Global Healthcare Analytics Market 2023 Worth USD 33.8 Billion

According to this latest publication from Meticulous Research®, the 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 growing investments by venture capitalists, continued pressure to curtail rising healthcare costs, growing demand to improve care quality, the implementation of Affordable Care Act in the U.S., and trend towards value-based care.

Moreover, 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 adoption of healthcare analytics.

Healthcare Analytics Market -
Market by Type:
• Descriptive
• Predictive
• Prescriptive

Market by Application:
• Financial analytics
• Clinical analytics
• Operational Analytics & Administrative Analytics
• Population Health Analytics

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Market by Driver:
• Growing Health IT and EHR Adoption
• Growing Venture Capital Investments
• Increasing Pressure to Provide Quality Care & Control Healthcare Costs
• Rising Big Data in Healthcare
• Technological Advancements

Market by Restraints:
• Lack of Data Scientists/Analytics Skills
• High Price of Analytics Solutions

Market by Opportunities:
• Growing Application of Analytics in Precision Medicine
• Increasing Focus on PHM & Value-Based Care
• Cloud-Based Analytics

Geographically, the global healthcare analytics market is segmented into five major geographies namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest share in the global healthcare analytics market in 2017, followed by Europe, and Asia-Pacific.
Europe commanded the second largest share in the global healthcare analytics market and is expected to register a CAGR of xx% during the forecast period, primarily due to various government initiatives for eHealth technologies, growing implementation of EHR to record and manage data, decreasing margins in the healthcare industry, rising healthcare expenditure, and rapidly increasing aging population and the subsequent rise in incidences of chronic diseases in the region.

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This is mainly due to rising demand for information by healthcare stakeholders and increasing need to manage large, diverse data sets, and innovations ranging from precision medicine to value based care to population health management. Moreover, increasing need to curtail healthcare costs, implementation of the ACA, and significant growth in adoption of EHRs and growth in Accountable Care Organizations (ACOs) and health information exchange (HIEs) further propels the adoption rate of healthcare analytics in this region.
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