With the arrival of data-enriched tools like mHealth, eHealth, HER (Electronic Health Records), and mobile applications, the communication gap between caretakers and patients have reduced. These tools produce a huge amount of data that can be utilized for personalized treatments. However, the global market for healthcare analytics, according to the reports, is predicted to reach USD 68.03 billion by 2024. The market, due to the increasing need to reduce healthcare expenditure among hospitals, and other healthcare providers are anticipated to fuel the market growth.
In addition, the growth of this market is also largely driven by the deployment of government initiatives to increase EHR adoption, rising adoption of data-driven decision-making, augmenting pressure to curtail healthcare spending and advance patient outcomes. The emergence of Big Data in healthcare and the increasing number of patient registries are also responsible for market growth. Today, healthcare centers are utilizing healthcare analytics to manage the number of workers working in a particular shift to envisage the number of patients that may be hospitalized. This data then can be used to determine the number of staff members that will be required for a particular shift that assists in cutting down labor cost in hospitals. On the basis of application, the healthcare analytics market is split up into clinical analytics, operational analytics, financial analytics, and population health analytics. Among these applications, the clinical analytics segment, this year, is projected to grow at the highest CAGR throughout the forecast timeframe. It’s all due to the growing pressure to limit healthcare spending, augmenting government incentives, particularly in the US, for advancing quality and dropping the cost of care, rising adoption of EHRs, and more focus on building patient registries.
In the Global market for Big Data Analytics in Healthcare, North America is expected to account for the largest share of the market in 2019, followed by Europe. Owing to the factors like the increasing adoption of healthcare analytics solutions and services by healthcare providers to offer superior quality care and lower healthcare costs, helps the region in holding the largest market share.