Healthcare Analytics Market to grow to $18.7bn

A recent report published by whatech.com has announced that the global market for healthcare IT analytics is expected to grow by a significant $18.7 billion by 2020, meaning a market growth of 26.5% in just five years.

We’ve seen many articles recently explaining the rise of the use of analytics in healthcare organisations. One of the main contributing factors in the UK is believed to be the new mandatory health information requirements, encouraging the uptake of Electronic Health Records (EHR) technology throughout the health sector.

The report has split the health information analytics market into three separate groups consisting of descriptive/retrospective analytics, predictive analytics and prescriptive analytics. Descriptive analytics still account for the majority of the market, these are solutions that answer questions such as “what happened and why?” using retrospective data.

Predictive analytics is the next phase of analytics and aim to answer “what will happen?” by combining historical data with rules, algorithms and often external data in order to determine the probable outcomes of events or to predict how likely it is that a situation will occur or not.

Prescriptive analytics makes up less of the market. Prescriptive not only anticipates when events will happen, but also why they will happen. This can then be taken further and prescriptive analytics may be able to suggest what decisions can be made that will create the best outcome of a situation, mitigating the risk and allowing businesses to perform more efficiently.

As well as splitting up types of healthcare analytics, the report also splits its findings between regions consisting of North America, Europe, Asia and the Rest of the World. Perhaps unsurprisingly, as it stands the largest market for healthcare analytics can be found in the North American region.

The report also covers several factors that experts believe may hinder the growth of the health analytics market. These include the current lack of trained personnel, the gap between the payers and the providers of the solutions and the rising costs of analytics.

When taking these issues into consideration it leads us to discuss CXAIR for Healthcare, a search powered analytic solution designed to solve the data challenges of the NHS.

Having designed CXAIR specifically for the health care sector, Connexica understand that the financial challenges the NHS face means that having a cost effective solution is one of the key requirements. Further to this, CXAIR has been designed with the business user in mind, therefore the solution can be utilised with just days of training as opposed to requiring highly technical specialists to create reports and dashboards.

For any more information on how CXAIR fits into the healthcare analytics sector and the benefits it can offer healthcare organisations, please contact info@connexica.com or visit www.connexica.com.