LONDON, May 31, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global healthcare analytics market is expected to grow at a CAGR of 25.5% from 2018 to 2023 to reach USD 33.8 billion by 2023, driven by factors such as “growing investments by venture capitalists, continued pressure to curtail rising healthcare costs, growing demand to improve care quality, implementation of the Affordable Care Act in the U.S., and trend towards value-based care.” In addition, growing digitization in emerging countries, improving HCIT infrastructure and adoption of HCIT solutions such as EMRs and HIE, increasing focus on personalized medicine, advancing IT & big data capabilities, government support for connected care, and proliferating accountable care organizations (ACO) further propels the growth of this market in many countries across the globe.
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The global healthcare analytics market is mainly segmented by type (descriptive, predictive, prescriptive), component (services, software, and hardware), application (financial analytics, clinical analytics, operational & administrative analytics, and population health analytics), mode of delivery (on-premise, web-based, cloud-based), end-user (provider analytics, payer analytics, ACOs & MCOs), and by geography.
On the basis of type, descriptive analytics commanded the largest share in the global healthcare analytics market in 2017, as it forms base for the effective application of predictive and prescription analytics.
On the basis of end-user, payer analytics held the largest share in the global healthcare analytics market in 2017. However, provider analytics segment is increasingly gaining traction due to growing health IT and EHR adoption, growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, and technological advancements.
Geographically, the U.S. is the largest market in the world, poised to grow at a significant rate during the forecast period, primarily due to rising demand for information by healthcare stakeholders, increasing need to manage large, diverse data sets, and innovations ranging from precision medicine to value based care to population health management. In addition, implementation of the ACA, increasing need to curtail healthcare costs, and significant growth in adoption of EHRs and growth in Accountable Care Organizations (ACOs) and health information exchange (HIEs) further propels the adoption of healthcare analytics solutions in the country.
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