WELLESLEY, Mass., Nov. 09, 2017 (GLOBE NEWSWIRE) -- As healthcare transitions from a provider to a consumer-driven model, there is increasing demand for analytic tools to meet high expectations. In a new study, BCC Research examines the global market for healthcare analytics (forecast to reach $14.9 billion by 2022) by applications, end users and regions.
Healthcare analytics is a growing force in the global healthcare IT market and a major sector driving the entire healthcare industry. Healthcare analytics is the next step following the inception of electronic medical records to facilitate the meaningful use of data. With margin pressures increasing worldwide, analytics are regarded as a tool to reduce costs. From less than $7.2 billion in 2017, worldwide growth is predicted at a compound annual growth rate (CAGR) of 15.8%, according to the report Healthcare Analytics: Technologies and Global Markets.
Market restraints include lack of uniformity in healthcare data, resistance to an IT-based approach by medical professionals, an operational gap between the payer and provider fronts and the need to ensure patient confidentiality.
Research Highlights
- The U.S. government, a major market in terms of value, is fueling the market for healthcare analytics with its Affordable Care Act and reimbursements.
- The highest growth (28.2%) is projected to stem from population health analytics, as the healthcare industry places greater emphasis on this segment than it has in previous years.
- With the use of predictive analytics, clinical analytics is expected to be the second fastest-growing segment.
“Technology is changing rapidly and, as innovations are adopted, they are having a positive impact on the healthcare analytics market,” said Robert G. Hunter, senior editor, healthcare. “Payer-provider convergence and rising healthcare costs, along with the other market drivers, are creating many opportunities that are boosting the global healthcare analytics market.”
North America Dominates Global Market
With 50% of the market, North America accounts for the largest share of the global healthcare analytics market. This region is expected to grow at a CAGR of 15.3% during the forecast period of 2017–2022, which is followed by Europe with a 23% share and Asia with 18%. The Rest of the World represents a 9% share.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.