Health Analytics Market To See 25% Growth Rate Over Five Years
July 25, 2014 in News
The market for health care analytics is projected to increase at a 25% compound annual growth rate between 2014 and 2019, according to a new report from Research and Markets, Health IT Analytics reports (Bresnick, Health IT Analytics, 7/24).
Drivers of Global Growth
According to the report, the global market for health care analytics will be fostered by:
- Increasing adoption of health care IT;
- Centralized health care mandates in countries around the world;
- Growing fields in predictive and prescriptive analytics; and
- Venture capital investments.
The report also identified several areas of growth opportunity, including:
- The emergence of big data;
- The digitalization of global commerce; and
- An increase in the number of technologies that are providing growth opportunities.
North American Findings
The report found that North America represents the largest share of the health care analytics market, mostly because of centralized health care mandates, including:
- The Affordable Care Act;
- The shift to ICD-10; and
- Meaningful use requirements.
Under the 2009 economic stimulus package, providers who demonstrate meaningful use of certified electronic health records can qualify for Medicaid and Medicare incentive payments.
According to the report, such mandates are facilitating the adoption of EHRs and health care information exchanges, which promote the use of analytics (Research and Markets report, September 2014).
However, the report also notes that certain factors could hinder the growth of clinical analytics in North America, including:
- A lack of adequately trained health informatics specialists; and
- Concerns about a lack of privacy for patient data.
The report also found that the overall market is fragmented among several key stakeholders, including:
- Truven Health Analytics; and
- Verisk Health (Health IT Analytics, 7/24).