Transition in healthcare from written scripts and paper charts to real-time monitoring and EHR (Electronic Health Records) has resulted in the accumulation of larger amounts of digital data. Additionally, the emergence of Big Data in the healthcare sector will serve as a high impact rendering factor for the healthcare analytics market. According to the market insights, healthcare Analytics Market is anticipated to reach beyond USD 18,250.8 million by 2025. As a massive investment for healthcare analytics through venture capital funds will significantly boost the market growth during the forecast period. Furthermore, the growing interest of investors in technologies that manage electronic health information and offer Big Data analytics tools will support market expansion.
Prescriptive analytics leads the market with the highest CAGR of 15.8 percent during the forecast period. It’s all due to its ability to offer medical professionals with means of using critical data and information for supporting clinical, financial and operational decisions and putting them on the path of gaining effective outcomes. Application of healthcare analytics in clinical management has the highest ability to accelerate market growth. However, market reports indicated that Clinical management market is poised to reach USD 5,688.0 million by 2025.
The U.S. healthcare analytics market, in 2018, accounted for the largest market share and is predicted to grow at a 12.5 percent CAGR during the projected timeframe. Augmenting healthcare spending has led to an improvement in the healthcare system that has accelerated the use of healthcare analytics devices in the country. Moreover, rising investments in venture capital funds, technological advancements, and demand for better quality healthcare is expected to drive market growth in the region.