According to the market insights, the Healthcare Analytics Market is predicted to grow nearly USD 18,250.8 million by 2025, at an increasing CAGR of around 14.56 percent. The market is classified by Type, Component, Application, and End-User. The growing practice of data sharing platforms like social media platforms, blogs, and professional networks has enabled to share healthcare information and receive peer opinions. This would be expected to increase the data available for healthcare analytics over the projected timeframe.
Healthcare analytics is the activities that can be assumed as a result of data collected from four areas within healthcare, including claims and cost data, pharmaceutical and research and development (R&D) data, clinical data that is collected from electronic medical records (EHRs)), and patient behavior and sentiment data. As per the reports, healthcare analytics is a rapidly growing industry in the United States, which is anticipated to exceed USD31 billion by 2022. Healthcare analytics combines EHR, patient monitoring systems, hospital management, revenue cycle management, core administration, strategic planning, patient engagement, and precision medicine under a single umbrella. In the year 2016, healthcare centers led the end-use segment of healthcare analytics market by accounting around 70 percent total revenue share and is expected to generate large revenue by 2024, with an annual growth rate of more than 12 percent.
Technological advancements in the field of analytics, Cloud computing, and Big Data can drive global market growth over the forecast period. The market is also disruptive by mounting adoption rate of analytics solutions in the field of clinical trials, growing adoption of analytics in the healthcare sector for patient engagement, administration, sales, and marketing applications, and the increasing requirement for improved data regularization are also driving factors of the global healthcare analytics market. Growing investments from venture stakeholders are also accelerating market growth during the projected period.