A Grand View Research Report revealed the global healthcare analytics market will likely reach $42.8 billion by 2024, according to medGadget.
Here are nine observations:
1. While descriptive analytics accounted for a large market share in 2015, predictive analytics will likely grow at a significant rate through 2024. Predictive analytics' applicability for fraud prevention, disease prevalence predictions and risk assessments will drive this growth.
2. In terms of market category, the services segment led in 2015. Big data outsourcing boosted the services segment.
3. The hardware systems category led the component segment, driven by the costliness of computer systems and internet servers.
4. The cloud-based delivery mode segment will likely grow at a significant rate through 2024, spurred by the demand of remote data entry and real-time data.
5. Within big data, applications include financial, operational and administrative as well as clinical. The operational and administrative applications dominated the segment in 2015.
6. In terms of end-users, payers accounted for a solid market share in 2015, with the providers segment growing through 2024.
7. Advanced healthcare infrastructure as well as increasing per capita healthcare expenditure are boosting the market in North America.
8. The Asia-Pacific region, specifically India and China, will experience growth due to new market opportunities.
9. Market players include Armonk, N.Y.-based IBM Corp.; Redwood City, Calif.-based Oracle Corp.; Cary, N.C.-based SAS; Kansas City, Mo.-based Cerner Corp.; Chicago-based Allscripts Healthcare Solutions; Eden Prairie, Minn.-based Optum Health; and Jersey City, N.J.-based Verisk Analytics.