The expansion of the healthcare analytics market reflects the variety of available technologies that can meet organizations’ needs. Healthcare organizations are beginning to realize the value powerful analytics tools can offer; such as improving patient care, saving the healthcare organization money, and helping to manage risk.
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The healthcare analytics market is currently valued at $5.8 billion, according to recent research. That number is expected to more than double to $18.7 billion and reach a compound annual growth rate of 26.5% by 2020.
According to the report, this growth in the healthcare analytics market is due to” the rise in pressure to curb the healthcare costs and provide quality care, rising initiatives for the adoption of EHRs, availability of big data in healthcare, growing awareness on the benefits of using analytics in healthcare, and increase in venture capital investments.”
Market growth will also be driven by federal healthcare mandates encouraging the adoption of health IT products to help curb rising healthcare costs, the report said. Not to mention the rise in technological advances, the increased availability of big data in healthcare and the benefits of the use of analytics in healthcare of which there are quite a few examples.
One example is how data analytics helped the statewide HIE in Maine predict –and lower –readmissions and ER visits. Another is how Nationwide Children’s Hospital in Columbus, Ohio, is using a software as a service data analytics platform paired with a custom algorithm to do population-scale genomics. However, while there are some healthcare organizations moving full-speed ahead with data analytics, there are some that have not started the adoption process yet.