Health Analytic Market Worth Over $20 Billion By 2020

By Katie Wike, contributing writer

A report from IQ4I Research and Consulting predicts the health analytics market will be worth $20.8 billion by 2020.

A report from the research firm IQ4I is predicting that, by 2020, the global health analytics market will reach $20.8 billion. According to Fierce Health IT, North America will account for the largest portion of the market.

“The global Healthcare Analytics market is expected to reach $20.8 billion by 2020 and is mainly driven by factors such as federal healthcare mandates, emergence of big data and advancements in analytical technologies, rising incidence of aging population and pervasiveness of chronic and infectious diseases, preference for paperless environment propels growth, digitization of world.” explains the research firm in a press release.

“However, few factors such as lack of skilled labor with analytical skills, lack of patient data confidentiality and transparency, functional gap between payers and providers, increase in governmental regulation, and reimbursement issues are hampering the market growth.”

Although North America accounts for the largest part of the market, areas such as the Middle East and Africa are also expected to grow. Growth in these regions can be attributed to factors such as government funding, technological standards, rising healthcare awareness/standards, extending social health insurance, and medical tourism.

Earlier this year, a report from Research & Markets predicted that the same market would grow at a rate of 25 percent CAGR over the next five years. According to that report, North America accounted for the largest portion of the market with Europe in second followed by Asia.