Predictive Analytics to Drive US Healthcare Analytics Market to $16B by 2024

Over the past few years, the healthcare analytics market has witnessed a drastic paradigm shift and a groundbreaking transformation that have assisted the space in marking its presence as one of the most enterprising and rapidly advancing niche verticals of the burgeoning global healthcare and medical devices industry. Further, the proliferation of medical care-associated Internet-of-Things (IoT) devices and health monitoring technologies have continued to generate massive amounts of patient-related records and data, opening up opportunities that are being exploited by the overall healthcare analytics industry stakeholders to ensure robust and organic growth.

Statistics affirm the optimism that is encompassing the global healthcare analytics industry space. According to a new report from Global Market Insights, the overall healthcare analytics market is forecast to reach beyond $16 billion by 2024.

The ability to extract useful knowledge from disparate and unorganized data sets is becoming even more crucial, an asset that can be leveraged by healthcare institutions aiming to streamline their range of services to provide accountable and value-based medical care. Consequently, the leading healthcare analytics industry participants have been compelled to identify the inefficiencies hampering the seamless delivery of care, eliminate unnecessary costs incurred by healthcare providers, and offer real-time solutions to ensure data integrity of healthcare organizations.

Predictive analytics to prominently drive the product spectrum of healthcare analytics industry

With that in mind, major industry players have redirected their efforts to develop high-end predictive analytics products, a trend that has pushed this segment to acquire a prominent place in the overall healthcare analytics market. Below are a couple of examples that underline the growth potential of this space:

• One of the most promising healthcare analytics industry players in the US, Excel Medical recently received approval from the FDA for its latest predictive patient surveillance system, the WAVE Clinical Platform. The product uses an advanced algorithm, developed by an Oxford University spin-off, to constantly analyze and monitor electronic medical records (EMR). The application incorporates a patient’s physiological data while running analytics to present real-time findings through smartphones, central monitors, and tablets. Such innovative predictive analytics platforms aid in lowering the number of unexpected deaths in the hospitals and could rapidly penetrate the overall healthcare analytics industry space.

• In a bid to bolster its clinical facilities and enhance its access to state-of-the-art data analytics platform, Reliant Medical Group of Massachusetts recently joined forces with the state healthcare giant OptumHealth. The medical group, which consists of around 500 physicians and operates at 25 locations, is regarded as the leader in providing high-quality medical care to the people in the state. The latest move is likely to aid Reliant in making swift inroads in the intensely competitive healthcare industry of the US and encourage top medical talents to adopt its practices. Apparently, this goes on to demonstrate the growing prominence of predictive analytics product segment in the overall healthcare analytics market.

Thanks to the extensive use of predictive analytics to devise cutting-edge healthcare solutions in a host of developed nations, the segment is anticipated to earn more than $5 billion in revenues by 2024, according to some estimates.

Expanding upon the regional growth prospects of healthcare analytics industry, the US is set to dominate the space over the coming years. This isn’t totally unexpected: The US market garnered a staggering 90% of the total revenue share of the regional healthcare analytics industry in 2016. The presence of a well-established medical care network, wide-scale adoption of EMRs across healthcare institutions, and increasing venture capital funding have fortified the space.

Meanwhile, APAC, led by Japan is also poised to establish strong grounds in global healthcare analytics market. Analysts project advancements in healthcare information technology and a need to curtail medical costs will profoundly drive Japan’s healthcare analytics market size, which is expected to witness a CAGR of 12% over 2017-2024.

All in all, driven by a strong and commendable appetite for technology in the medical space, industry experts foresee a slew of lucrative opportunities for global healthcare analytics industry, which is expected to register a double-digit growth rate over 2017-2024.