The global healthcare analytics market is forecast to reach $24.55 billion by 2021 from $7.39 billion in 2016 at a CAGR of 27.1% during (2016-2021) driven by increasing government initiatives to enhance EHR adoption, rising pressure to curb healthcare spending and need for improved patient outcomes, availability of big data in healthcare, rise in venture capital investments and technological advancements.
North America is poised to be the fastest-growing region in the healthcare analytics market from 2016 to 2021.
High growth in this market is attributed to factors such as growing federal healthcare mandates to curb rising healthcare costs and provide quality care; increasing regulatory requirements; growing EHRs adoption; and rising government initiatives to focus on personalized medicine, population health management, and value-based reimbursements.
The use of analytics in precision and personalized medicine, increasing focus on value-based medicine and cloud-based analytics, increasing number of patient registries and emergence of social media and its impact on the healthcare industry provide significant growth opportunities in the market.
However, lack of skilled professionals, high cost of analytics solutions and operational gaps between payers and providers may hinder the growth of this market during the forecast period.
Various initiatives are being taken by governments across the globe to increase adoption of HCIT. In the U.S., various federal mandates such as the American Recovery and Reinvestment Act of 2009 (ARRA) and the implementation of EHRs and ICD-10 code sets are encouraging healthcare organizations to adopt EHRs and enhance information exchange between various health systems.
Moreover, government and private organizations in developed and emerging countries are providing funds to the startups in healthcare analytics market. Such initiatives boost the healthcare analytics market during the forecast period.
The healthcare analytics market is a highly fragmented market, with several big and emerging players. Eleven of the key market players are primarily U.S.-based and include:
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Additional research on Healthcare IT Solutions Market Forecast to 2020 says the global healthcare IT market is poised to reach $228.79 billion USD by 2020 at a CAGR of 13.4% during the forecast period (2015 to 2020).