The Healthcare Analytics Market Size By Technology renders deep perception of the Market Segment by Regions market status of the Healthcare Analytics Industry on a global level that primarily aims the core regions which comprises of continents like North America, Asia Pacific, Latin America, Middle East and Africa and notable companies such as including covering are GE Healthcare, Influence Health, Evolent Health, Inovalon Computer Programs.
Healthcare Analytics Market size is projected to exceed USD 16 billion by 2024; according to a new research study.
The growing need to control healthcare cost and growing adoption across the globe will drive healthcare analytics market growth. Healthcare analytics and data analytics would reduce overall healthcare cost by identifying inefficiencies in current delivery methods, reduce the frequency of hospital visits and eliminate the need for unnecessary testing.
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Providing individualized solutions through effective usage of electronic health records and analytical software will stimulate healthcare analytics market demand. Rising social media usage coupled with technological innovation in analytics should further facilitate industry expansion.
Increasing R&D investments in advanced healthcare analytics should serve as a significant driver in the developed nations. Moreover, favorable government initiatives and emergence of big data analytics in the industry will further augment healthcare analytics market growth in the coming years.
Data safety and integrity concerns, rigid healthcare structure restricting seamless data sharing among healthcare providers and lack of skilled people and organizational procedures for data sharing may hinder industry growth over the forecast years.
Healthcare predictive analytics market share is projected to exceed USD 5 billion by 2024. Increasing use of predictive analytics in developed countries to design and develop future healthcare solutions should largely contribute to the segment growth.
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Population health management improves health outcomes and lowers medical costs through data integration, risk stratification and effective management of patient care. It is widely used as a tool for preventive care and better health management.
Population health management should witness a robust 13% CAGR owing to increasing application of healthcare analytics.
Increasing number of clinics worldwide have significantly contributed to expansion of healthcare analytics industry. Modernization of clinics has enabled implementation of EHR and increased adoption rate of healthcare analytics solutions among providers.
U.S. healthcare analytics market accounted for more than 90% of regional industry share. Widespread adoption of EHR and other technologies for effective healthcare delivery and increasing funding for development of innovative solutions should stimulate industry growth.
Germany held over 25% of Europe healthcare analytics market share owing to growing need to curb rising healthcare cost coupled with spurring adoption of advanced healthcare technologies. Increasing number of hospital setups and growing implementation of EHR should also drive business growth in coming years.
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