The global healthcare analytics market is expected to reach $18.4 billion by 2021 growing impressively with at a CAGR of 26.2% during the forecast period. The various driving forces pushing the global healthcare analytics market include growing need for quality care services, growing pressure to curb the healthcare costs and 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 investment. This is not enough as factors such as lack of skilled personnel, operational gap between payers and providers, a, high cost, and language and cultural barriers are some factors that are restricting the growth of the global healthcare analytics market growth during the forecasted period.
Out of all the segments, global healthcare analytics market by application is expected to be the fastest growing segment of all. Global healthcare analytics market by application includes clinical analytics, financial analytics and operational analytics. Considering the growth opportunities with in this market, many companies are making strategic moves to enter global healthcare analytics market. It is seeing good growth in the emerging nations such as China and India and APAC region is expected to contribute positively to the growth of this market during the forecasted period. Adoption of HCIT solutions and huge availability of healthcare data is also driving the market. In addition, the growing technological development and innovation in the healthcare analytics is expected to be an important growth driver for the global healthcare analytics market during the forecasted period.