The global healthcare/medical analytics market is expected to reach USD 53.65 billion by 2025, according to a new report by Grand View Research, Inc. Increasing need to reduce healthcare expenditure among hospitals, and other healthcare providers is anticipated to boost growth in the market.
With the advent of data-enriched tools such as mHealth, eHealth, Electronic Health Records (EHR), and mobile applications, the communication gap between caregivers and patients has reduced. These tools generate tremendous data, which can be used for personalized treatments.
Generally, patients may hesitate to use these tools, which might affect the implementation of analytics. However, with the combination of artificial and human intelligence data analytics, which offer wide opportunities to further customize medical approaches, the demand for these tools is anticipated to increase over the forecast period.
Hospitals are now using healthcare analytics to manage the number of workers working in a particular shift, for instance, a hospital in Paris uses healthcare analytics to predict the number of patients that may be hospitalized. This data can be used to decide the number of staff members that will be needed for a particular shift, which helps in reducing labor cost in hospitals.
Click the link below:
Further key findings from the report suggest:
- Descriptive analytics held a significant share in 2015 owing to its applications in process optimization in organizations.
- The services category dominated the component segment in 2015. Outsourcing of these big data services contributed towards their growth in leading to the high volume of services rendered.
- The hardware systems category dominated the component segment, high-cost of the hardware contribute to its growth.
- On-premise delivered analytic services dominated the delivery mode category with around 54.0% share in 2015.
- Operational and administrative applications governed the applications segment and held a remunerative share in the year, 2015.
- Payers held a significant market share in 2015 and the providers are anticipated to grow at a lucrative rate.
- North America captured a significant share in the global market. Advanced healthcare infrastructure in this region and the growing per capita healthcare expenditure supported the greater consumption of these services.
- The Asia Pacific region is expected to witness gainful growth attributable to the untapped opportunities in the countries including India and China.
- Some key players operating in the healthcare analytics market include IBM Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Optum Health, Inc., and Verisk Analytics, Inc. The notable initiatives in the industry include new product launches, collaboration with government bodies, and investments directed towards R&D efforts.