The global healthcare analytics market is one of the fastest growing markets in the world. The United States has the largest share of this market, although it is also used by countries in Asia, Europe, etc. The healthcare analytics market was valued at $5.7 billion in 2015, and is estimated to reach $16.9 billion by the year 2020. This is a CAGR (compound annual growth rate) of 24% for the clinical analytics segment alone.
The growth of the healthcare analytics market is supported by several federal mandates in the U.S. that encourage the adoption of HCIT (healthcare information technology). There has also been a rise in the number and volume of venture capital investments in the field of analytics. The government has also shown strong support for the use of analytics in healthcare.
The exponential rise in healthcare costs in the U.S. has led to a great pressure to maintain these costs within a reasonable limit, which leads to greater use of healthcare analytics and big data to help attain this goal. The increasing digitization of healthcare and easy access to analytics tools and services has further led to the growth of the market.
The Patient Protection and Affordable Care Act which promotes centralized healthcare mandates has led to increased demand for Electronics Health Records which requires analytics for the generation of data.
Analysts are predicting a sustained demand for healthcare analytics services and tools over the coming year to meet the increasing requirements of service providers in this sector.
Statistical data from: BCC Research LLC