Healthcare Analytics Market size was over USD 5.5 billion in 2016, with expectations to witness over 12 % CAGR from 2017 to 2024.

Sellbyville, DE -- (SBWire) -- 10/18/2018 --Healthcare Analytics Market size is projected to exceed USD 16 billion by 2024; according to a new research study published by Global Market Insights, Inc.

The growing need to control healthcare cost and growing adoption across the globe will drive the 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. Rapid adoption in developed regions and growing acceptance of advanced technologies in emerging economies should fuel the market. Promising improvements in healthcare infrastructure, growing disposable income levels and increasing application of these solutions should boost industry growth.

Providing individualized solutions through effective usage of electronic health records and analytical software will stimulate the 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 the 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.

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 of healthcare analytics market.

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 market. Modernization of clinics has enabled implementation of EHR and increased adoption rate of healthcare analytics solutions among providers.

U.S. healthcare analytics market accounted for more than 90% of regional industry share. Widespread adoption of EHR and other technologies for effective healthcare delivery and increasing funding for development of innovative solutions should stimulate industry growth. Germany held over 25% of Europe healthcare analytics market share owing to growing need to curb rising healthcare cost coupled with spurring adoption of advanced healthcare technologies. Increasing number of hospital setups and growing implementation of EHR should also drive business growth in coming years.

Japan healthcare analytics market is set to witness more than 12% CAGR over forecast years. Increasing application of predictive and prescriptive analytics, improved economic indicators, and growing adoption of advanced technologies should stimulate business growth. Growing geriatric population and increasing need to curtail the associated costs should fuel the industry growth.

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Some of the industry players offering unique and advanced products in the market include IBM, OptumHealth, McKesson Corporation, Allscripts Healthcare Solutions, Cerner Corporation and Health Catalyst. Other notable companies such as GE Healthcare, Influence Health, Evolent Health, Inovalon Computer Programs and Systems are in pursuit of gaining healthcare analytics market share.

Mergers and acquisitions, provision of customized solutions and expansion in commercially unexploited geographical markets are some of the major strategies adopted by industry participants. Companies are heavily investing in R&D to come up with innovative analytics platforms with enhanced features as a part of their commercialization strategy.