The healthcare analytics market is booming, and according to a new report, will be worth close to $54 billion by 2025, driven by an increasing need for hospitals and other healthcare providers to reduce expenditures.
With the advent of data-enriched tools such as mHealth, eHealth, electronic health records and mobile apps, the communication gap between caregivers and patients has been reduced, according to Grand View Research. These tools generate tremendous data, which can be used for personalized treatments.
Generally, patients may hesitate to use these tools, which might affect the implementation of analytics. But with the combination of artificial and human intelligence data analytics, which offer the chance to further customize medical approaches, the demand for these tools is anticipated to increase substantially.
Hospitals are now using healthcare analytics for tasks such as managing the number of employees working a particular shift, and predicting how many patients may be hospitalized. This data can be used to decide the number of staff members that will be needed for a particular shift, which helps in reducing labor cost in hospitals, the report said.
Looking at data from 2015, Grand View found that descriptive analytics held a significant share that year, owing to its applications in process optimization. Payers also held a significant market share in 2015, and providers are anticipated to grow at a lucrative rate.
Globally, North America captured a significant share of the market, driven by an advanced healthcare infrastructure and growing per-capita healthcare expenditure, which supported the greater consumption of analytics services.
Some key players operating in the healthcare analytics market include IBM Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts Healthcare Solutions, Optum Health and Verisk Analytics.