There is an enormous influx of data that continues to flow every second of the day through healthcare systems. But drawing meaningful insights from it, and using it for patient treatment and disease prevention, is a big step in healthcare.
Healthcare analytics can be used both at macro and micro levels, covering fields such as medical costs, clinical data, pharmaceuticals, and patient behavior, as well as streamlining patient care, procedures, and healthcare costs.
According to a recent study on? the importance of data analytics in healthcare,? a whopping 90 percent of the respondents agreed that analytics would either be "extremely important" or "very important" to their healthcare organization in the coming years. With this, the buzz around healthcare is obvious, but exactly how big is the healthcare analytics market? Or what are the regions that are adapting healthcare analytics? Or how exactly does healthcare analytics help the healthcare industry? Are some of the questions that remain unanswered.
This article is geared towards answering all these questions with insight into top companies currently domination the healthcare analytics market.
HOW BIG IS HEALTHCARE ANALYTICS INDUSTRY?
Based on our market report, the global Internet of Things (IoT) Market Size was valued at USD 164 Billion in 2018 and is Expected to Grow at a CAGR of 38.62% by 2025.
Globally, healthcare companies are increasingly concentrating on cost-cutting and developing procedures that ensure that operations are sustainable. This has generated a significant demand for financial analytics as it offers relevant knowledge to healthcare entities about efficient budgeting, forecasting, and management of the revenue cycle.
HOW CAN DATA ANALYTICS HELP HEALTHCARE INDUSTRY?
The application of healthcare analytics provides new tools for measuring healthcare practitioner?s efficiency and efficacy at the point of delivery. For ongoing performance reviews, along with patient safety-related health data, data analytics can be used to provide continuous input to healthcare practitioners. Effective use of cutting-edge data analytics in the healthcare system can improve patient care. When healthcare continues to add greater significance to the results of treatment and value-based payment programs, data will be evaluated to assess which interventions may prove to be the most effective aid in reducing costs and enhancing the overall health of the population.
By utilizing healthcare analytics, patient behaviours and experiences can be detected more effectively using digitized healthcare records. Predictive analytics will identify patients at risk from chronic health problems for crisis situations, allowing doctors the ability to provide corrective measures that will reduce emergency visits. It is impossible to monitor these patients and deliver personalized care solutions without adequate.
Further, for many healthcare facilities, patient satisfaction and dedication are a concern. Through wearables and other health tracking devices, doctors can play a more active role in patient preventive care, and patients can become more mindful of their role in their own health. Not only does this information strengthen the relationship between doctors and their patients, but it also reduces hospitalization rates and addresses serious health concerns that could be avoided.
Doctors want to learn as much as they can about a patient and to pick up warning signs of serious illness as early as possible. As they say, it is much easier and less expensive to treat any disease at an early stage. In the context of the increasingly data-reliant health care system, data analytics can help extract insights into institutional resource shortages, monitor the success of individual physicians, and can even track population health and classify people at risk for chronic diseases. With this knowledge, the health care system will distribute resources more efficiently to maximize revenue, improve patient care.
REGION WISE BREAKDOWN OF HEALTHCARE ANALYTICS MARKET
The Americas region is expected to dominate the global market share of health care analytics due to the presence of a well-developed healthcare industry and the presence of major players in the region. Increasing IT adoption in healthcare, as well as the technological advancements, would accelerate the growth of this region's market. The use of Electronic Medical Records (EMR) / Electronic Health Records (EHR) systems in the U.S. and Canada, in particular, is adding impetus to the business. Government initiatives to reduce medical error and expand the use of big data and mhealth tools is expected to greatly contribute to the growth of the market for healthcare analytics in the coming years.
In Asia-Pacific, the healthcare analytics market is expected to have one of the fast-growing CAGR due to increased medical error reduction initiative. Increasing the number of healthcare analytics vendors and niche market players attempting to increase market share leverage will improve this region's market size expansion of healthcare analytics.
The size of the demand for healthcare analytics, when considering the Middle East and Africa, is expected to grow steadily over the coming years as the region continues to improve healthcare infrastructure.
WHO ARE THE TOP COMPANIES IN HEALTHCARE ANALYTICS MARKET?
Healthcare analytics providers are increasingly focused on providing scalable solutions that can be adapted to technology advancement as well as human expertise and skills in healthcare organizations. Different market strategies are being implemented by key players to boost their market presence, which has contributed to many recent developments. On a whole healthcare analytics market is highly competitive with many global giants trying to take a major chunk of the market revenue. Based on our reports, we found that,
are some of the major players dominating the healthcare analytics market. However, IBM is considered to be the market leader as it offers a wide range of solutions for this sector. The company has a strong presence in the market for private and government healthcare. It also has a robust distribution and sales network spanning over 175 countries. To order to improve its healthcare analytics product portfolio continually, IBM spends a significant amount of its sales on research activities. Since 2005, the company has invested USD 24 billion in improving its software and services solutions for big data and analytics and has 6,809 patents to its credit.