Global Healthcare Analytics Market Forecast 2020-2027
Posted by Bharat Book on January 8th, 2021
Bharat Book Bureau Provides the Trending Market Research Report on “Global Healthcare Analytics Market: Current Analysis and Forecast (2020-2027)”under Life Sciences Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
The process of analyzing current and historical healthcare data which is generated from the patient medical records, medical equipment, and the other activities related to healthcare services to do increase operational efficiency and improvement in patient care quality. Moreover, healthcare analytics is done to get the micro and macro-level insights that help in predicting trends, improve outreach, and even better manage the spread of diseases. Furthermore, business intelligence suites and data visualization tools combined show better results and provide real-time information that helps in taking business decisions and deliver actionable insights. Also, the benefits of healthcare analytics for the end-users such as hospitals and healthcare managers that it provides insights based on the financial and administrative data that helps in delivering better services, improve the existing procedure, and reduce extra efforts to patient care.
Moreover, healthcare analytics offers several advantages such as improved operational efficiency, advance patients care and treatment, discovering the right cure for diseases, personalize and integrated communication, enhanced access to key information, proactively maintenance of equipment, etc.
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The global healthcare analytics market was valued at US$ 14 billion in 2019 and is projected to expand significantly with a CAGR of 31% from 2021 to 2027. The future of the healthcare industry is expected to be driven by data analysis and digital transformation. A rise in the healthcare facilities coupled with the surging number of patients resulted in the release of a vast amount of data. The collection of generated data followed by the analysis to gain insight that helps in decision making is known as healthcare analytics. As per IDC, healthcare data is projected to accelerate even faster than sectors such as manufacturing and financial services, delivering a CAGR of 36% through 2025. The ever-rising medical data which is gathered from the patients’ medical records and the equipment’s needs to be in a structured way to do the analysis. Therefore, the demand for healthcare analytics is on the rise.
Moreover, the benefits of healthcare analytics such as reduced patient’s wait time improved performance by delivering data-based quality care, etc. are some of the key factors contributing to the growing market of the healthcare analytics market. Furthermore, with the advent of new technologies such as AI, Big data, and ML, the healthcare industry across the globe is moving towards a rapid transformation. The need for preventive and precautionary measures for the medical records and the medical equipment owing to the surging use of smart medical equipment to reduce medical errors is contributing to the growth of the market. Also, the growing usage of portable Medical devices for home monitoring, Healthcare wearables, Electronic Health Records (EHRs), etc. are turning out in the release of a huge amount of data. Therefore, the demand for healthcare analytics is to witness an uptick.
Also, the COVID-19 pandemic adversely impacted the industries at a larger scale but, the healthcare technology sector witnessing steady growth. The investments in digital health were very much higher when compared to the investment in previous years. It was found that strong performance continued in the second quarter with investors sinking US$ 4.2 billion into digital health across the globe. Also, in the first half of 2020, total health innovation funding reached US$ 9.1 billion which is around 19% more as compared to US$ 7.7 billion invested during the same period in 2019.
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