Global Healthcare Analytics Market: Growing Health It and EHR Adoption

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Meticulous Research® — leading global market research company published a research report titled “Healthcare Analytics Market by Type (Descriptive, Predictive, Prescriptive), Component (Service, Software), Application (Clinical, RCM, Claim, Fraud, SCM, PHM), Delivery (On premise, Web, Cloud), End User (Payer, Hospital, ACO, MCO) — Global Forecast to 2023”.

The global healthcare analytics market is expected to grow at a CAGR of 25.5% during the forecast period (2018-2023) to reach USD 33,854.6 million in 2023 from USD 10,871.0 million in 2018.
The growth of this market is mainly attributed to the growing health IT and EHR adoption, growing investments by venture capitalists, increasing pressure to provide quality care and control healthcare costs, rising big data in healthcare, and technological advancements. However, lack of data scientists/analytics skills and high price of analytics,is expected to hinder the growth of healthcare analytics market to some extent. In addition, growing application of analytics in precision medicine, increasing focus on PHM and value-based care, and cloud-based analytics serve as an opportunity for vendors in healthcare analytics market.

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GROWING HEALTH IT AND EHR ADOPTION

Healthcare IT industry is booming as over the recent years, many companies have had robust growth and the sector has attracted huge inflow of private and public investments. The growth of this industry is primarily attributed to factors such as implementation of Affordable care act in the U.S., the transition from volume-based to value-based reimbursement model, rising consumerism, and industry consolidation.

Incentives for EHR created by the HITECH Act have largely run the course. In the future, the marketplace will be driven less by government subsidies and more by private spending.  The HITECH Act offered large financial incentives for providers i.e. up to $2 million per hospital and $64K per physician to adopt electronic health records (EHRs) and charged penalties if they fail to do so. The incentives started in 2011 and as of September, 2015 government has paid $31bn incentives per the HITECH Act. However, with some residual incentives to be paid to late adopters until 2021, the majority of incentives are winding down. To be eligible for value-based reimbursements, healthcare providers increasingly need to demonstrate the clinical and financial value of their offerings.

In addition, population health / data analytics signifies the largest growth potential. The next step of HCIT is to intelligently use the EHR data and other healthcare data to improve health outcome. To do so, advanced tools for data aggregation, analytics and care coordination are required. Advanced computation like IBM’s Watson cognitive solutions and cutting-edge data analytics will increasingly be used in healthcare which will proportionally impact the healthcare analytics market.

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About Meticulous Research®
Meticulous Research® is founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Related Press Release: https://www.meticulousresearch.com/healthcare-analytics-market-2023/

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