine customization, value-based healthcare services, and increase in the number of patients and medical records have made healthcare analytics imperative.
Need to limit expenses and improve operational efficiencies to drive the market growth
Inclining healthcare costs attributing to a fostering arrangement of medical services benefits, the refinement of treatment, and the need to diminish expenses and improve operational efficiencies are expected to drive the market growth. As per the United States Center for Medicare and Medicaid Services, the per capita healthcare spending of the US reached $11,582 in 2019. And, National Healthcare Expenditure grew 4.6% to $3.8 trillion in 2019 and accounted for 17.7% of Gross Domestic Product.
Government policies, programs, and incentives to provide opportunities in the market
Healthcare analytics consistently incorporate various changes in the healthcare industry across the globe. Various government policies, programs, and incentives are being initiated by the governments of developed and emerging nations across the globe to enhance the experience in healthcare services. For instance, in 2016, the European Commission identified at that time 10 priority projects on Big Data implemented in Europe in a systematic review published. Additionally, the European Union had developed a project called "Bigmedilytics" in 2018 regarding the reduction of cost, better improvement of patients, and better access to the health networks. It also develops the best "Big Data technology and Healthcare policy" practices related to big data technologies, new business models, and European and national healthcare data policies and regulations.
Technological advancements and expanding interest of investors to grow market share
Additionally, the expanding amount of complex data because of the progress from paper-bound to electronic medical accounts and its capacity to improve specialists' practice will encourage the market share. Moreover, technological advancements and expanding interest of investors in healthcare analytical tools are other preferring factors that help the market propel.
Insufficient skilled personnel to restrain the market growth
Notwithstanding, information stockpiling and analyzing the raw information requires an appropriately trained workforce. There is an expanding expertise gap that is going about as a hindrance to the healthcare sector. The absence of wide abilities, information, mastery, and experience needed to work in the data analytics field are critical concerns for the healthcare analytics market. As a result, the Indian government has promised to set up an institute of Big data and analytics with an aim to skilled personnel and improve public healthcare.
Geographically, North America is expected to witness the highest market growth over the projected period owing to advanced Information and Communication Technology and the presence of large IT firms, followed by Europe. In June 2021, EXL, American multinational services company involved in operations management and analytics, announced the launch of new Integrated Revenue Management Solutions from its EXL Health division. EXL Health has entered a partnership with REVELOHEALTH, a contributor of solutions aimed at converting healthcare data into actionable information.
Clinical Data Analytics
Financial Data Analytics
Middle East and Africa