Healthcare Analytics Market will surpass $18 Billion by 2025

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Healthcare Analytics Market

The U.S. healthcare analytics market accounted for largest share in 2018 and is forecast to grow at a 12.5% CAGR over the projected period. The increasing healthcare expenditure has led to improvement in healthcare system which has accelerated the use of healthcare analytics devices in the country. Increasing investments in venture capital funds, technological advancements and demand for better quality healthcare is expected to drive market growth.

Global Healthcare Analytics Market is set to cross USD 18 billion by 2025; according to a new research report by Global Market Insights, Inc. Providing precise healthcare solutions within budget is the prime objective of healthcare facilities around the world, resulting to increasing use of electronic health records and various analytical software. Increasing use of social media and technological advancements in analytics are major facilitators in achieving this objective.

Prescriptive analytics holds the highest growth potential with 15.8% CAGR across the forecast timeframe. High growth rate is due to its ability of providing medical professionals with means of using critical data and information for supporting clinical, financial and operational decisions and putting them on the path of attaining successful outcomes.

Population health management segment of healthcare analytics market holds prime importance in healthcare; efforts towards improving offerings in this segment should majorly drive the market of healthcare analytics. Increasing application of healthcare analytics in population health management will result to a CAGR of over 12.7% during the forecast period.

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Clinical management market is poised to reach USD 5,688.0 million by 2025. Application of healthcare analytics in clinical management has the highest ability to capture the market owing increasing need of healthcare organizations to improve their operational efficiencies. Increasing usage of healthcare analytics enables the implementation of preventive care reducing readmission rates.

Hospitals business segment held largest market share of 70.4% in 2018. High growth rate is due to Recently, incorporation of IT in hospital settings has become a common practice. IT solutions such as EHR/EMR systems are seen in many hospitals worldwide. Particularly in the US, EHR/EMR systems are installed in more than 80% of the hospitals.

Germany market will expand with a significant CAGR of 12.9% during the forecast period. Penchant to use of advanced technologies and need to limit the healthcare cost should drive the France and UK healthcare analytics market. Increasing implementation of EHR will set the base of healthcare analytics in emerging economies of Europe in coming years.

China healthcare analytics market is poised to exceed USD 281.4 million by 2025 owing to growing use of EHR along with various government initiatives to modernize healthcare infrastructure of the country.

IBM, Optum Health, McKesson corporation, Allscripts healthcare solutions, Cerner corporation and Health Catalyst are some of the key players in the market with advanced and unique product offerings. Moreover, companies such as GE Healthcare, Influence Health, Evolent Health, Inovalon Computer Programs and Systems etc. are in pursuit of gaining market share. Merger and acquisition, provision of customized analytics solutions and expansion in untapped geographical markets are some of the major strategies practiced by companies.

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Jignesh Thakkar