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The global healthcare analytics market size is predicted to reach USD 80.21 billion by 2026. The rising government initiatives for superior healthcare facilities and Electronic Health Record (EHR) will enable speedy growth of the market in the forthcoming years. The advent of data-enriched tools such as eHealth and mHealth along with predictive analytics will have a positive impact on the healthcare analytics market trends during the forecast period, mentioned in a report, titled “Healthcare Analytics Market Size, Share & Industry Analysis, By Product (Descriptive, Predictive, and Prescriptive), By Application (Financial Analytics, Population Health Analytics, Clinical Analytics, and Operations and Administrative Analytics), By End User (Payers, Providers, and Others) and Regional Forecast, 2019-2026” the market size stood at USD 11.59 billion in 2018 and is expected to exhibit a CAGR of 27.5% between 2019 to 2026.
Launch of Analytics Tools by GE Healthcare to Boost Development
GE Healthcare, an American multinational conglomerate and manufacturer and distributor of diagnostic imaging agents headquartered in Chicago, Illinois unveiled an innovative analytics solution for the Olympic Winter Games PyeongChang 2018 and also for the Olympic Games Tokyo 2020. With the partnership of International Olympic Committee (IOC), the new analytical tool incorporates valuable information, such as athlete injury and illness data, with venue, sport and training procedures. The new pioneering tool can be vital factor in accelerating the healthcare analytics market growth during the forecast period as it will aid healthcare professional while also ensuring a comprehensive view of the patient’s health to make a quick rapid treatment decision. Furthermore, the growing focus of key player towards the development of advanced healthcare solutions will stimulate growth of the market in the foreseeable future. For instance, Clarivate Analytics, a global leader in insights and analytics announced the launch of Cortellis Digital Health Intelligence solution. The trailblazing and powerful Cortellis Digital Health Intelligence is first-of-its kind concealing the global digital health ecosystem. The solution will provide assistance to, device, and technology developers to navigate the digital health scenario while focusing on patients and health-centric solutions in real-time.
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Advent of Big Data to Transform Healthcare Analytics Market Space
The emergence of big data has led a colossal change in healthcare data and technologies, which, in turn, has created opportunities for the market. For instance, big data comprises of data generated through digitization of innumerable sources, which is then combined and analyzed by specialized technologies. The utilization of big data in healthcare analytics has mitigated the risks of outbreaks, and reduced costs besides benefiting treatment processes. Furthermore, big data analytics aids hospitals and healthcare providers to get a better overview of hospital admissions, thus identifying problems such as excessive readmissions and implementing new practices to cutback similar outcomes in the future. In addition, the thriving healthcare industry and rising patient population will spur demand for healthcare analytics in the forthcoming years owing to the requirement for administration and application of data for healthcare professionals.
Emphasis on Dynamic Analytics Solutions by Key Players to Consolidate Business
The market is dominated by Cerner Corporation owing to its strategic analytics solutions for the healthcare industry. The rising focus of the company towards health analytics solutions will aid clinical, operational, population health, and financial operations, which, in turn, will enhance market competition in the foreseeable future. The emphasis on strategic acquisitions and partnerships to strengthen its market potential in the market. For instance, in August 2019 Cerner and duke announced that they have entered into a partnership to automate and improve data collection of clinical trials for chronic diseases. In addition, the growing innovation in healthcare analytics will augur well for the market.
The Report Lists the Main Companies in the Healthcare Analytics Market
Further Report Findings:
The Healthcare Analytics Market is Segmented into:
Value (USD billion)
By End User