The growing need to control healthcare cost and growing adoption across the globe will drive healthcare analytics market growth. Healthcare analytics and data analytics would reduce overall healthcare cost by identifying inefficiencies in current delivery methods, reduce the frequency of hospital visits and eliminate the need for unnecessary testing. Rpid adoption in developed regions and growing acceptance of advanced technologies in emerging economies should fuel healthcare analytics market size. Promising improvements in healthcare infrastructure, growing disposable income levels and increasing application of these solutions should boost industry growth.
Healthcare Analytics Market size is projected to exceed USD 16 billion by 2024; according to a new research study.
Providing individualized solutions through effective usage of electronic health records and analytical software will stimulate healthcare analytics market demand. Rising social media usage coupled with technological innovation in analytics should further facilitate industry expansion.
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Increasing R&D investments in advanced healthcare analytics should serve as a significant driver in the developed nations. Moreover, favorable government initiatives and emergence of big data analytics in the industry will further augment healthcare analytics market growth in the coming years.
Data safety and integrity concerns, rigid healthcare structure restricting seamless data sharing among healthcare providers and lack of skilled people and organizational procedures for data sharing may hinder industry growth over the forecast years.
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Healthcare predictive analytics market share is projected to exceed USD 5 billion by 2024. Increasing use of predictive analytics in developed countries to design and develop future healthcare solutions should largely contribute to the segment growth.
Population health management improves health outcomes and lowers medical costs through data integration, risk stratification and effective management of patient care. It is widely used as a tool for preventive care and better health management. Population health management should witness a robust 13% CAGR owing to increasing application of healthcare analytics.
Increasing number of clinics worldwide have significantly contributed to expansion of healthcare analytics industry. Modernization of clinics has enabled implementation of EHR and increased adoption rate of healthcare analytics solutions among providers.
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