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Healthcare Analytics Market Statistics 2030 - Valuates Reports
The global healthcare analytics market size was valued at $23.51 billion in 2020 and is projected to reach $96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030
By: Valuates Reports
Factors Driving the Healthcare Analytics Market Growth
The healthcare analytics market is expected to rise due to an increase in the use of big data in healthcare organizations to combat risks associated with various chronic diseases. In addition, the healthcare analytics market is being propelled forward by the increasing usage of telemedicine solutions among various organizations in order to reduce operational costs and improve service quality. Furthermore, big data aids in the storage of crucial patient information that may be used to improve an organization's healthcare outcomes. It lowers labor costs and boosts organizational productivity, all of which contribute to the market's growth.
Growing government initiatives to increase the adoption of electronic health records (EHRs) among healthcare organizations are expected to drive the healthcare analytics market. EHRs are used across various companies for improving documentation accuracy and tracking and implementing preventive actions in healthcare organizations. Governments in a number of developing countries are requiring EHRs for healthcare companies in order to improve the quality of patient care, which is propelling the healthcare analytics market forward.
During the COVID-19 pandemic, the healthcare analytics industry experienced significant growth, owing to an increase in the demand for analytics solutions among healthcare organizations to manage various complexities and to support healthcare organizations during pandemic situations. Furthermore, the massive amount of data created during the pandemic has allowed researchers and healthcare professionals to analyze trends, monitor patient populations, and begin to address long-standing challenges in the sector, all of which are fueling healthcare analytics market growth.
However, the healthcare analytics market is projected to be hampered by factors such as high implementation costs and a scarcity of experienced workers.
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