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healthcare descriptive & predictive analytics market growth, trends, forecast 2027


Published 2023-01-21

Healthcare Descriptive & Predictive Analytics  Market Growth, Trends, Forecast 2027

Healthcare Analytics Market worth $85.9 billion by 2027

Healthcare analytics technologies can assist healthcare organizations in lowering costs and improving the quality of care. Visually-inspired data visualizations and infographics are one-way, agencies have used analytics to give insight into market surveys, customer demographics, and clinical trials. Other areas to consider are predictive analytics, which can assess the likelihood that a particular behavior or outcome will occur based on current data; business intelligence (BI), which uses proprietary software to analyze data for the purpose of improving decision-making; and content analysis, which examines online material for patterns using keywords like date of publication and topic areas.

Healthcare analytics is the use of advanced computer software and statistics to collect, organize, analyze and interpret data for use in healthcare. Healthcare analytics is used to improve the quality of care for patients through the collection of data for diagnosis, treatment planning, marketing, and other business functions. Medical professionals apply these tools to patient demographics, health conditions, or behaviors to determine treatment strategies. The healthcare industry is constantly improving its use of data analysis to create better products and processes while lowering costs.

Healthcare analytics is becoming a key strategic resource in the healthcare industry, providing new ways to increase efficiency and reduce costs while improving the quality of care. Healthcare analytics involves the use of advanced analytical solutions to examine various aspects of the healthcare industry. They provide superior performance in areas such as financial analysis, performance prediction, risk management, fraud detection, and more.

COVID-19 impact analysis in the healthcare system

The impact of COVID-19 on the global healthcare industry can be gauged by far-reaching economic, social and human tolls. COVID-19 is spreading beyond the borders of our country, and it has wreaked havoc on patients all over the world. In particular, countries like India are suffering immensely due to the pandemic and its impact on public health. Predictive and prescriptive analytics were utilized to create prediction models for the onset of the following waves of COVID-19 in various parts of the world.

 Selectively applying the model to countries' risk of COVID-19 infection, we find that it understates the economic impact of COVID-19. The most important factors that helped countries develop in a timely manner include strong demand for healthcare services and high standard productivity rates, which are associated with better policy decisions and higher GDP growth rates. In contrast, the slow uptake of EHR and reliance on manual data entry negatively impacted the ability of countries to benefit economically from COVID-19.

Healthcare analytics market overview:

The Healthcare Analytics market report gives a basic overview of the industry including definitions, classifications, and its growth characteristics. Additionally, this report provides a basic overview of the industry including definitions, classifications, and its growth characteristics. The market development trends and leading suppliers are covered. Development plans and policies are also discussed, as well as cost structures and manufacturing processes are also analyzed. This report also states import/export consumption, supply, and demand trends in terms of volume, value, and types of product supplied.

Growing demand for population health management

With the rising demand for population health management, analytics and evidence-based medicine are becoming major areas of focus. This, therefore, creates demand for Big Data solutions and big data analytics tools. As per a survey by Persivia Inc. (U.S based software firm) and commissioned by Sage Growth Partners (U.S.), over 60% of healthcare leaders have indicated that their processes were inefficient because they were inefficiently using data while adding that inadequate analysis was one of their biggest challenges. 

In 2021 healthcare analytics hold the largest share in payers segments, by end-user:

The healthcare analytics market is categorized into providers, payers, and ASCOs, HIEs, & TPAs. The provider segment is anticipated to grow at a CAGR of 6.5% during the forecast period (2021-2025) due to the rising demand for risk management strategies in the healthcare industry. The payer segment will remain dominant throughout the forecast period, owing to the growing need for reinstatement rates and compliance with the Affordable Care Act (ACA). The payer segment holds the largest share of the healthcare analytics market in 2021 as the need to curtail fraudulent claims and minimize operational cost is driving growth.

Need for massive initial investment for analytical solutions

To address these challenges, the industry needs to generate huge initial investments in healthcare analytics solutions. It would help in driving rapid adoption of these big data analytic solutions and also create jobs for new industry professionals in a short period of time. The cost involved with such solutions would be much less than other technology solutions. To lessen the financial burden faced by hospitals, private players will have to increase their investments in buying and developing advanced analytical solutions, which could effectively influence how they are able to implement them within their healthcare organizations on a large scale.

The Top 5 Healthcare Trends In 2023

Remote healthcare features added - Virtual Hospitals, Healthcare Communities, and Telehealth!

There has been a rapid growth in health services delivered remotely during the Covid-19 pandemic. Even now that it is generally safe to resume regular face-to-face appointments, many patients and providers have realized that for many conditions, care can be provided more efficiently and cost-effectively at a distance. Could

Telehealth services fall into a variety of categories. There has been an increase in home-based care, driven by evidence that a familiar environment and closeness to family can have a positive effect on a patient's well-being. Telemedicine, which does not require a doctor to perform surgery on a patient at his or her home, instead includes everything from video calling to remote surgery, where he or she performs surgery on a patient at a remote location using robotic technology. Another remote healthcare model is the virtual hospital ward, which consists of physicians in a centralized location caring for many remote patients, often with related conditions.  Another initiative involves enabling patients to complete procedures related to their illness and treatment at home before being admitted to the hospital.costs.

DigiPrima has been offering healthcare system management consulting, design & development services for healthcare startups and enterprises globally and have delivered some amazing healthcare solutions for web and mobile platforms. Also, if you think you have a business idea for this industry, let us know. We can help you convert it into a winning healthcare solution.

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