November 30, 2015
Wellesley, Mass., November 30, 2015 – Healthcare is in the midst of an “information revolution,” wherein healthcare organizations are rapidly adopting information analytics systems to improve both business operations and clinical care. BCC Research reveals that the demand for healthcare analytics should more than triple the value of this global market during the forecast period.
Analytics is the systematic use of data developed through statistical, quantitative, predictive, cognitive and emerging models to drive fact-based decision making for planning, management, measurement and learning. Analytics generally uses historical data to model future trends, evaluate decisions and measure performance to improve business processes and outcomes.
The market for healthcare analytics is estimated to reach $5.7 billion and $16.9 billion in 2015 and 2020, respectively, reflecting a five-year compound annual growth rate (CAGR) of 24%. The clinical analytics segment should demonstrate the highest CAGR at 24.8%. With the growing use of predictive analytics, clinical analytics should be a key market driver. Business analytics, the largest segment with 70% of the overall market, is forecast to almost triple in value from $4 billion in 2015 to $11.7 billion in 2020.
Over the past several years, the application of healthcare information technologies and their use by healthcare providers has increased exponentially. The trend has been supported by government regulation, especially in the U.S., the spread and availability of various applications, the rapidly decreasing costs of acquisition and storage of structured and unstructured health data, and the adoption of interoperability and standards across healthcare organizations.
In addition, the growth of aging populations, increasing chronic conditions and rising awareness about healthcare is driving the demand for consumer-driven healthcare services. In turn, these factors are turn generating demand for healthcare analytic tools.
“Payer-provider convergence and rising healthcare costs along with the other market drivers are creating many opportunities that are boosting the healthcare analytics market,” says BCC Research analyst Neha Maliwal. “These factors include EHRs increasing data volumes, the rising importance of value-based medicine due to peer pressure, health information exchange (HIE), easy to handle big data, emergency care and preventive care, time and cost savings, data clarity, and transparency and fraud detection.”
Healthcare Analytics: Technologies and Global Markets (HLC187A) examines healthcare analytics by application, end user, geography, mode of delivery and product (i.e., hardware, software and services). The report identifies market dynamics, growth drivers, inhibitors, opportunities, and forecasts trends and revenue through 2020.
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Healthcare Analytics: Technologies and Global Markets( HLC187A )
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