The Healthcare Analytics Market is set to exceed USD 18,250.8 billion by 2025; according to a new research report by Global Market Insights. Providing precise healthcare solutions within budget is the prime objective of healthcare facilities around the world, resulting to increasing use of electronic health records and various analytical software. Increasing use of social media and technological advancements in analytics are major facilitators in achieving this objective.
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Rising investment in the field for research and development of advanced healthcare analytics solutions is a prominent high impact rendering factor that will shape the market future, especially in the developed nations. Moreover, emergence of big data in healthcare industry will further augment to the market growth in coming years. Rapid implementation of healthcare analytics in developed regions and steadily rising popularity of the same in emerging economies should expand the industry size in coming years. Improvements in healthcare and economic indicators in developing countries will prove to be growth enablers. The need to curtail and control healthcare cost will result to implementation of healthcare analytics across the globe and fuel the global market growth.
Descriptive analytics market is estimated to reach USD 9,001.2 million by 2025. The ability of descriptive analytics to analyse historical data and gain actionable future insights should favor segment growth. It is the most basic and widely accepted form of analytics which acts as a precursor for predictive and prescriptive analytics. Prescriptive analytics business should witness lucrative 15.8% CAGR between 2019 and 2025 owing to its ability to predict about possible outcomes and its implications on key business metrics. It is comparatively complex in nature with few players optimizing it to achieve best outcomes by identifying data uncertainties.
Healthcare financial management market is forecasted to surpass USD 6,078.0 million by 2025. Growing application of analytics to curb increasing healthcare costs and provide quality patient care attributes to its significant industry share. Extended use of analytics to detect and prevent healthcare fraud will further increase its demand across all healthcare organizations. Clinical management market should witness robust 12.9% CAGR over the forecast years. It enables to reduce healthcare spending by using data analytics solutions and improve access to healthcare provider networks. Increasing investors interest in clinical solution provider companies should accelerate segment growth.
U.S. market will reach USD 10,920.3 million by 2025. Presence of well-established healthcare infrastructure, increasing venture capital funding, acceptance of advanced technologies and widespread adoption of electronic health records across healthcare organizations will boost business growth. Moreover, presence of headquarters of major industry players in this region will further propel industry expansion.
Japan market will show rapid growth of 11.8% CAGR throughout the forecast period. Rising healthcare expenditure, presence of advanced healthcare IT infrastructure and increasing initiatives for curtailing rising medical costs should propel business growth. Presence of EHR platforms and increasing adoption of predictive and prescriptive analytics across majority of hospitals should accelerate the industry growth. Germany market will expand with a significant CAGR of 12.9% during the forecast period. Penchant to use of advanced technologies and need to limit the healthcare cost should drive the France and UK healthcare analytics market. Increasing implementation of EHR will set the base of healthcare analytics in emerging economies of Europe in coming years.
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Healthcare Analytics Market by Product
Healthcare Analytics Market by Application
Population health management