The healthcare analytics market is expected to grow by compound annual growth rate (CAGR) of 27.3 percent and it is expected to touch USD 29.84 billion by 2022. The existing size of the market in 2017 is USD 8.92 billion, according to a research report published by MarketsandMarkets.
As per the indications in the report, this is a right time for the companies to capitalize on the healthcare information technology (HCIT) sector. There could be many factors those driving the healthcare analytics market but major could be technology advancements in healthcare, availability of big data, EHR adoption, lifestyle changes, rising medical bills and improvement in the patient services.
Of late, the use of medical and healthcare gadgets is on rising and people have been using these as part of preventive healthcare measures. The trends are at peak across the globe, however, North America expected to dominate healthcare analytics market and grow at highest CAGR. And the developing countries have been significantly transforming their healthcare sectors and adopting latest technologies to provide the best healthcare services.
The rise of the technology usage and preventive healthcare solutions has brought plenty of opportunities for the IT companies with having a presence in the healthcare domain. Major software companies in the world have been providing healthcare analytics solutions. It is noteworthy that the growth momentum in the market has also given better scope for the healthcare IT startups to build something new with their latest innovations.
Many startups have come up with their innovative products to cater their services in the healthcare IT. The HCIT sector has been growing rapidly, and it is helping the healthcare sector to boom.
It is expected that the healthcare analytics in India will also rise and the healthcare ecosystem has been facing many major challenges. There is a shortage of 2 million hospital beds and 1.5 million doctors in the country. In India, the healthcare costs are increasing by around 20 percent per annum only 5 percent of the middle class has the health insurance coverage, according to the media report.
The reforms in the healthcare sector could be slower in India but the opportunities for the HCIT companies are high. It is the right time for the software companies to adopt the new technologies in order to build the healthcare analytics applications.
The healthcare analytics solutions like the dashboards, mobile apps, smart gadgets and health monitoring system in schools would be essential to bring a revolutionary change in the ecosystem.