Healthcare Analytics Market size is set to grow by USD 66.54 billion from 2024-2028, Adoption of this technology boost the market, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global healthcare analytics market  size is estimated to grow by USD 66.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  24.79%  during the forecast period. 

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Market Driver

Big Data tools analyze heaps of digital info, transforming how industries like healthcare manage data. Doc records are vital, driven by government rules and gadgets tracking patients. Predictive analytics on this data sharpens business strategies and profitability for healthcare outfits, cutting treatment costs and spotting epidemics early. Expect Big Data adoption to soar, fueling global healthcare analytics market growth.

Market Challenges

• The healthcare industry favors cost-effective cloud solutions for accessibility. Government agencies utilize cloud for secure data storage. Benefits include low costs, easy maintenance, and enhanced security. However, data leaks and security risks hinder growth. Conversion to electronic records raises concerns. Privacy acts like HIPAA and APP regulate data handling. Despite advanced tech, privacy concerns persist due to authentication issues and data breaches. This impacts adoption of analytics solutions, affecting market growth.

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Segment Overview 

1. Component 
• 1.1 Services
• 1.2 Software
• 1.3 Hardware
2. Deployment 
• 2.1 On-premise
• 2.2 Cloud-based
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Services-  The services segment, comprising consulting, software support, and more, holds a substantial market share forecasted to grow. Valued at USD 5.82 billion in 2018, it's driven by evolving lifestyles, particularly in developed nations with robust telecom and Internet infrastructure. Healthcare providers, focusing on telehealth and mHealth, will increase telecommunications investment.

Telehealth facilitates remote patient monitoring, consultations, and progress tracking, saving time and money. Patients benefit from round-the-clock access. These factors will drive market growth through the services segment.

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Research Analysis

The Healthcare Analytics Market encompasses various data-driven solutions designed to enhance patient care and optimize treatment costs in the healthcare industry. These analytics offerings include Descriptive, Predictive, and Prescriptive analytics, leveraging Clinical and Financial data to drive optimal outcomes. EHR systems serve as a crucial data source, enabling Health Data Analytics to uncover valuable insights for patient compliance, medication selection, and therapeutic strategies.

Digital solutions, such as Artificial Intelligence, further augment the capabilities of these analytics, facilitating treatment consistency, disease management, and outreach programs. The National Institutes of Health (NIH) and Change Healthcare are among the organizations fostering advancements in this sector.

Overall, Healthcare Analytics plays a pivotal role in improving clinical care and reducing treatment costs, ultimately leading to better patient outcomes. Additionally, Healthcare BPO services can also complement these efforts by providing specialized support in areas like medical billing, claims processing, and administrative tasks, further streamlining operations and enhancing efficiency.

Market Research Overview

The Healthcare Analytics Market encompasses the use of data, statistical and quantitative methods, and business intelligence techniques to improve healthcare delivery and patient outcomes. This market involves the collection, analysis, and interpretation of healthcare data to identify patterns, trends, and insights. It includes various applications such as predictive analytics, population health management, clinical analytics, and financial analytics.

The healthcare analytics market caters to different sectors including hospitals, clinics, research institutions, and government agencies. It aims to provide actionable insights to stakeholders, enabling them to make informed decisions and optimize resources.

The market is driven by factors such as increasing healthcare costs, the need for personalized medicine, and the growing adoption of digital health technologies. Healthcare IT plays a crucial role in facilitating the collection, management, and analysis of healthcare data, thereby contributing significantly to the advancement of healthcare analytics solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component 
• Services
• Software
• Hardware
• Deployment 
• On-premise
• Cloud-based
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio