The healthcare analytics market size is estimated to grow from 42.90 billion in 2023 to reach around USD 241.16 billion by 2032, registering at a CAGR of 19.1% between 2024 and 2032.
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Report Highlights:
- Software components being largely used dominated the market with a 60% market share in 2023.
- Clinical applications reported the largest market share with 40% in 2023.
- Healthcare providers dominated the market in 2023 with a 40% market share.
In 2021, there was a noticeable surge in demand for Electronic Health Record (EHR) systems, propelled by the growing uptake among office-based physicians. According to data from the Centers for Disease Control and Prevention, 88.2% of office-based physicians were using an EHR system, with 77.8% having a certified system.
Healthcare analytics involves data analysis tools and techniques to gain insights from healthcare data. It encompasses collecting, processing, and interpreting vast amounts of healthcare-related information to improve decision-making, enhance patient care, and optimize operational efficiency within healthcare organizations. Healthcare analytics helps stakeholders, including healthcare providers, administrators, insurers, and policymakers, make informed decisions by identifying patterns, trends, and correlations within data. This data can come from various sources, such as electronic health records (EHRs), medical imaging, patient demographics, billing records, and clinical trials.
The importance of healthcare analytics lies in its ability to drive evidence-based decision-making, enabling healthcare organizations to enhance patient outcomes, prevent diseases, and develop personalized treatment plans based on individual patient needs. Healthcare analytics play a crucial role in population health management, enabling healthcare providers to identify and address health disparities, monitor disease outbreaks, and implement preventive interventions on a larger scale. Healthcare analytics contributes to regulatory compliance by ensuring adherence to healthcare standards and guidelines, improving patient safety and quality of care. It also supports risk management and fraud detection by identifying anomalies and irregularities in billing and claim data.
The Role of Data Analytics in Preventing Human Error and Securing Sensitive Information
Human error is a major cause of preventable waste in healthcare, leading to significant costs and risks. Recent research estimates that mistakes such as incorrect tests, wrong prescriptions, or errors in patient records can cost US healthcare organizations up to $300 billion annually.
In the UK, the NHS has reported around 237 million prescription errors each year as of 2020, with 28% of these being avoidable. These errors not only pose serious risks to patient safety but also have substantial financial impacts. They contribute to approximately 1,700 deaths and cost the NHS around £98.5 million annually.
Data analytics offers a powerful solution to address these issues. By analyzing prescription patterns, procedures, and dosage ranges, analytics can help identify and prevent human errors. For example, it can predict which demographics might be at higher risk of addiction to certain medications, allowing for better-informed prescription practices that can save lives and reduce costs.
Predictive analytics also plays a crucial role in preventing data breaches caused by human error. Studies indicate that 93% of US healthcare organizations have faced multiple cybersecurity breaches in the past three years. To combat this, many organizations are leveraging analytics to monitor changes in network traffic and behavior, predicting potential vulnerabilities. This helps keep sensitive data and electronic health records (EHRs) secure and protected.
Healthcare Analytics Advancements Enable Tracking Daily Routines Effectively
Healthcare is super high-tech, with remarkable technologies and digital tools popping up everywhere. You know those old paper charts your doctor used to keep? They’ve gone digital, becoming Electronic Health Records (EHRs). These EHRs hold all sorts of details about your medical history, like what illness you’ve had, what medicines you take, and even your lab test results.
For instance,
- In January 2021, Optum, Inc. partnered with Change Healthcare to enhance its technology-driven healthcare platform. Both firms offer consumers data analytics solutions, software, and advanced technology platforms for healthcare.
But wait, there’s more! Have you seen those fancy watches people wear that can track their steps and heartbeats? Those are called wearable devices. They keep tabs on things like how much you move, how well you sleep, and even your blood sugar level, and all of that info can be sent straight to your doctor!
Healthcare Analytics Market Companies
- Optum Inc.
- McKesson Corporation
- Elsevier
- Medeanalytics Inc.
- Francisco Partners (IBM)
- Allscripts Healthcare Solutions Inc.
- Cerner Corporation
- IQVIA
- Oracle
- SAS Institute, Inc.
Healthcare Analytics Market Segments
By Component
- Software
- Services
- Hardware
By Type
- Descriptive
- Predictive
- Prescriptive
By Application
- Clinical
- Financial
- Operational & Administrative
By Delivery Mode
- Web Hosted
- Cloud-based
- On-premises
By End User
- Life Science Companies
- Healthcare Payers
- Healthcare Providers
By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Explore in-depth: https://www.healthcarewebwire.com/us-home-infusion-therapy-top-companies/
Discover our detailed Table of Contents (TOC) for the Industry, providing a thorough examination of market segments, material, emerging technologies and key trends. Our TOC offers a structured analysis of market dynamics, emerging innovations, and regional dynamics to guide your strategic decisions in this rapidly evolving healthcare field – https://www.towardshealthcare.com/table-of-content/healthcare-analytics-market-sizing
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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