Health Analytics Predicted To Grow At 25% CAGR

By Katie Wike, contributing writer

Over the next five years, the global market for health analytics is predicted to expand by 25 percent annually.

The latest report from Research & Markets, Healthcare Analytics Global Market - Forecast to 2019, predicts that, over the next five years, the healthcare analytics global market will grow at a rate of 25 percent CAGR.

According to the study, the market will be stimulated by increased adoption of health IT, centralized healthcare mandates worldwide, the growth of predictive analytics, and venture capital investments. “In addition, the digitization of world commerce, the emergence of big data, and increase in the number of advanced technologies are providing the growth opportunities,” says a press release.

Factors that could hamper growth included a lack of skilled laborers with analytical skills, securing data, and patient data privacy.

iHealth Beat reports North America accounts for the largest share of the market, driven by recent U.S. health mandates. These include the Affordable Care Act, the transition to ICD-10, and Meaningful Use requirements. The press release explains, “These initiatives assist to improve the acceptance of Electronic Health Records (EHRs) and Healthcare Information Exchange (HIE), thus improving the usage of analytics to influence the generated data.

“The European market is expected to be the second largest market, growing at a lower rate mainly due to the economic crisis. The Asian market is fairly new to medical analytics; however, the increasing IT skills, outsourcing trend and healthcare IT adoption will force this market to grow.”